opened, or after a composition has been set aside or a discharge revoked, or if there is a vacancy in the office of trustee, appoint one trustee or three trustees of such estate. If the creditors do not appoint a trustee or trustees as herein provided, the court shall do so. "Sec. 45. Qualifications of Trustees.-a. Trustees may be (1) individuals who are respectively competent to perform the duties of that office, and reside or have an office in the judicial district within which they are appointed, or (2) corporations authorized by their charters or by law to act in such capacity and having an office in the judicial district within which they are appointed." Question 802: Who elects or appoints the trustee in bankruptcy? Who is qualified to act as trustee? § 836. (Bankruptcy, Sec. 46.) Duties of trustees. Case 803. Bankruptcy Law, Sec. 47. Sec. 47. Duties of Trustees.-a. Trustees shall respectively: (1) Account for and pay over to the estate under their control all interest received by them upon property of such estates; (2) Collect and reduce to money the property of the estates for which they are trustees, under the direction of the court, and close up the estate as expeditiously as is compatible with the best interests of the parties in interest; and such trustees, as to all property in the custody or coming into the custody of the bankruptcy court, shall be deemed vested with all the rights, remedies, and powers of a creditor holding a lien by legal or equitable proceedings thereof; and also, as to all property not in the custody of the bankruptcy court, shall be deemed vested with all the rights, remedies, and powers of a judgment creditor holding an execution duly returned unsatisfied. (3) Deposit all money received by them in one of the designated depositories; (4) Disburse money only by check or draft on the depositories in which it has been deposited; (5) Furnish such information concerning the estates of which they are trustees and their administration as may be requested by parties in interest; (6) Keep regular accounts showing all amounts received and from what sources and all amounts expended and on what accounts; (7) Lay before the final meeting of the creditors detailed statements of the administration of the estates; (8) Make final reports and file final accounts with the courts fifteen days before the days fixed for the final meetings of the creditors; (9) Pay dividends within ten days after they are declared by the referees; (10) Report to the courts, in writing, the condition of the estates and the amounts of money on hand, and such other details as may be required by the courts, within the first month after their appointment and every two months thereafter, unless otherwise ordered by the courts; and · (11) Set apart the bankrupt's exemptions and report the items and estimated value thereof to the court as soon as practicable after their appointment. b. Whenever three trustees have been appointed for an estate, the concurrence of at least two of them shall be necessary to the validity of their every act concerning the administration of the estate. c. The trustee shall, within thirty days after the adjudication, file a certified copy of the decree of adjudication in the office where conveyances of real estate are recorded in every county where the bankrupt owns real estate not exempt from execution, and pay the fee for such filing, and he shall receive a compensation of fifty cents for each copy so filed, which together with the filing fee, shall be paid out of the estate of the bankrupt as a part of the costs and disbursements of the proceeding." CHAPTER 108 THE TRUSTEE'S TITLE § 837. As to what date in respect to bankrupt's ownership. Same subject: personal privileges. § 841. Interests in patents, patent rights, copyrights and trademarks § 846. § 847. § 848. Property held by bankrupt claimed by third persons. § 849. Burdensome property. § 850. To what liens trustee's title is subject. § 837. (Bankruptcy, Sec. 47.) As of what date in respect to bankrupt's ownership. Case 804. Bank of Elberton v. Swift, 268 Federal Reports, 305 (C. C. A. 5th Cir.). BRYAN, CIRCUIT JUDGE: "November 8, 1917, John K. Swift was adjudged a bankrupt on his voluntary petition. June 6, 1918, the Bank of Elberton filed a petition to set aside the adjudication, on the ground of fraud. The fraud charged was that the bankrupt was using the Bankruptcy Act to defeat the collection of his note for $4,300, which the bank held against him. The bank's petition alleged that the note was dated April 16, 1917, and due December 1, 1917; that at the time the bankrupt filed his petition his mother was 98 years old and at the point of death, and that she actually died shortly thereafter; that the bankrupt knew at the time of filing his petition in bankruptcy that by his mother's will be would be left a legacy of about $20,000; that he knew the will could never be changed, because after his mother had made it, a guardian of her property had been appointed by the ordinary's court, on the ground of her imbecility from old age; that the bankrupt's debts, other than to the bank, were insignificant; and that according to his schedule of assets the only property he had was a watch and wearing apparel worth less than $100. "The District Court dismissed the bank's petition, and it has appealed and filed petition to superintend and revise. * * * * "After the most careful consideration we concur in the conclusion reached by the venerable and lamented District Judge. Section 59a of the Bankruptcy Act provides that 'any qualified person may file a petition to be adjudged a voluntary bankrupt.' Comp. St. 9643. Section 70a vests the trustee 'with the title of the bankrupt to all property which, prior to the filing of the petition, he could by any means have transferred or which might have been levied upon and sold under judicial process against him.' Comp. St. 9654. The amendment of 1910 (Comp. St. 9631) further vests the trustee 'with all the rights, remedies and powers of a creditor holding a legal or equitable lien upon property within the custody of the bankruptcy court, and of a judgment creditor holding an unsatisfied execution as to property not within such custody. The bankrupt is entitled to be discharged, except for acts specifically set forth in Section 14 and now material to this case, and the discharge operates to release him from his debts as of the date of the filing of his petition. "The act necessarily contemplates: (1) That a voluntary petitioner will be discharged from the burden of his debts; and (2) that all the property owned by him at the time he filed his petition will be distributed among his creditors. The discharge of the bankrupt does not affect the rights of the creditors to property which passes into the hands of the trustee. To insure distribution of all the bankrupt's property the trustee is given the power to assert, not only any right which the debtor could have asserted, but also any right, remedy, or power of a creditor holding a lien or unsatisfied execution. The statute, as already pointed out, specifically sets forth the grounds of objection to a discharge. But nowhere is it declared to be a ground of objection that after-acquired property would be unaffected by the claims of creditors. On the contrary, one of the main purposes of the act is to relieve after-acquired property from such claims. "In Hanover National Bank v. Moyses, 186 U. S. 181, text 191, 22 Sup. Ct. 857, 861 (46 L. Ed. 1113) Chief Justice Fuller quoted with approval the following language from In re Fowler, 1 Lowell, 161, Fed. Case. No. 4,997: "He (the bankrupt) may be, in fact, fraudulent, and able and unwilling to pay his debts; but the law takes him at his word, and makes effectual provision, not only by civil but even by criminal process to effectuate his alleged intent of giving up all his property,' and then added: "Adjudication follows as matter of course, and brings the bankrupt's property into the custody of the court for distribution among all his creditors.' "Only vested interests are considered property within the meaning of the act. In re Elite (D. C.), 109 Fed. 625; In re Gardner (D. C.), 106 Fed. 670. Clearly, if property which the bankrupt actually acquires after the filing of his petition is not subject to his debts, property which he only hopes or expects to acquire cannot be reached by creditors. "The only cases relied upon by appellant are Zeitinger et al. v. Hargadine-McKittrick Dry-Goods Co., 244 Fed. 719, 157 C. C. A. 167; and In re Weidenfeld (D. C.), 257 Fed. 872. In the first-named case it appears that the board of directors of the defendant company were being sued by the stockholders in the state court, and that, after that court had announced that it would grant an accounting and appoint a receiver, the directors suddenly filed a voluntary petition to have the corporation |