The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1867-03-21
JAcKsos,: MISSISSIPPI 1HuRspAa q lss7
T.,,e.5 eseneraI Isahlklapt Law.

F
Z Z The5 General Isahlkrapt Law.
The E, Il following win, abstract Of the provisions
3 oof tbe M new new Bankrupt law viii give g clear,
idea Of the. nature Of It's provisions, and the
proceedings necessary 70 be taken thsrepn- q
dor by bankrupts who would avail them. hem /
selves re- Of the privileges Of the laW;s - y
\ T,I,are ara two kinds of bankruptcy con-
.ta.nniafed nv the act voluntary and invOl-
mn ts,rgI Inetile formef any person residing
within. the Jurisdiction OF the United States
owing over three hundred dollars, and had,
ing himself insolv went, may apply by petition ll
to the Judge of the DistficS IN which ne mas
resided for ithes esixmonths preceding the date
of the petition. al; for the lopgestperiod dur
ing such six months, and shall sthereupo be
declared bankrupt. The creditors, having
been properly notified by the court, meet
topather and appoints one or more nssi gnees
of the estate of the debtor; the choice to he.
made by. the greater part ID value ana IN
number of the creditors VINO fiaFe pro Yed
theif debts, br in case of failure TO agree,
then by the District Judge, or where there
are no opposing creditors, by the Register
Tho whole affairs of the bankrupt pass into
the hands OF the assignees, who have fnll
,powef granted them necessary for the colIec-
ton of all debts and the final adjustment
and closing,up of the estate Stringent reg
ulations are made for the proper deposit and
safe Keeping of all moneys received from the
estate and where delay is likely to,occur
| from litigIstion in the final distribution OF
the assets, the court is empowered to direct
| their temporary Investment The bankrupt
| is liable at all times to be called up for ex-
an1ination-on on oastnupon all matters relating
| to the disposal or condition Of his property
or to his business transactions, and, for good
cause show, his wife may in like manner be
compelled to attend as awitness in tha case.
l. In the distribution of the bankrupts es-
| tate dividends are to be paid as agreed upon
| by a majority in value OF the creditors, from
/ tineto time, at three months intervals, but
! the following claims are first to- be paid
| in f1ll: ~.
/ First. the fees, costs and all expenses under
i +be Rankrnntlaet second: all debts, taxes
/ and assesstaenfs due to the United States
| +h;rd oil State debts. taxes and assessments;
fanrth WAGES sine to any operative, clerk or
! house servant to an amount not exceeding
fiftv dollars for labor performed within six
| months nreeeding the .bankrupteys; fifth an
dabts ana fo anv nersons who are or. may be
o,,t;+ied ~ nrafsrence nv fhe laws of the Uni
taJ Statas ! THa yoIn,fary bankrupt is en-
t:tioS' his diseba argA nrevided no fraud is
| nrovad aoa;nst, him. At :,ny time from sixty
PPa.,s - oSa 1raar after adindieation of bank
;tcv - I'M Int the nroof or discovery of any
fra,,d dr Sconnealmerlt deprives him of the
r;,ht to i3;scharge- No uerson who has once
| raea;yaI his 1Iiseharee ia to be- entitled again
/ - hacome n voluntary bankrupt, unless his
.estata Is snfficient to nav seventy per cent OF
b;sT ,Sal,t,. and nnless three-fourths of his
l oraa;tors 'assant in writing to his bankruptcy
psafasancas snS fraudnlent conveyances are
/ dao1oro5 void hy the net. and suitable pro.
I...ssyn,,s a+o l,neda for the voluntary bank.
So. s,s :. - na,.sh;ns and cornorations.
Trhss aTamnt;ons under the law are az
i olIows. - s.sfrs.f4..sss ...f
/ The necessary household and kitchen fur
i q ara snah ather articles and necessaries
i sf .s,,sb - la, mt a. tbe assionee shall de
i .s;anate nate and sset af,art. having reference in
4 tbas ssonnt tn tha family. condition and cir
fcomsfances of the bankrupt but aitogethcl
not toIaxrpetl In value. in any case the sum
iof $504l: and also the wearing apparel oi
4 snch bankFunt. and that of his wife and
tchildren and the uniform, arms and equip
Yeants ~ anv person who is or has been q
a9a;s = +i,a I,;i;tia or in the service of the
Ifn;te, states. and such other property az
now Is or hereafter shall be exempted from
:. s.attachment or seizure or levy on execution
Nv t5a laws of the United States, and such
oyher ,ranprtv not included in the forego
.ing excentions. as is exempted from levy and
!. sa1a nnon execution or other process OF order
of co1,rt IN, tha laws of the State. in which
tho H,anprnnt has his donliciie at the tins
of the comn1en cement of the proceedings ir
. Ianl1,,ntoy tn on amoui,t not exceadinq thai
oiIowed Nv snch State exemption laws il
! fnrca in the year 1864. is4- ''
- Acts of Involuntary bankruptcy under th,
law ara classified as follows:-Departure O
oisa,,os from the state where debts are owed
with intent to defraud the creditors; conceal
Il mert to avoid service Of process for the re
avoid seiznre on legal process; asslgLlnen. taa
desgnea 20 aeaa! ~ davs nndar az
ecnt;on ri, M for debt exceeding one hundred dol
! lars; achnal alimprisonmentfo for seEenld1es il
aciyil aetiSn founded On e4htrass lpr annsu ~
nnhufe ia ,at or any other ast by whicl
q preference Is gixen,to any creditor. endorse
: or surety; dishonoring commercial paper, !. 9
srspending and not not resnmlng payaneaS sdind; III
too of nkrnnteT in such eases ina,
reacb I two @ hundred and fifty dollars ibut th,
| petition must be brought within six month";
after the act OF bankruptcy mas Deen CON con,
, ,lmlt6ed. IN lnVoIunUary ''paAh.upooy -
proceedings are made, more slrngsns ss e,,a, enai
IN the ouael & =, s5S direct 3
inndireet, in under the act, is imprisonment
with or without hardlabor, fora term no
exceedlng three years. - ~, a. = :. rl, ., attn, IN
the dnt;es e o.ss of th % otsicers appointed ant
. anthor;zed under the law, the amount of fees
als.4o ,rb;cI, aro intarestinT only as q matte