Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-02-09

his duties and his compliance With the orders aud
directions Of the court which bond shall DC taken
IN tie name OF the United States, and shall il there
be eoy breach thereof, be sued and sueahle, under
the o,der OF such court foe the benefit Of the cred
tors and other persons In interest
| Sec. 10. .isd BE- u further enacted, That in oder
10 ensure speedy settlement aud close OF the pro-
ceed'ngs IN each case in bankruptcy, shalt I've the
duty OF the court 10 order and direct collection OF
the assets, and re uetion OF the same to money,
| and distribution thereof, at early periods a
pTactcable consistently with due regard TO the in
terests OF the creditors: and dividend and distrbu
ton OF such assets as sha be collected and reduced
TO money, or so much thereof as can be safely so
disposed of, consistently with the rights and inter-
ests OF third persons having adverse claim, thereto
shai De made among the creditors who have proved
he's debts as oflen as once in six months from the
time OF the decree declaring the bankruptcy; notice
OF such dividends and distribution to be given in
some newspaper oe newspapers in the district, de
Sgna'ed ny the court, ten uaysat least before tho
orIer therefor Is passed; and the tendency of any
SUIT ut law or IN equity, by or against such third
persons, shall not postpone such division and dis
tiouuon, except so far as the assets may be neces
sy 10 satisfy the same and all the proceedings in
oankrupey IN each case shall, " practicable he
nnaiy adjusted, settled, and brought to a close by
inc court two years after the decree declaring
,hs bankruptcy. And where any creditor shall not
nave proved his debt until dividend or distribu-
uon snail have been made and declared, he shall be
entitled 10 be paid the same amount, pro rata out
OF the remaining dividends distributions thereal
Ter made, as the other creditors have already re-
eoived, before the latter shall be entitled 10 anv no,
ton thereof.
Sec H. .fnd be frihsr snssisd That the assignee
shall have full authority, by and under the order
ena direction OF the proper court in bankruptcy, TO
redeem and discharge any mortgage or other pledge
OF opposite, os lien upon any property, real or per
sona', whether payable in present. or at future
day, and TO tender due performance Of the condi .
IONS thereof And such assignee shall also have
aathontyo by ana under the order and direction OF
Tue proper court IN bankruptcy, to compound any
oeots, or other claims securities due or belon,in
10 the estate OF the bankrupt; but no such order or
direction shall be made until notice Of the appica.
uoa IS gwen In somc public newspaper in ths dis
trct TO be designated by the court, ten DAYS a,
oeio'e the hearing that all creditors and other
persons IN interest may appear and show cause, if
any they have, at the hearing, why the order or
direction should not be passed.
\ Sec. ~. Had Be 10 further enacted That IL anv
person who shall have been discharged under this
act shall aiseeward become bankrupt, he shall not
asan lie entitled 10 discharge under this act un.
ess his estate shall produce latter all charges) suT-
hcient TO pay every creditor seventy five per cent
on the amount of the debt which shall been allowed
10 each creditor.
Sec Is. .4nd be 1t further enacted That the pro-
eeedinss IN all cases IN bankruptcy shall be deemed
matters OF record but the same shall no, he reop,re
TO be recorded a, large but shall be carefully 4 led
kept, and numbered in the office of the court and a.
uockei only, or a short memorandum thereof with
the numbers, kepi in book 10y the clerk Of the
court, aud the clerk of the court for aft King his
name and the seal of the court 10 any FORM or certi-
Tying copy thereof when required thereto, shall
oe entitled 10 receive, as compensation, the sum of
twenty hve cents, and no more. And no officer of
the court, commissioned shall be allowed nv tho
court more than one dollar Tor taking the proof of
any deoI or ohes claim OF any creditor or other per.
son against the estate Of the bankrupt; but he NAV
DC allowed. IN addition, his actual uavel expenses
Tor that purpose.
\. vi he f,f,fk La. IT,
Two or more persons, who are partners in trade, be-
come insolvent, an order may be made in the man
ner provided in this act, either on the petition of
suen partners or any oneof them, or on the petition
OF any Creditor Of the partners; upon which order
all the join. stock and property of the comn,ny
ana also all the separate estate Of each of the paft
netS shnI lie taken excepting such parts thereof as
uIe heteh excepted; and all the creditors Of the
company, and the separate creditors of each mart
ner, shall be allowed to prove their respec,ive daL,s
anu Tue asslsnees shall also keep separate accounts
U. .he Jo'h' STOCK or property OF the company and
OF he separate estate of each me mber thereof: and
aIGr aeuuctns out of the whole amount received bv
such asssnees, the whole Of the expenses ard AZ.
oufsements paid by them, the nett proceeds of the
JOINT STOCK shall be appropriated 10 paw the cr,d,
ors oil Tue company, and the nett proceeds of the
estate oil each partner shall be appropriate
60 10 pay his separate creditors; and il there sh,
DE any balance OF the separate estate of INV mar,
ner' etIer the payment Of his separate debis snrb
balance shall be added 10 the joint stock. for the
hall he
any balance OF the joint stock after payment of the
JOINT debts, such balance shall be divided and an
PuPidec 10 ana among the separate estates of tho
several partners, according TO therrespectve r,b,
a"u interests lhereln, and as 1t would have been if
| the partnership had been dissolved withou, ann
bankruptcy; and the sum so appropri,,ed 70 ~
separate estate OF each partner shall be applieJ IN
me payment CT his separate debts; and the cett6
cave ol uiscnarge snail be granted refused 10 each
partner, ns the same would or ought 10 he If ,be NJ
ceedinss had been against him alone under his sc,
and IN all other respects the PROCEEDINGS aeair.,
partners shall be conducted in the like manner as If
lhey had oeen commenced AID prosecuted against
| ore person alone.
Sec. 10. .7Hd Be IT, further enacted That n coov
| OF any decree OF bankruptcy, aud the appoin,men,
oi assisnees as directed by the third section of This
&c" shai' he Fected IN every deed OF lands belong
| ing 10 the bankrupt, sold and conveyed bv ,n,,
asslgnees under and by virtue Of this act: md ,h.,
such recital, together with certified copy of such
order, shall be full and complete evidence both of
tue bankruptcy and assignment therein rected. and
supersede the necessity OF any other proof Of smell
bankruptcy and assignment TO validate the said
ceed; and all deeds containing such recital a nd snn
ported by such proof shall be as effec,ual 10 mass
the title OF the bankrupt Of, in, and TO the and.
| thetein mentioned and described to the purchaser
as iuIiy' 10 all Inents and purposes il made by
such bankrupt himself immedately before such
| order. ~
Sec. l6. .7nd Be IL turtle, enacted. That all in
rsdlctlon, power, and authority conferred upon and
vested IN The district court OF the United States bv
this act IN cases IN bankruptcy, are hereby confer
red upon and vested in the circuit court Of the m
States for the District Of Columbia, and in and
upon the supreme or superior courts of anv of Tho
Territories OF the United States, in cases Of bank.
ruptcy, where the bankrupt resides in the said Dis
trlci oil Columbia in either Of the said Terr;,o.
| ries. eii'o
Sec. IL. And be it further enacted, That tbi. ae,
shall take effect from and after the first day of Feb.
ruary next. JOHN WIJiTE GU
! Speaker Of the House Of Representot;ves
| SAM'L L. SOUTHARD
! President of the Senate pro tempore.
! Approved, August 10, 1s4I.
JOHN TYLER.