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

sssrs Or De laEy, Ca l.e bsskrapihas u
g tkings, eampEsd ~EllA the rsqniriEosa
81 rs aes. ths sonn shall dscEss his d.
.chxszs.
Ss<fi0n 8. crehssss coming in and
prosinr thsir debn ii he mznner herein
sfisr presented shs1 Be paid. pro rafe,
and no priority o. preferences shsh Be a.
lowed, except Cor debts due The United
States. and he lzb0rers in the service Of
he bankrupt when hose Of the latter
shsll MOI exceed sa5. AL creditors
whose claims are not due Ill = future day.
shau have their present value asceri1ined
and allowed.
Section 6. The district court. IN every
district, shall have jurisdiction IN all mat
Ger and proceedings arising under this sel.
ihe proceedings % Be summary and he
court always % be open. The court 70
prescribe ferns and rules Tor The reguls-
hon OF proceedings, and 70 prescribe q -
riff If fees.
Section !. All proceedings in a case Of
bankruptcy shah take place in the distriei
in which the bankrupt resided, when his
petition was fled. and all proof Of debts
ar olher claims by creditors shall be un-
der oath, before such court or eomlnis-
si0ner appointed thsrsby, or before some
disinferssied state Judge, in such form as
the conrt may direct. But such proof Of
debts shah be open 10 condensation.
Section 8. The circuit court shall have
concurrent jurisdiction with the district
eoars, OF suits brought by the assignee
AGAINST persons claiming an adverse inie-
resi-, or by such persons against the as
sigaee, touching any property orrights Of
property OF the bankrupt transferable TO,
or vested IN, the assignee; all such suits
barred sfter two years from The date OF
tie bankruptcy.
Section D. All sales, transfers, &C., BY
the assignee OF The bankUpt's properly
shall be made as ordered by the court
al assets shah be paid into the court with
in sixty days from the time Of their re-
ceipl subject to the order Of the court for
their disposition-and bond shall be Civ
en- by the assignee for the faithful dis
charge Of his duties.
Section 10. The Court shall require the
collections Of assets, 10 be made as spec
dily . the interests Of the creditors will
allow, and distribution Of them to be
made every six months, and all proceed
ings shall be closed il practicable in two
yearS.
Section IL. The assignee shall have
authority 70 redeem and discharge any
mortgage, lien, &c. upon any property,
and 70 tender . due performance Of the
conditions thereof and also 10 compound
debts, under the order or direction Of The
court-and creditors shall have notice,
and be allowed 10 show cause, why such
order or direction should not be passed.
Section 10. The proceedings in all ca
ses Of bankruptcy, shall be deemed mat
;srs Of record, but shall non be recorded at
lenqtk. This section also establishes GER
tain fees to be charged by the officers.
Section II. This section provides for
rases in which two or more persons who
are partners in trade, become insolveni,
and directs the assignee to distribute the
proceeds Of property, joint and separate,
among their joint and separate creditors
according % equitable rules--in all re
spects. except as relates 10 the manner Of
distributing and disposing Of the proceeds
Of the properly Of such partners, the pro-
ceedings against them shall be The same
Is II had against one person alone.
Section Is. Prescribes the manner Of
constructing the deeds, 70 be given by The
assignee upon the sale Of any lands Of the
bankrupt.
Section 10. Confers upon the Circuit
Court Of the United States, for the Dis
trict Of Columbia. and upon The Superior
Courts Of the Territories, all the jurisdic.
tion. power, &c., vested in the Distric
Cour. ef the United States, in cases o
bankruptcy. W
Section IL. Prescribes the time wher
the act shall commence taking effect, and
the psriod Of its duration.