The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-08-17

snch 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 value $500, and also the neces-
sary wearing apparel. On exception being
taken tofle determination of The assignee, the
matter to be decided by the court.
The fourth section provides that every bank
rupt who faithfully complies with the provis-
ions of the act shall be entitled TO a full dis.
charge from all his debts, and a certificate to
that effect granted him /; moi however, within
90 days of THE decree being granted, nor till 20
days days notice snail have been given 10 all
the creditors to appear and show cause why
the certificate should not be granted. Such
bankrupt shall at all times be subject to en-
animation orally, or upon written interroga-
tories, before such court, on oath, in all mat.
ters relating to such bankruptcy, which are
necessary for the purposes of justice. If in
any case of bankruptcy, a majority, in number
and value ofthe creditors who shall have proved
their debts, shall at he time O fhearing of the
petition for a discharge. file their written dissent
to the allowance of discharge and certificate,
to such bankrupt, or if upon such hearing, a
discharge shall not be decreed to him, he may
demand a tria! by jury, upon a proper issue TO
be directed by the court or he may appeal
from that decision TO the Cirtuit Court. And
if, upon a full hearing, it shall be found BY
the court or the jury. that the bankrupt has, in
all things, complied with the acquisitions
of this act, the court shall decree his dis
charge.
Section fifth provides that creditors coming
in and proving their claims shall be paid pro
rata and no preference. shall be given except
for debts due the United States, and labors in
the service of the bankrupt, when those of the
till a future day shall have their value ascer.
tanned and allowed.
The sixth section gives the District Court
jurisdiction in all matters arising under this
act. The Court TO regulate the forms Of pro-
ceeding and the fees.
The seventh section provides that all pro-
ceedings shall take place in the district where
the bankrupt resides.
By section eighth the Circuit Court has
concurrent jurisdiction with The District Court
of suits brought by the assignee against per.
sons claiming an adverse interest, or by such
persons against the assignee touching any
property Or right of property of the bankrupt
transferable 10. or vested in, the assignee /; all
such suits barred after two years from the date
of the bankruptcy.
Section ninth provides that all sales by the
assignee, shall be made and ordered by the
Court, and all assets paid into Court within
sixty days of the time of their receipt, and the
assignee shall give bonds for the faithful dis.
charge Of his duties.
Section tenth requires The collection or as.
sets 10 DO made as speedily as the interests of
the creditors Will allow, and a distribution of
them 10 be made every six months, and all pro-
c~eedings shall be closed, if practicable in two
years.
Section eleventh gives the assignee authori-
ty TO redeem and discharge any mortgage, lien.
&c. upon any property, and 10 tender a due
performance of the conditions thereof, and also
to compound debts. under the order or direc-
lion of the court-and creditors shall have
notice, and be allowed TO show cause why such
order or direction should not be passed,
Section Twelfth establishes the fees 10 be
charged by the officers, and makes all the pro.
ceedings matters of record.
Section thirteenth provides for cases in
which two or more persons who are partners
in trade become insolvent, and directs the
assignee TO distribute the proceeds Of prop crty
joint aud separate, among their joint and
separate creditors according 10 equitable 'ules
in all respects. except as relates to the man
ner of distributing and disposing of the pro-
ceeds of the property Of such partners, the
proceedings against them sh4ll be the same as
if had against one person alone.
The remaining sections prescribe the forms
of deeds 10 be given by the assignee, and the
time when the act shall take effect, and the
period of its duraticn.-N. Y. Express.