The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-08-12
THE BANKRUPT BnI.

IS now under consideration in tlfe House
Of Representatives, we copy the follow
ing synopsis oft from die Baltimore Pa
uipt Whether il viii become a law &C
The present session Of Congress may be
considered doubtful, bat il we may Judge
from the number Of the memorials pre-
scented in iis favor. il appears 20 be loudly
called for. certainly in many portions Of
the union. -
Section 4. Enacts ihai a uniform sys-
TEN Of Bankruptcy be established througL-
out the United Slaies-and that all per-
sons owing debts, who shall by petition,
setting forth list Of his or their creditors,
the amount due each, together with an IN
ventory Of his or their property Of any
kind, verified by oath, apply 10 the pro-
per court for the benefit Of this act. shall
be deemed bankruPts, and may be deelar-
ed so by decree Of such court. All per-
sons being merchants or retailers Of mef-
chandize, all bankers, factors, brokers,
underwriters, OF marine insurers, owing
debts to the amount Of not lrs than %,
900, shall be liable TO become bankupts,
and may upon petition Of one or more OF
their creditors TO whom they owe not less
than $500, be so declared in the following
cases, to wit: whenever such debtor shall
depart the state Of which he is an iuhs-
hilant, with intent 10 delraud his creditors;
or shall procure himself to be arrested or
have his goods, &c. taken in execution;
or shall remove his goods, &c. or con-
ceal them, TO prevent their being levied
on; or make any fraudulent assignment
or sale of his lands, goods, &c--Proyided
however any person so declared a bank
npt at the instance Of a creditor, may, by
petition to such court, have a trial by ju-
ny to ascertain the fact of such brankrapt-
cy. .-... go
Section 2. Enacts that all future pay
ments, conveyances, &c, made IN contem-
plalion of bankruptcy, or for ahe purpose
Of giving any creditor an undue prefer
ence, or any such payment or convey
ance to any person not q creditor, fors
valuable consideration, without notice,
shall be deemed void and q fraud upon
this act, and the assignee under the bank
ruptcy shall be entitled 70 claim and sue
for the same; and the person making such
unlawful preferences shall receive no dis
charge. And il il shall be made to APP
pear to the court, that, in the case of
voluntary bankrupt, he has at any time
!. given or secured any preference Of one
' creditor over another, in contemplation Of
r the passage Of bankrupt law, he shall
not receive discharge, unless assenied
to by majority in interest Of those Of his
|, creditors not preferred. Nothing in this
act shall in any way impair the rights Of
married women or minors, or any liens,
mortgages, &c. which may be valid by
the laws of the States respectively, and
not inconsistent with the second and fifth
sections of this act. .s <s.- s.
Section 3. All property ofevery descrip-
4 ton, Of every person declared bankrupt,
n except Us hereinafter provided, shall be
ipso facto Invested out of the bankrupt,
4 and the same shall be vested in such as.
signee as shall be appointed by the Court
suits pending by the bankrupt shall be
continued by the assignee, and no suit by
or against an assignee shall abate by death
of said assignee. There shall be except
, ed from the provisions of this section,
such necessary household and kitchen
furniture of the bankrupt, as the assignee
shall designate, having reference in the
amount to the family and condition of the
bankrupt, but in no case to exceed in va
lue $500, and also the necessary wearing
apparel-on exception being taken TO the
determination of the assignee, the matter
to be decided by the Court. -.+-. .
i Section A. Every bankrupt, who shall
comply faithfully with the provisions Of
this act shall unless a majority in nsm-
Der and value of his creditors who have
proved their debts, shall file their written
dissent thereto) be entitled 10 a full dis
charge from all his debts, and certificate
thereof granted him--such certificate,
however, not to be granted until after
ninety days from the decree Of bankrupt
cy, nor until seventy days notice is given
to all creditors and persons interested. to
appear and show cause why such certifi-
cate should not be granted. Such bank
! rupt shall at all times be subject to exar
!, mination orally, or upon written inierro-
gatories. before such Court, on oath, IN
i alrmatters relating 10 such bankruptcy.
:. which are necessary for the purposes Of
Justice. If in any case Of bankruptcy,
majority, in number and value, Of the ere
ditors who shall have proved their debts,
shall at the time Of hearing of the petition
for discharge, file their written dissent
to the allowance Of discharge and eerti-
!, ficate to such bankrupt. or If, upon SUCH
J hearing, discharge shall not be decreed
to him, he may demand trial by jury,
upon proper issue to be directed by the
, court, or he may appeal from that deci-
sion tn the Eirruit Court. And iii. upon