Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1866-06-08
THE BANKRUPT BILL.

|
The BANKRUPT BILL.
We publish below synopsis Of tho provis-
ions of the Bankrupt Bill which has passed the
House of Representatives. 1t will he recol-
lected that general Bankrupt Bill passed the
Senate during the past winter. but was reject
cd by the House, and hence there seems 10 be a
probability that tic present bill will puss tho
Senate.
A measure of this char acter seems to be
very much demanded by the necessities Of the
South at the present time. Hundreds of hon.
est debtors, find themselves without fault OIL
their part, staggering under the weight of obli.
cations which the .abors Of lifetime would
wreck they arc willing to assign the broken
remnants Of their property for the benefit of
creditors, and obtaining q full discharge, enter
anew upon the work of restoring their shatter-
| ed fortunes. Under the present insolvent lows
| they are without remedy. They must awIit the
| action of the creditor, and even then can only
obtain their discharge from sueing creditors
The 39th and 10th sections, it will be per.
ceived, provide for a case of involuntary bank.
ruptcy:
The first section constitutes the District
! Courts Of the United States Courts Of Bank
ruptcy.
| The second section gives the United States
Circuit Courts general supcrintendence and
| jurisdiction Of all cases and questions arising
under the aci-
Section 3 to inclusive, relate to the ad-
minis.ration of the law in courts Of bank =
ruptcy.
Sections s, and 10 refer to appeals and
practice.
The eleventh section provides that if any
person residing within the Jurisdiction of the
United States, owing debts over three hun
dred dollars, shall apply. by petition. to the
ability TO pay his debts in full aud his will
lingness to surrender his estate for the benefi
Of bis creditors: the filing Of snch petition
shall be an act Of bankruptcy, and SUCH De-
titioner shall be adudged a bankrupt A
warrant shall then lie issued by the Judge, di-
rcctipg tho 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 g. ven 10 the creditors to bold
meeting and choose one or uore assiguces.
Sections l2 to lS, inclusive, defint, in great
detail the duties of lssgnees
The sections 10 to 81, inclusive, relate to
debts and the proof of claims.
Section 25 provides for the sale Of porisha
Bile property.
Section 2s provides for the examination of
bankrupts before the Court, and exelppts them
from liability to arreat during the tendency
of the proceedings in bankruptcy in civil ac-
tions.
Section 81 relates 20 the distribution of the
bankrupts estate. All creditors whose debts
are duly proved and allowed, are to be enti
| tied to share in the bankrupt property, pro
Tdta. without any priority or preference what
ever, except that wuges due from him to any
operative, clerk or house servant, to all amount
not exceeding fifty dollars for labor performed
cation Of bankruptcy, shall tie entitled 10 pri-
ority, and shall be paid in full. In tie order
for dividend the following claims arc to be
entitled 10 priority of preference, and to be
first paid in full in the following order -
First. Fees, costs and expenses of suits, and
for the custody of property: Second. Ali
| debts due to the United States. and all taxes
aud assessments under the laws thereof
Third. All debts due to the State in which
proceedings in bankruptcy are pending, and
ni! taxes aud assessments made under the laws
Of such State.
Fourth: Wages due to any operative, clerk
or house servant, to an amount not exceeding
$50, for labor performed, within six months
| next preceding the first publication Of the no
tice Of proceeding in bankruptcy.
Fifth: All debts due to any pereons who by
the laws of tho United States are, or may be,
entitled to a priority or preference in like man
| ner, as if this act bad not been passed; ALWAYS
provided that nothing contained in the act shall
interfere with the assessment and collection Of
| taxes by the United States or any State.
| Section 20 and the following sections relate
to the bankruptcy discharge and its effects.
| If it shall appear to the Court that the bank
rupt, hae in all things conformed TO his duty
under this act, and that be is entitled under
the provisions thereof to receive discharge,
the Court shall grant him discharge from all
his debts except as hereinafter provided, and
% soa'i give him a certificate thereof under the
lent conYeynnccs void. ',',-'. :.
seet.ons SO, 81 and ss relate to bankruptcy
o, Par.ner;sh.ps ;sp and corporations, and to dates
Sections 80 TO AZ inclusive, provide for the
case case OF Involuntary. bankruptcy. . departure
process removal or concsalment of propsrtv'
fraudulent assignment OF property arrest and
detention for period of seven days COMES.
sion of Judgment, or suspension Of payment
Of commercial paper for fourteen days, shall