The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1866-06-06
THE BANKRUPT BILL.

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THE BANKRUPT BILL.
the following is summary Of the bank-
.rupt law as il passed ,he House:
The lst section constitutes the district
courts ofthe United States courts of bank
ruptcy. 8 sszl4.
The I'd section gives the United States
circuit courts general superintendence and
Jurisdiction Of all eases and questions aris-
ing under the act. ~
Sections 3 to q. inclusive, relate TO the
administrator Of the law in courts Of bank
ruptcy.
Sections 8. and 10 refer to appeals and
practice. s
The llth section provides that if any
person residing within the jurisdiction Of
the United States. owing debts over three
hundred dollars. shall apply by petition to
the judge Of his judicial district. setting
out his inability to pay his debs in full,
and his willingness to surrender his estate
Tor the benefit OF his creditors. .--ihe filing
Of such petition shall be an act Of bankrupt
| cy. and such petitioner shall be adjudged
bankrupt. A warrant shall then be is
sued by the Judge directing the marshal Of
the district tn take possession Of the estate
and keep the same until the appointment Of
an assignee. Notice is then to be given to
creditors to hold a meeting and choose one
or more assigHees.
Sections I2 10 Is, inclusive, define, in
great detsil, the duties of assignees.
The sections 70 10 "a, inclusive, relate
to debts and proof Of claims.
Section IS provides for the sale OF per-
ishable property.
Section 26 provides for the examination
Of bankrupts before the court, and exempts
them from the liability Of arrest during
the pendency Of the proceedings in civil
actisns.
Section o. relates 70 the distributions Of
the bankrupt's estate. All creditors, whose
debts are duly proved and allowed, are TO
be entitled to share in the bankrupt prop
erty. pro rata, without any priority or pre-
ference whatever, except that wages. due
IRON him to any operative, clerk or house
servant TO an amount not exceeding hfty
dollars for labor performed within SIX
months next preceding the adjudication OF
bankruptcy, shalt he entitled 10 priority
and shall be frs, paid in tall 10 the order
for dividend, the following claims are to
be entitled to priority or preferences and
to be first paid in fall 10 the following or
der;
Il I. Fees, cost and expenses Of suits, and
Tor the custody of property.
9. All debts doe to the United States,
and all taxes aud assessments under the
laws thereof.
il 3. All debts due 10 the State in which
the proceedings in bankruptcy are pend
ing, and all taxes and assessments made
under the laws Of such State.
4. Wages due TO any operative. clerk OF
house servant, to an amount not exceeding
| $50 for labor performed within sir months
next preceding the first publication vt the
notice Of proceedings 10 bankruptcy. 81
i 5. All debts due TO any person who. by
the laws Of the United States, are or may
be entitled TO priority Or preference 10
like manner as IL this act had not been
passed. Always provided that nothing con-
tanned In the act shalt interlereewith the
assessment and collection OF taxes By the
United States or any State.
j Section 90 and the Eve following sec
tions, relate to the bankruptcy discharge