Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-01-24
The New Bankrupt Bill !.

I -rs-F g tne' DdukIupL' Nalis -!
:: Theproposed National Bankrupt Act, wbicl
\ has.been read twice in the House ofsRepre
-sentatiyes, and referred to a committee, is {
long document, which would fill nine of these
columns in small type. The. Bill, as it nov
stands, gives the present United States Cour
| jurisdiction in all cases arising under the Act
and regulates the appointment, duties and
powers Of officers who are to act in Judicial
capacity under the supervision OF the Courts
and subject to their order, the practicein al
proceedings inbankruptcy, and some other
matters, of merely professional, interest, The
Bill then provides for voluntary bankruptcy,
on the motion. Of the bankrupt himself; and
involuntary bankruptcy, on The motion of the
baskrupt. The provisions are distinct as to
each.
In involuntary bankruptcy 1t is provided
that any person residing within the jurisdic.
tion Of the United States, owing debts prova,
BILE under the Act exceeding $500 in amount,
can apply by petition ito the Judge of the
judicial district in which heresides, setting
forth his ability to pay his debts, and annex
ing sworn schedule of his ,debts, their
amount and nature, with the names ard resi-
dences of his creditors, annexing also an in
ventory of all property Of every kind in his
possession, or in which he has any interest !;
and the filing of eucli petition is to be an act
eof bankruptcy, and the petitioner shall be
adjudged bankrupt. > The .Judgeis then to
issue a warrant directing the marshal to toke
possession of all the debtors property Of
every kind, and keep the same until the ap,
.pointment CT all assignee, and directing him
TO notify creditors to prove their debts AS
signeess are 10 be chosen by the greater part
in value of creditors, and such assignecs,
when approved by the Judge, take possession
of the debtors property and all books and
papers relating thereto, with certain slight
exceptions. >s - =. . - -.4
All debts and liabilities existing, though
not matured or not ascertained in amount at
the time of the adjudication of bankruptcy,
may be proved against the bapkrupt's estate.
And all claims proyable under the Act cairbe
prosecuted in no other manner thar under
the Act, except for the mere purpose Of deci-t
ding their amount. All claims are TO be pre-
sented on oath, and are 10 be investigated
iudicially in case either their, amount or
validity is disputed. The assigDees have power
also, under the supervision Of the Courts, to
sell or redeem propsrty,, and to take Y rions
prescribed measures for the advantage Of the
estate, and to bring and to defend suits On
behalf of the estate; *. - 49, ~ -
Wages due any operative, clerk or house
servant, to an amount not exceeding fifty
dollars, are to 'haye,a priority over ali claims
of individuals, and be first paid in full. At
the final dividend claims are to be paid in
full in. tie following order: First. Fees and
costs of the proceedings. Second. All dues
to the United States. Third. All dues to tie
State in which tue proceedings are pending,
Fourth. Waee; of operatives, &c. which bavo
accrued during tho six months proceeding
the first notice Of the proceedings as above
mentioned. Fifth. All dues to persons enti-
led to priority, aside from the provisions Of
the Act, under the laws ofthe Uniteo States.
r.rl rrna aaa a4tife and the time ard under
is 10 Be given to the bankrupt from
all claims provahe under .thp Ant; such dis.
charge 10 be withheld, Or to be invalid if
granted, in ease Of any fraud or violation on
the part of ths petitioner Of the pr"visen OF
the Act in that behalf. .-
No second discharge is to be granted to any
bankrupt whose estate isinsuflicient to pay
seventy per cent! Of the claims against him
without the consent of three fourths, in value,
of his creditors. And no third iiselsrgc can
be granted IN any case, But bankrupt who
has paid all claims existing OF the time Of a
previous bankruptcy shall be entitled to a
discharge as though there had been no pre-
yions application. Creditors may oppose the,
discharge, and have the grounds of their OPP
position tried by jury All debts created By,
action of the bankrupt in judiciary capacity
are exempted lpom tho operation of the
discharge. p -. =
Similar. provisions are made as to bankrupt
cy proceedings on the part of partnerships
end corporations.
The procoodingsin Involuntary bankruptcy
on the motion of the creditors, differ from,
those in voluntary. bankruptcy simply in their
commencement. Whenever debtor avoids
legal process in an action for the recovery of
q debt, or demand provablc under the act,
or disposes of his property in fraud OF bis
creditors; or Whenever banker, merchant
or trader, fraudulcntIy suspends and does MT
resume the payment of his commercial paper
within fourteen days, and in large class Of
enumerated cases, the debtor, on his petition
of bis creditors to the amount ofoyer two
hundred and fifty dollars, shall be adjudgod a
bankrupt. .--le l. -, >es
After the adjudication of bankruptcy,
three.fourths in value of the creditors eau,
under the direction and approval of court,
wind up and settle the bankrupt's estate in
such manner MS they may agree upon, and
the estate is then vested in trustees, the
rights and duties of the trustees being smi'
lar to those of tie assignees under the orli-
nary method Of procedure and the discharge
is to- be in tho same form and Of the same
effect as though the usual proceedings in
bankruptcy were had.-N. Y. World.