Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1866-01-27
The New Bankrupt Bill.
patronage

The proposed National Bankrupt Act, which
has been read twice in the House of Repre-
sentatives, and referred to committee, is u
long document, which would fill nine Of these
columns in small type. The Bill, us it now
Stands, gives the present United States Court
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 thcjr order the practice in all
proceedings in bankruptcy, and some other
matters tof, merely professional interest. The
Bill then provides tor voluntary bankruptcy
on the motion of the bankrupt hi~sslf; and
involuntary bankruptcy, on the motion of the
creditors OF the bankrupt. The provisions arc
distinct as to each
In involuntary bankruptcy it is provided
that any person residing within the jurisdic-
ton of the United States, owing debts prova-
bic under the Act exceeding $500 in amount,
can apply by petition to the Judge of the iu-
dical district in which he resides setting forth
his inability to pay his debts, and annexing a
sworn schedule Of his debts, their amount and
nature, with the names and residences of his
creditors, anncxing also~an inventory of all
property Of every kind in his possession, or in
which be has any interest; and the fling Of
such petition is the act Of bankruptcy, and the
petitioner shall be adjudgcda a bankrupt The
Judge is then to issue a warrant directing the
marshal to take possession of all the debtor s
property of every kind, and keep the same un-
til the appointment Of aIi assignee, and direct
ing hiu, to notify creditors tc prove their
debts. Assignees are to be chosen by the
greater part In value of creditors, and such as
signces, when approved by the Judge, take
possession of the debtors property and ar
books and papers relating thereto, with certain
slight exceptions.
All debts and liabilities existing, though
not matured or not asccrtaincd in amount at
the time Of the adjudication Of bankruptcy,
may be proved against the bankrupt's estate.
And all claims provable under the Act can be
prosecuted in no other manner than under the
Act, except for the nero purpose of deciding
their amount al claims dfe to be presented
on oath, aud are to be investigated judicially
in case either their amount or validity is dis
putcd The assionecs have poweralso, under
the supervision of the Courts, to sell orredcem
property, and to take various prescribed meas
ures for! the advantage of the estate, and to
bring and to defend suits on behalf Of the es-
tate.
Wages due any operative, clerk or house
servant, to all amount not exceeding fifty dol
lars, are to have priority over all claims of
individuals, and be first paid in full At the
final dividend claims arc to be paid in full
in the following order: First Fees and
costs Of the proceedings. Second. All dues
to the United States. Third All dues to the.
State in which the proceedings are pending
Fourth. Wages of operatives &C., which have
accrued during the six months preceding the
first notice of the proceedings as. above men
toned. Fifth. All dues toperso'ss entitled to
priority, aside from the eproyisions Of the Act,
under the laws Of the United States.
On due notice, and at tho time aud under