Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-02

"''S"''Oh OF the lattes oranch OF Congress at the
present session, though these accounts are rebut.J
by a vote upon the motion to lay a resolution frnn,
the committee on the judiciary, declarin, il inrync.
o'eht 10 act upon this subject this session UNION
tho taoIe' The vote upon that notion was us aC.
hrmauve 10 81 negative, which may be REGARDED a,
an evidence ola disposition in the House tot,k. ,
ton upon the subject.
section !. EnIcts that uniform system of
! Bankruptcy be established throughout the United
SlateS-and that all Persons OWING dsbts ~ n, III
by petition, setting forth list Of his or their crcd
tors, the amount due each, together with an inyrn
tory OF his or their property OF any kind verified
by oath, apply 10 the proper court for the benefit nj
\ Il IS act Sha. be deemed bankruptS and may n, A,
/ ciarei - by decree OF such court. All pcrSnrs
/ being merchants o. retailers Of merchant p ali
bankers, factors brokers, underwriters or Marine
Insurers, Owing debts TO the amount OF not less tb,,
/ S2,Ouu, shall DC hao'e 10 become bNnkrupts and
may upon petition OF one or more Of their creditor,
TO whom they owe not less than $500 be So le,I,r
. ell IN the 10 lowing cases TO wit: whenever ,,rb
debtor shall depart the State of which he is an nb,
etant, with intent TO deiraui his crudi orS: or shall
! procure himself 70 he arrested or have his goods
&c. taken IN execution; or shall remove his goods
Sc. or conceal tn M, TO prevent their being levied
on; or make any fraudulent ass grment or sale n,
anGs, goods &c.-PTovided however any nor.
son so declared bankrupt st the Instance OF a ere
dtor, may, by petition TO such court have a trinl
10y Jury 10 ascertain the fact OF such bankrun,c,-
Section :. Enacts IhaI a.. future payments con.
veyanceS, &c made IN contemplation OF bankrup;-
ey or for the purpose of giving any creditor an un
due preference, uJ any such payment or conveyance
/ - any pers n not \ crei;or Tor valuable consi.
derauon, without notice, shall I've deemed VOID ard
a fraud upon this act, AMI the assignee under the
bankruptcy shall be elu..ed 20 clam anu sue for the
same and the person making such un awful prsf,r.
ences shall receive no discharge And if, shalIbe
N ldc u sppesr 10 the court that, IN the cue of ,
voluntary banSrup, he has II any time given OF Sc.
cured any preference of one creditor over another
IN conlemp alton a the passage Of bankrup, Iaw
he = 4 lot frTNr "a d.. Il r.HH
by siOuiy in utese.t OF those OF his rre3it,rs
not prcitrrei. Nothing N this act shat in any u,y
impair the rights ot married women or minors ar
any .ens, mortgages, * which may be valid by the
laws oi tue States res Jec.yey, ami rot inconsistent
with the second 'ud ifh sections OF this a-r
Section 3. All property OF every description. o.
every person declared bar krupj, except rs is here
matter provided, shall b. ipsu tac,o d,es;,d out Of
the bankrupt, and tie same shall he vested in such
assignee as SHALL Uc appointed hy the Colrt-Sui,s
pending by the bankrupt shall he continued by the
assignee, and no suit by against az assignee sha!
dbaie by death oi S7lu assignee. There shall be
excepted from tie Provisions Of i..s section, such
necessary household anu kitchen furniture Of the
bankrupt as the ass gree shall designate hayin,
reference in the amount 10 the family and coniiii1n
of the bankrupt but Ia no case TO * eed in value
$500, and also the necessary wearing uppareI-on
exception being taken TO the determination cr The
assignee, the mater TO Oc decided by The Court.
Section t. Every bankrupt who shall c5mp'y
faithfully with The provisions Of lh!s shall CunItSs
majority ~ number and value Of his creIi urs who
have proved their debts snail fe their written dis
sent The eol Oe entitled to full discharge from all
debts, and a certificate thereof granted him
such Certificate, however, not 20 be granted until
alter ninety days from tie decree Of baGkruD;.
cy, ror uni, seventy days notice IS gwen 20 all
creditors and persons interested TO appear and shew
cause way such certificate should not be granted
Such bankrupt sAa.. ata. times be subject 10 exam.
nation orally, or upon written InterrogalCres be-
lore sucA Court, on oath, 10 all matters relating to
such bankruptcy, which are Necessary tor the pur-
poses Of Justice. II IN any clse Cf bArkrupt,y a
majority, N number and value, Of the creditors no
saai, have proved their debts, shall az the time of
hearing OF he petition for discharge their written
dissent - the Allowance OF discharge and certificate
o sucl bankrupt, or A. upon sucH hearing adscharse
shall not lie dgccgJ to Ai.n, lie may demand trill
by jury, upon proper issue 10 he directed by the
COur, or he may appeal from that duc,s on to the
Circuit COur'. And IT, upon full hearing, II snail
he found by the Court or the Jury, that tie bank
rup. has, 10 al things compiled ia the reuu!sons
OF this oc- the Cou't shell decree h.s d.sgutrge.
Section ). Creditors coming In and prov.n their
cebtsi IN the mlGrer hcreina Cr rrs.crlbel sin, be
paid, pro rata, and no priority preference shal. be
allowed exceP: Tor debts due the United States and
!auoser5 N ile service Of tle bankrupt when those
oi tile later sha.. 70. exceed S2j. AL Creditors
whose claims are not due Ill a future Lay, ANAL
have their present value ascertanei and allowed.
Section 9. The district COURT in every district
sIa. have lurIsJ c1n IN 900 matters and proceediops
arising under this act the proceedings u be summ-
rY and the court always 70 be open. Tbs court to
prescribe forms and rules for the regulation Of pro
cecclnEs. and to prescribe a tariff Of fees.
SecuoG :. A, proceedings 90 a case Of JlukrIpt.
/ ey, sha take place IN the GIs,-ic, IN which the
| bankrupt resided, when his petition was FLED
and al! proof OF debts or other claims Jy credi-
tors sha. be under oath, before such cour: or com
missioner appointed thereby, before some disin-
ieresied state dge, ~ such form as the cour, may
direct But such proof Of deyts shall be open 10 con-
testa'ion.
Section :. The circuit court 5haI. have concurrent
jurisdiction with the district court Of suits brought
10y the assignee against persons claiming an adverse
interest, or by such persons against the ASSIGNEE
touching any property OF rights Of property Of the
oahNrup! transferable TO, vested IN the assignee
all such suits barred after Two years from the date of
/ the bankruptcy.
/ Section 9. AL sales, Transfers g., By the assig
nee OF The oankruprs properly, shall he made as
ordered ~ the cpuu-all assets sha.. be paid into
/ the court within sky DAYS from the lime Of their
receipt SUBJ G. TO the order OF the cOur. TO. their dis
( po'uon-lrd bond shall G given by the assignee
/ tor the faithful discharge ol his duties
/ Section TO- The Court shall require the collection
OF assets TO be made as speedily IS the interests nr
/ The creditors vii. alloy, and q distribution orth-m|
. TO be made every SIX months, and oil proceeding,
shall be closed q practicable IN two years.
sec ION u. Tho ass gncc shall have authority 10
redeem and discharge any mortgage, lien. sc. io,n
any property, and 70 tender a due Performance Of
the conditions thereof, and E.o 10 COMPOUND debt,
under tic order OF direction Of tue cgIr-ard ere
dItors shai. have notice, and be allowed to sbs,y
clIsc Why such order Or direction should no, DO
pissed.
Section -. The proc ejnzs 10 o.l cases Of bank.
ruptcy, sh i be deemed matters Of record but shall
NJ. be recorded az .cngth. This section also c.
tauiIshss certain ie's % he charged by the officers
Section ~. This section provides Tor cases In
which TWO or more persons who ore partners 10
tride, become inl1yen', and drcct the asugute 10
distribute thc proceeds Of properly, JOIN. and sepi.
rate, among their joint uud ,epit4jc creditors nc.
cOrdng 20 CqultID z ru.Cs-In all respects, except
as relates % the manner II distributing and d.spJs.
/ Ing Of he proceeds Of the property Of such part.
. n1fs, the proceedings a-anl them shall be same
. as had against one person alone.
/ 5tcuOn -, plCscrbls TIE manner o. constructing
the deeds, 10 be given by The assignee upon tho
| sale Of any 8nds %. the b1n..upt.
/ Sec ion a., COnlsr5 upoR the Circuit Court OF the
Unite. States for the Drstuu OF Columbia and
upon the sup rior Courts Of the Territories al. the
jurisdiction, power, &c. vest To- he district court
Ui tins United States, 90 c.ses of bauK'uptcy.
Section ~, preset hes the time when tie uct shoI
commCnce ukiOg effect, aud the period Of It's du-
ration.
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A UNITED STATES sEyENrY-FOUH
GUN SHIP OFF ANNAPOLIS.