Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-05-30
VOLUME XXXIII.
THEBANKRUPT BILL.

The following is summary Of the bank
rupt bill, which pasted 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 : inclusive, relate TO the adj
ministration Of the law in courts Of bank
ruptcy.
Sections s, 9 and 10 refer to appeals and
practice.
Section II provides that if any person re-
siding 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 ofhis
creditors, the filing of such petition shall be
an act Of bankruptcy and such petitioner
shall be adjudged a bankrupt. warrant
shall then be issued by the judge directing
the marshall Of the district TO take posses
sion Of the estate and keep the same until
the appointment of an assignee Notice Is
then to be given 10 the creditors to hold
meeting and choose one or more assignees.
Sections II to Is, inclusive, define in great
detail the duties of assignees.
Sections 10 to "A, inclusive, relate to debts
and the proof Of claims.
Section p provides for the sale Of perish
able property.
Section 2G provides for the examination
of bankrupts before the courts, and exempt
them from liability to arrest during the pen
80 tl,,, 10,
civil actions.
Section p relates to the distribution of
the bankrupts estate All creditors whose
debts are duly proved and allowed are en-
titled to share in the bankrupfs 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
labor performed within six months next
preceding the adjudication of bankruptcy,
shall be entitled to priority, and shall be
first paid in full. In the order for a divi-
dend the following claims are to be entitled
to priority or preference, and TO be first paid
in the following order:
First. The fees, costs, and expenses of
suits and for the custody Of property.
Second. All debts due 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 10 any operative, clerk,
or house-servant, to an amount not exceed
ing fifty dollars, for labor performed within
six months next preceding the first publ
cation of the notice of proceeding 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 rs if this act had not been pass
ed; always provided that nothing cantained
in this act shall interfere with the ASSESS
mcnts and collection Of taxes by the United
States or any State.
Section % and the five following sections
relate to TO the bankruprs discharge and its |
effect If it shall appear in court that the |
bankrupt has in all things cOnformed TO his du- |
tv under this act, and that he Is entitled under
the provisions thereoftO receive a discharge, |
the court shall grant him discharge from |
all his debts, except as Hereinafter provided, |
and shall give him certificate thereof un- |
der the seal ofthe court.
Section 80 declares preferences and fraud |
dulent conveyances void.
Sections SO, 81, and 3S relate to bankrupt |
cy Of partnerships and of corporations, and |
to dates and depositions.
Sections 80, to ~ 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 a period |
of seven davs, confession of Judgment or
Of payment of commercial paper
for fourteen days, shall be deemed an act |
of bankruptcy.
Section 43 provides for the superceding of |
the bankrupt proceeding by arrangement. |
Section A provides penalties against
bankrupts for concealment of property, |
ialsiiying books or papers, fraudulent as
signment or conveyance OF property, spend |
ing it in gaming permitting a fictitious |
debt 10 be proved against him, obtaining |
goods on credit fraudulently within three |
months of the commencement of proceedings |
of bankruptcy. These are to be deemed |
misdcmeanors and are TO be punished by |
imprisonment, with or without hard labor, |
for term not exceeding three years.
Sections A. and 46, provide penalties
against officers in administering the law.
Section A. regulates fees and costs.
Section 4S regulates stamp duties on pc
titions, warrants, &c.
Sections 40 and 80 define the meanings of
terms and the computation Of time.
Section 81 and last enaCts that this act |
shall commence and take effect as to the ap-
pointment of officers created hereby, and |
the PRONUNCIATION of rules and general orders
from and after the date Of its approval: |
Poridcd, that no petition or other proceed
ings under this act shall be filed, received,
or commenced before the first day Of Nov