Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-15

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it shall be the duty of the assignee so to
determine In case dividend is ordered,
the Register shall, within ten days after
such meeting, prepare a list of creditors
entitled to dividend, and shall calculate
and set opposite to the name of each cred
itor who has proved his claim the dividend
to which he is entitled ont of the net pro-
ceeds of the estate set apart for dividend
and shall forward by mail to every creditor
. statement of the dividend to which he is
entitled and such creditor shall be paid by
the assignee in such manner as the court
may direct.
Section % provides that the like pro-
ceedings shall be had at the expiration of
the next three months, or earlier II practl-
cable, and third meeting of the creditors
shall then be called by the court, and a
final dividend then declared. unless any ac-
ton ut law or suit in equity be pending, or
unless some other estate or effects of the
debtor afterwards come TO the hands of the
assignee in which case the assignee shall,
as soon as may be, convert such estate or
effects into money, and within two months
after the same shall be so converted, the
same shall be divided in the manner afore-
said. Further dividends shall be made in
like manner as often as occasion requires !;
and, after third meeting of creditors, no
further meeting shall be called unless or
dered by the court II at any time there
shall be in the hands of the assignee any
outstanding debts or other property, due
or belonging to the estate, which cannot
be collected and received by the assignee
without unreasonable or inconvient delay
or expense, the ASST gneo may, under the
direction of the court, sell and assign such
debts OF other property in such manner as
the court shall order. No dividend already
debts being subsequently proved, but the
creditor proving such debt shall be EMIT
led to Il dividend equal to those already re-
ceived by the other creditors before any
further payment is made to the latter
Preparatory to the final dividend, the as
tsi9nce shall submit his account to the court,
and file the same, and give notice to the
creditors Of such filing; and shall also give
notice that he will apply for q settlement
Of his account. and for d discharge from all
liability aS assignee, at a time to be Specl-
fled i'll such notice, and at such time the
Court shall audit and pass the accounts of
the assignee and such assignee shall, If
required by the court, be examined as to
the truth OF such account, and ii found cor
rect he shall thereby be discharged from
all liability as assignee to any creditor of
the bankrupt. The court shall thereupOn
order Il dividend Of the estate and effects,
or of such part thereof rs it sees fit. among
such of the creditors rs have proved their
claims, III proportion to the respective
amount Of their said debts LII addition
to all expenses necessarily incurred by him
in the execution Of his trust, in any case
the assignee shall be entitled to an allow
ancc for his services Ill snch case on all
moneys received and paid out by him there
in. for any sum not exceeding one thousand
dollars, five per centrum thereon ; for any
larger sum, not exceeding five thousand
dollars, two and half per centum on the
excess over five thousand dollars and if.
at any time there shall not be in his hands
q suihcl Mt amount of money to defraY the
necessary expenses required for the further
execution of his trust, he shall not be OBJ
iged TO proceed therein until the necessary
funds are advanced or satisfactorily secured
to him. If, by accident, mistake, or other
cause. without fault Of the assignee either
or both of the said second and third meet
ings should not be held within the times
limited, the court may, upon motion of an
interested party, order such meetings, with
like effect as to the validity of the proceed
ings as If the meeting had been duly held.
In the order for dividend under this Sec
ton the following claims shall be entitled
to priority or preference, and to he first
paid in full in the following order:
First. The fees costs and expenses of
suits and the several proceedings in bank
ruptoy under this act, and for the custody
of property, as herein provided.
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 arc pend
ing, and al taxes and assessments made I'M
der laws Of snch State.
Fomfh. Wages due to any operative
clerk or house servant, to an amount not
exceeding so, labor performed within six
months next preceding the first publica-
ton 0t the notice Of proceedings in bank
ruptcy.
hJlh. All debts due to any persons Vho
by the laws OF the United States, are or
may be entitle. to q priority or preference
III like manner as ii this act had not been
passed. IltruYs pl'Orideti, That nothing
contained in this act shall interfere with
the assessment and collection of taxes by
the authority OF the United States or any
State.
Section % provides for the full discharge
of the bankrupt SIX months after compli-
ance with the above conditions i'll entire
honesty and good faith.
Section 80 declares that no one shall be
entitled d second time to the benefits of
bankruptcy whose estate is insutticientto pay
70 per centum OF his debts, unless upon
the written assent OF throe-fourths of his
creditors IN value.
Section 81 provides that any creditor OPP
posing the discharge Of any bankrupt may
file specification in writing of tho grounds
of his opposition and the Court may, in its
discretion, order any question of fact so
presented, to be tried at Il stated session of
! the District Court.
Sections 81, 50 and 81, forbid the bene-
fits of bankruptcy to one whose debts have
accrued from their failures when in fidu-
ciary capacity, and provide for the full and
final discharge of the honest bankrupt as
follows
| DISTRICT CoURr OF The UNITED STATEs-DIsTRICr
| Oh ---.-Whereas - has been duly adjudged
bankrupt under the act Of Congress establishing
q uniform system of bankruptcy throughout the
United States, and appears to have contormed to
all the requirements Of law i'll that behalf, it is
therefore ordered by the Court that said - be for
ever discharged from all debts and claims which
by said act are made provable against his estate
and which existed on the = day Of. on which
day the petition for adjudication was fled by Tor
against) linn excepting such debts if any. as arc