The Mississippi Creole. [volume] (Canton, Miss.) 1841-1851, 1842-02-05

mat IN orderlo insure a speedy settle
ment and close of The proceedings in II
eacn case IN bankruptcy, it shall be the
duty oil the court TO order and direct a
collection of the assets. and a reduction |,
oil the same TO money, and distribution
tnefeof' at as early periods as practical
pie consistently with a due regard to the
interests OF the creditors; and dividend /
and distribution of such assets as shall I
be collected and reduced to money. or /
SO much thereof as can be safely so dis /
posed of consistently with the rights and |
interests of third persons 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 declaring the bank
ruptcy; notice of such dividends and dis
trlbutlon to be given in some newspaper
or newspapers in the district, designated
by the court, ten days at least before the
order thereof has been passed; and the
tendency of any suit at law or in equity,
by or against such third persons shall
not postpone such division and dis
tribution, except so far as the assets
may be necessary to satisfy the same;
ard all the proceedings in bankruptcy in
each case shall, if practicable, be finally
adjusted, settled, and brought to a close,
by the court, within two years after the
decree declaring the bankruptcy And
where any creditor shall not have proved
his debt until division or distribution
shall have been made and declared, he
shall be entitled to be paid the same
amount, pro rata, out of the remaining
dividends or distributions thereafter
made, as the other creditors have already
received, before the latter shall be enti-
tied to any portion thereof.
Sec. II. And be IL further enacted.
That the assignee shall have full autho-
rity, by and uuder the order and
direction Of the proper court in bankrupt
cy 10 redeem and discharge any mort
gage or other pledge, or deposite, or lien
J upon any property, real or personal,
whether payable in present. or at a flu
ture day, and TO tender due perform
ance to the conditions thereof: And such
; assignee shall also have authority, BY
and under the direction of the proper
court in bankruptcy, to compound any
, debts or other claims or securities, due
Z or belonging to the e:.ate Of the bank
rupt, but no such orler or direction shall
be made until notice of the application
! is given in some public newspaper in the
: district, 10 be designated by the court
: ten days at least before the hearing, 81
] that all creditors and other peasons in
: terested may appear and show cause i
+ any they have, at the hearing, why the
? order or direction should not be passed
] Sec. 12 And be ii further enacted
: That if any person who shall have beer
|, discharged under this act unless shall
: afterward become bank rupt, he shall no
r again be entitled to discharge unde
: this act, unless his estate shall produc,
e later all charges) sufficient TO pay ever
b creditor seventy-fve per cent. on tn,
IS amount of the debt which shall haY
d been allowed to each creditor.
IS Sec. 10. And be 1! further enacted
1t That the proceedings in all cases of bank
IS ruptcy shall be deemed matters of re
} cord; but the same shall not be require
e to be recorded at large, but shall be care
n fully filed, kept and numbered in the o
Is flee of the court, and docket only, c
al short memorandum thereof, with III
y numbers, kept in a book by the clerk {
I'd the court; and the clerk OF the court, fC
S; affixing his name and the seal of tn
W court to any form, or certifying a cop
le thereof, when required thereto, shall
" entitled to receive, as compensation, th
> ,.,,oa & t..,o,fxr ~ oanfc n ,,,0r
rs And no officer of the court, or commi
ar sioner, sh all be allowed by the cou
of more than one dollar for taking Il
ch proof Of any debt or other claim of an
n creditor or other person against the e
ed tate of the bankrupt; but he may be {
e. lowed, in addition; his actual travellir
o. expenses for that purpose.
Sec. IA. And be IL further enacte
at That where two or more persons. who a
is partners in trade become insolvent
is order may be made in the mann
on provided in this act, either on the |
is tition, Of such partners, or any one
Ity them, on the petition of any creditor
ny the partners; upon which order all q
ny Joint stock and property Of the compan
sc and also all the separate estate OF each
Oh the partners, shall be taken, except
or such parts thereof as are herein exec
lpt ed and all the creditors of the compar
as and the separate creditors of each partr
ity shall be allowed to prove their respecti
or debts, and the assignees shall also ke
nst separate accounts of the joint stock
est, property of the company. and of the
ro- perate estate of each member there
ev- and after deductinc out Of the whole