The weekly North-Carolina standard., 1866-06-06
THE BANKRUPT BILL.

THE BANKRUPT BILL
The following is summary of the bank
rupt bill, which passed the House on Tues
day.
Section constitutes the district courts of
the United States courts of bankruptcy.
Section gives the United States circuit
courts general superintendent and jurisdic-
ton of all cases and questions arising under
the act.
Sections to z, inclusive, relate to the ad-
ministration of the law in courts of bank
ruptcy.
Sections s, and 10 refer to appeals and
practice.
Section II provides that if any person
residing within the jurisdiction of the United
States, owing debts over three hundred dol
lars, shall apply by petition to the judge of
his judicial district, setting out his inability
to pay his debts in full, and his willingness
to surrender his estate for the benefit of his
creditors, the filing of such petition shall be
shall be adjudged bankrupt. A warrant
shall then be issued by the judge directing
the marshal of the district to take possession
of the estate and keep the same until the ap-
pointment of an assignee. Notice is then to
and choose one or more assignees.
Sections 12 to 18, inclusive, defines in great
detail the duties of assignees.
Sections 10 to "a, inclusive, relate to debts
and the proof of claims.
Section 25 provides far the sale of perisha-
BILE property.
Section 26 provides for the examination of
bankrupts before the courts, and exempts
them from liability to arrest during the pen
dency of the proceedings in bankruptcy in
| civil actions.
Section 81 relates to the distribution of
the bankrupts estate. All creditors whose
debts are duly proved and allowed are to be
entitled to share in the bankrupt's property
pro rata, without any priority or preference
whatever, except that wages due from him
to any operative, clerk, or house-servant to
an amount not exceeding fifty dollars for la
| Dor performed within six months next pre-
ceding the adjudication of bankruptcy, shall
be entitled to priority, and shall be first paid
in full. In the order for dividend the fol-
lowing claims are to be entitled to priority
or preference, and to be first paid in the fol-
lowing order:
First. The fees, costs, and expenses of suits
and for the custody of property.
Second. All debts due to the United
States, and all taxes and assessments under
| the laws thereof
Third All debts due to the State in which
the proceedings in bankruptcy are pending,
and all taxes and assessments made under
the laws of such State.
Fourth. Wages due to any operative, clerk,
or house servant, to an amount not exceed
ing fifty dollars, for labor performed within
six months next preceding the first pnblica-
ton of the notice of proceedings in bank
ruptcy
Fifth. All debts due to any persons who,
by the laws of the United States, are or may
be entitled to a priority or preference, in like
manner as if this act had not been passed !;
always provided that nothing contained in
this act shall interfere with the assessment
and collection of taxes by the United States
or any State.
Section 30 and the five following sections
relate to the bankrupt's discharge and its ef-
feet. If it shall appear in court that the
bankrupt has in all things conformed to his
duty under this act, and that he is entitled
under the provisions thereof to receive dis
charge, the court shall grant him a dis
charge from all his debts, except as herein
after provided, and shall give him certif-
cate thereof under the seal of the court.
Section 35 declares preferences and fraudu-
lent conveyances void.
Sections SO, 81, and 3S relate to bankrupt
cy of partnerships and Of corporations, and to
dates and dispositions
Sections 80 to AZ, inclusive, provide for
the case of involuntary bankruptcy. A de-
parture from the State, avoiding the service
of legal process, removal or concealment Of
property, fraudulent assignment of property.
arrest, and detention for debt for period of
seven days, confession of judgment OF suspen-
sion of payment of commercial paper for
fourteen days. shall be deemed an act OF
bankruptcy.
| Section 43 provides-for the superseding of
the bankrupt proceeding by arrangement
Section A provides penalties against
bankrupts for concealment of property, falsi-
flying books or papers, fraudulent assignment
or conveyance Of property, spending it in
gaming, permitting fictitious debt to be
proved against him, obtaining goods on
credit fraudulently within three months Of
the commencement of proceedings in bank
ruptcy. These are to be deemed misdemean-
ors, and are to be punished by imprison-
ment, with or without hard labor, for term
not exceeding three years.
i Sections 45 and As provide penalties
against officers in administering the laws.
Section Al regulates fees and COSTS
Section 4S regulates stamp duties Oh peti.
tions. warrants, &c.
4 Sections 40 and so define the meaning Of
terms and the computation of time.
Section 81 and last enacts that this ac,
shall commence and take effect as to the an
pointment of officers created hereby, and the
promulgation of rules and general order.
from and after the date of its approval
Pr0oidsd, That no petition or other proceed
ing under this act shall be fled, received, o.
commenced before the first day Of Novem
ber, 1866.
: A PRIZE CoNuNDRuM.-A leather media
, having been offered for the worst possible
conundrum, the prize was unhesitatingly
} awarded to the following, selected from
| several hundrade CONT in