Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-08-28
INSTINCT on THE BANKRuPr Bill


property OF any kind, verified by oath, apply 10
Ibs proper court shall be deemed Bankrupt All
persons being merchants, or rrtaIets,aN bankers,
factors, brokers, underwriters, or marine insurers
owing no, less than $4,000, shall be liable 10 be-
come baGkrupts, aud NAV, ON petition VI one ~
more Of thsIr creditors, to wnom ttey owe 10,
less than $500, be so declared IN the following
cases, TO win care OF departure from the
state, with intent to deiraud ofhavlug procured
himself To be arrested, or having removed goods
Tor concsalmout, or having ltaudueutly assigned,
Aay such person, however, may have trial by
Jury 10 ascertain the facts,
The second section declares all future pay. |
mcn,s made IA contemplation otbankluplcY, o. |
la prefer aay CREDITOR fraudulent and Nold, and t
ths porson making them saal. receive 10 Dis !
| charge. 50 a case Of voluntary bSnSrupt-rl
he seeurcs any preference to ono crcdIvr over
| another IN contemplation ef the pessuge Of tbs !
law. hs shall not teeeWo a discharge, unless =
majority Of the creditors ussrnttol.
By section third, all property, Of every dascrp'
ton, OF every pstsen declared bankrupt. except
as is hereinafter provided, shall be pso faolo
| dNssled cot of the bankrupt, undlhe same shall
be vested IN such assignee rs shall be appointed
! by the couha-suts pending by the bankrupt shall
! be conllGucd by the assignee, aud no suit by 81
against an assignee shall ubals BY death Of said
assignee--eXcept such necessary household and
kitchen furniture Of the bankrupt, az the assignee
shall designate having reference in the amour, to
the family aud condluoa Of the bankrupt, but 10
no case II exceed IN value $500, snd also the
necessary wearing apparel. On exception beng
taken 10 the determination Of the assignee, the
matter IS to BIZ decided by the court,
The fourth ,seet0n provides that every bank
rup, who faithfully complies with tia provisions
of the act shall be entitled 10 full discharge from
all his debts, and certificate to that effect gran.
ted him; not, however, within 70 days Of the do
cree being granted nor tll ~ days notice shall
have been gwen 10 all the creditors to appear aud
shaw cause why the certificate should not be
granted. Such bankrupt shall at all times DO sub
Iecl to examination orally, OF upon written inter
tugutouts, before such court, on oath N all mat
'ers relating 10 such bankruptcy, which are no.
cessary lor the purposes OF justice II IN any case
Of bankruptcy n MA orhy, IN number and value,
OF the creditors who shall have proved their debts
shall, al the time Of hearing oi.the petition iot u
discharge, hlo their written disseu, Of the allow.
, nnce Of discharge aud certificate TO such bank.
/, rupl, OF #, upon such hearing, discharge shall
G not be dectoed 10 him, he may demuud trial by
! Jury, upon proper issue 10 DO directed by The
couh OF no may appeal from that decision to The
] Cncut Court. And II, upon full heaIng,t shall
r be found by tho coutt or jury that lbs bankrupt
has, IN all ihnss,eomplied with he acquisitions Of
? thus net, Ihe court shall decree his discharge.
, Section fifth provides that crcdltors coming in
and proving their claims shall be paid pro rata,
and no preference shall be gwen except Tor debts
due to the United States, and labofots IN the ser.
wee o; the bauktuIWhon those Of the latter shall
not exceed S25, Debts not due oil future
day shall have their value ascsrlaned and al
lowed.
: The sixth section gives the District Court Ju-
: rlsdction IN all matters arising under this act
i The Count to regulate the forms Of proceeding
and tbs fees.
n The seventh section provide. that all proceed.
. lngs shall take place IN the district where the
u baukup, resides.
: BY section eighth The Circuit Couu has concur
y rent jurisdiction with the Drsuct Ceuli Of sul.
brought by tho assignee against persons claiming
an adverse interest, ol by such persons aealns
the asslguec, touching any property OF rights Of
the bankrupt transferable 10 CT vested III the as
= sgnce; all such suits barred after two years lror
u the date ol the bankruptcy.
n Section ninth provides that all sales by Inc as
{ sgnee, sh1l, be made us ordered by the Court ant
10 all Assets pad into Cou within sAry days Of The
70 time Of their receipt and HE assignee shall CIV,
U bonds for the faithful discharge Of bus dues.
Is Section tenth requires the collections OF asset
= 10 be made ~ speedily the lul,rests ol th'
Q creditors viii allow, and distribution ui then
1 a.if i
Is ngs shall be closed, # practicable, IN W'
- years.
Section eleventh gives the assignee authority
4, 10 redeem and discharge any mortgage lien, DC.
upon any properly aud to tender a doe perform
a nuce al the conditions thereof, and also to com
pound debts, under tho order VI direction Of th'
= courD--and creditors shall haye notice, ard t'
y, allowed to snow cause why such order or dlrec
y ION should no, be passed.
Scguon twelfth establishes The fees to be char
q, ged by The oficersand makes all The proceedings
malleIs 0FIecold.
. Section thirteenth provides for cases IN which
I two or more persons who are partners ~ ifade
-. become nsolysnt, and directs the assignee tC
J., distribute the proceeds u property JOINT and Sc
pafate, among their JOINT aud separate creditors
according to equitable rIes--n all respects, eK
e cepi as relates TO tho manner OF distributing ant
1t dsposing Of he proceeds Of the property OF such
r partners, the proceedings against them shall be
- the same Us # had against one pefson alone.
J. The remaining sections prescribe the ferns o.
e deeds to be gwen by tho assignee, and Tho time
when lac act shall take effect, and the period oil
its duphon.-.N y ErprssE
i The provisions Of The bill do not extend to
A corPorstons
= A dandy in New OIleanr, wishing for an eS.
z cuse to speak to "A beautiful lady in the sr,st With
II whom he was unncquaIntod drew his nice white
S cambric handkerchief from bis pocket as he ap.
: preached her, aud inquired she hadn't dropt 1t.
l. The lady glanced at the handkerchief, nodded
-. l l.. ! / IL.