Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-09-16


early periods as practicable consistently
with due regard to the interests eli the
creditors and dividend and distribution
of such assets as shall be collected and IL.
duced TO money, and so much thereof as
can be safely SO disposed OF, consistently
with the rights and interests OF third per.
sons having adverse claims thereto, shall
be made among the creditors who have
proved their debts, as often as once in six
months from the time Of the decree declar-
ing the bankruptcy; notice of such dyi.
dends aud distribution TO be given IN some
newspaper or newspapers IN the district,
designated by the court, ten days at least
before the order therefor is passed and
the tendency OF any suit at law or in equi-
| ty, by or against such third persons, shall
not postpone such divisions aud dIstribn-
ton, except SO far us the assets may be
necessary 10 satisfy the same and all the
proceedings in bankruptcy in cach case
shall, if practicable, DO finally adjusted,
settled end brought to close, by the
court, within two years after the decree
| declaring the bankruptcy. And where
any creditor shall not have proved his
debt until dividend or distribution shall
! have been made ind declared, he shall be
entitled to be paid the same amount, pro
rata, out Of the remaining dividends or
distributions tlereaite nude, as the other
creditors have already received, before
the latter shall be entitled TO any portion
| thereof
SEc. IL. And be it further enacted, That
the assignee shall have full authority, by
/ and under the order aud direction OF the
/ proper court in bankruptcy, TO rsdeam and
discharge any mortgage or other pledge, or
deposlte, or lien upon any property, real or
personal, whether payable 10 present. or
at . future day, and to tender due per-
iormsncs of the conditions thereof. And
such assignee shall also have authority,
| by and uuder the order aud direction OF
the proper court in bankruptcy, TO CON-
pound any debts or other claims or secu-
rites, due or belonging to the estate oftae
bankrupt; but no such order or direction
shall be made until notice of the applics-
ton is given in some public newspaper In
the district, to be designated by the court,
ten days at least before the hearing, so
that all creditors and other persons IN in.
terest may appear and show cause, if any
they have, at the hearing, why the order
or direction should not be pissed.
SIC. IL. And be 1t further enacted, That
If any person who shall bavs bear dis.
charged under this act shall afterward be.
come bankrupt, he shall not again be sn.
titled to = discharge under this act, unless
ms estate shall produce CATER all charges)
sufficient to pay every creditor seventy
five per cent. on the amount Of the debt,
which shall have been allowed 20 each
creditor.
SEC. Is. And be IL further enacted, That
the proceedings in all cases in bankruptcy
shall be deemed matters of record but
The same shall not be required to be re.
corded al urge, but shall be carefully
filed, kept, and numbered in the office Of
tho court, and docket only, or snort
memorandum thereof, with the numbers,
kept in book by the clerk of the court
and the clerk Of the court for affxine his
name and the seal Of the court TO any
form, or certifying copy thereof, when
required thereto shall be entitled to re-
ceive, a. compensation, the sum Of twenty
five cents, and no more. And no officer
of the court, or commissioner, shall BE- al
lowed by the court more than one dollar
for taking the proof Of any debt or other
claim oil any creditor or other person
against the estate Of the bankrupt; bu. he
may be allowed, in addition, his actual
travel expenses for that purpose.
l ~ IL, 20 la. ,L,s- al fEh.t
where two or more persons, who are part
ners in trade, become insolyent, an order
may be made in the manner provided in
this act, either on the petition of such
partners, or any ono Of them, or the petl-
ton OF any creditor OF the partners; upon
which order all the joint stock and prop
erty of the company, and also all the sep
crate estate of each Of the partners, shall
be taken, excepting such parts thereof as
arc herein accepted and all the creditors
of the company, and the separate creditors
of each partner, shall be allowed to prove
their respective debts, and the assgnees
shall also keep seperate accounts of the
joint stock or property OF the company,
and of the separate estate Of each member
thereof; and after deducting out of tho
whole amount received by such assignees,
the whole of the expenses aud dsburse.
ments paid by them, the nett proceeds Of
the joint stock shall be appropriated to pay
the creditors Of the company, and the nett
proceeds of the separate estate Of each
partner shall be appropriated TO pay his
separate creditors; and if there shall be
any balance of the separate estate Of any
partner, after the payment Of his separate
debts, such balance shall be added to tie
joint stock, Tor the payment Of the joint
creditors and If there shall be any bal.
ance of the joint stock, after payment Of
the Joint debts, such balance shall be divi-
ded and appropriated to and among the
separate estates OF the several partners,
according to their respective rights and
interests therein and as il would have been
If the partnership had been dissolved with
out any bankruptcy; and the sum so appro-
ptiated TO the separate estate Of each part
ner shall be applied to the payment Of his
SEPARATE debts, and the certificate of dis
charge shall be granted or refused to each
partner, as tho Same would or ought to be
Il il the proceedings had been against him
alone under this act and 10 oil other re-