The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1866-06-02
The Bankrupt Bill.


than we have yet published of the Bank
rupt Bill, which recently passed the lower
branch Of Congress, and is likely to pass
the Senate:
The first section constitutes the District
Courts Of the United States Court of Bank
ruptey. The second section gives the United
States Circuit Conrts general superintend-
enee and jurisdiction of all cases and ques-
tons arising under the act Section three
co seven, inclusive relate to the administra-
ton of the law In Courts Of Bankruptcy
Sections eight, nine and ten refer to appeals
and practice The eleventh section provides
that if any person residing within the iuEis-
dictIOn 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 debts IN
full, and his willingness to surrender his
estate for the benefit of his creditors, the
fling Of such petition shall be an act of bank
rupteY, and such petitioner shall be adiudged
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 appointment Of an
assignee. Notice is then to be given to the
creditors to hold meeting and choose one
or more assignees. Sections twelve to cigh-
teen, inclusive, define in great detail the
duties Of assignees. The sections nineteen
to twentyfour, inclusive, relate to debts and
the proof of claims Section twenty-five pro-
vides for the sale of perishable property.
Section twenty-six provides for the exam
ination Of bankrupts before the courts, and
ezempts them from liability to arrest during
the tendency Of the proceedings in bank
ruptcy in civil courts.
Section twenty-seven relates to the distFi-
button of the bankrupts estate All credi-
| tors whose debts are duly proved and allow
| ed are to be entitled to share IN the bank
! rupt's property pro rata without any priOri-
! ty or preference whatever, except that wages
| due from him to any operative, clerk or
] house servant to an amount not exceeding
/ fifty dollars for labor performed within six
months proceeding the adjudication of bank
ruptcy, shall be entitled to priority and shall
! be first paid in full In the order for di-
vidend, the following claims are to be enti-
| tied to priority of preference, and to be first
! paid IN full in the following order Fees,
cost and expenses of suits and for the custo-
/ dy of property. ID All debts due to the
! United States and all taxes and assessments
under the laws thereof 8. 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
States. 18th. Wages due to any operative,
clerk or house servant, to an amount not
exceeding fifty dollars, for labor performed
within six months next preceding the first
publication Of the notice Of proceedings In
bankruptcy. 5th All debts due to any
persons who, by the laws of the United
States are, or may be, entitled to priority
| or preference, in a like manner, as if this
act had not been passed; always provided
that nothing contained in the act shall in
terfere with the assessment and collection
of taxes by the United States or any State.
Section tWenty-nine and the five following
sections relate to the bankruptcy discharge
and its effects If it shall appear to the
court that the bankrupt has in all things
cOnformed to duty under this act and that
he is entitled, under the provisions thereof
to receive a discharge, the court shall grant
him a discharge from all his debts, except
as therein after provided and shall give
him a certificate thereof under the seal OF
the court.
Section 25 declares preferences and fraud
ulent conyeyances void. Section SO, 81 and
SO relate to bankruptcy of partnership and
corporations and to dates and dispositions
Section 80 to -, inclusive, provide for the
case of involuntary bankruptcy; a depar
ture 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 oil
ten days; confession of judgement, or sus
pension of payment of commercial paper foI
fourteen days, shall be deemed an act Of
bankruptcy.
Section 43 provides for the supercediug
of the bankrupt proceedings by arrang e
ment. Section A provides penalties against
bankrupts for cOncealment Of property
classifying books or papers, fraudulent as
signment of conveyance of property, spend
ing in gaming, permitting a fictitious deb
to be proved against him, obtaining goods
on credit fraudulently within those months
of the commencement of the proceedings II
bankruptcy these are to be deemed mis-
demeanors, and punished by imprisonment
with or without hard labor, for a term no
exceeding three years.
Section forty-fve and forty-six provide
penalties against officers in administering
the law Section forty-seven regulates fee
and costs. Section forty-eight regulates
stamp duties on petition. warrants, etc Sec
ton forty-nine and fifty define the meaning
of terms and the computation of time Sec
ton ffty-frst and last, enacts that this &C
shall commence and take effect as to thu
appointment of the officers created thereb,
and the PRONUNCIATION of rules and genera
orders, from and after the date of its ap
proval, provided that no petition or othe
proceeding under this act shall be fled, re
ceived or commenced before the first day o
q | November, 1866.