Mobile daily commercial register and patriot., 1841-08-11

Absfract of the BankruEg BM.-As u passed the Sendte. te.---'rhe first section establishes a uniform system of Bankruptcy throughout the United States and provides that all persons owing debts, who shall by petition, setting forth list of their creditors, the amount ue e ach with inventory oi their property oany ki d verified by oath, apply to the proper court shall he deemed Bankrupt. Il persons being mer-' ehaus, retailers, all bankers, factors, brokers underwriters, marine insurers, owing not less than s2OeO, shall be liable to become bankrupts, and may, pettion of more fthelr creditors, to whom they not less tn ,nS5OO, be so declared m the following cases, to wit in of departure from the stale, with intent to defraud; of having procured himself to be sted, having removed goods Tor couneanent, or having lraudulently assigned. Any such person.. however, may have trial by Jury to ascertain the facts.
 The seeond section declares all future payments made in contemplation of bankruptcy, or to prefer any creditor, fraudulent void, and the person makiug them shall receive no discharge. So m ca of voluntary bankrup-lfhe secures any preference one creditor over another in contemplation of the passage of this law, he shall not receive discharge unless a majority of the creditors assent to it. Ky section third, all property of very descrlption of every person declared bankrupt except as here
 matter provided, shall be ipso facto divested out of the bankrupt, and the all be vested in such assignee as shall be appointed by the court--suitr pending by the bankrupt shall be continued by the assignee, and suit by against an assignee shall abate by death of said assignee-except such necessary household and kitchen furniture of the bankrupt, the assignee shall designate, having re- ference in the amount to the family and condition oi the bankrupt, but in exceed in value SSOO, and also the necessary wearing apparel. On excep- ton belug taken 10 the eerminaion of the assignee, tAe matter to be decided by the court. The fourth section provides that every bankrupt who faithfully complies with the provisions of the ac shall 6e entitled full discharge from all his debts, and certificate to that effect granted hm not how ever within 90 days of the decree being granted, nor till 70 days notice shall have been given to all the creditors 10 appear and show why the certificate should not be granted. Such bankrupt shall at all times be subject to examination orally, or upon written interrogatories before such court, on oath, in all matters relating such bankruptcy, which are necessary tor the purposes of justice If m any case of bankruptcy, a majority, in number and value, of the creditors 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 dis charge and certifcate such bankrupt, or if, upon such hearing discharge shall 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 decision to the Circuit Court. And ii, upon full hearing, 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 ds- charge.
 Section fifth provides that creditors coming in and proving their claims shall be paid pro rafa, and no preference shall be given except for debts due the United States and laborers in the service of the bankrupt, when those of the latter shall not exceed s25. Debts not due t future day shall have their | value ascertained and allowed.
 The sixth section gives the District Court urisdic- ton m all matters arising under this act The Court to regulate the forms of proceeding and the fees The seventh section provides that all proceedings shall take place in the district where the bankrupt | resides.
 By section eighth the Curcuit Court has concurrent jurisdiction with te District Court of suits brought by the assignee against persons claiming an adverse l interest, or by such persons against the assignee, touching any property or rights of property of the bankrupt transferable to, vested in, the assignee all such suits barred after two years from the date of the bankruptcy.
 Sectoa ninth provides that all sales by the assign ee, shall be made and orde, ed 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 discharge of his duties.
 Section tenth requires the collections or assets to be made aa speedily the interests of the creditors will allow, and distribution of them to be made every six monlhs, and all proceedings shall be closed, If practicable, Tn two years.
 Section eleventh gives the assignee authority to deem aad discharge any mortgage, lien, &c., upon any property, and to tender due performance of the dons tlereof and also to compound debts, under the order or direction 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 to be charged by the officers, and makes all the proceedings matters | of record
 Section thirteenth provides for cases in which two or more persons who partners in trade, become
 nsoyent and directs the assignee to distribute the proceeds ofproperty, joint and separate, among their joint and separate creditors according to equitable rues-in al respects, except relates to the manner of distributing and disposng of the proceeds of the property of such partners, the proceedings against them shall be the if had against one person alone.
 The remaining sections prescribe the forms ofdeeds to be given by the assignee and the time when the act shall take effect, and the period of it's duration -[New York Express.