The Portland daily press., 1867-03-08

By the law passed, jurisdiction in bankrupt
cyis given to the several United States Dis
trict Courts with the United States Circuit
Courts acting in supervisory capacity as
Courts of Equity, and Judges of the District
Courts will be assisted by Registers i'm Bank
ruptcy, whose powers are limited, and provi-
sion is made for reference of disputed uues-
tions to the District Court Judges, and for APP
peals from the District Court to the Circuit
Courts, and from the latter, in cases where the
matter in dispute shall exceed two thousand
dollars, to the U. S. Supreme Court.
There are two kinds of bankruptcy, volunta-
ry and involuntary. In the former any person
residing within the u. S. Jurisdiction, owing
over $780, and finding himself insolvent, may
apply by petition to the Judge of the District
in which he has resided for the six months pre-
eeeding the date ofthe petition, or for the long
est period during such six months, and shall
thereupon be declared bankrupt. The credi-
tors, having been properly notified by the court
can appoint one or more asignees of the estate
of the debtor, the choice to be made by the
greater part in value and in number of the
creditors who have proved their debts. or. in
case of failure TO agree, then by the district
Judge, or, where their are no opposing creditors
by the Register. The whole affairs of the bank
rupt pass into the hands of the assignees, who
have full powers granted them necessary for
collection OF all debts and the final adjustment
and closing up of the estate; and where delay
is likely to occur from litigation in the final
distribution of the assets, the court is emnow-
III.
bankruptis liable at all times to be called up
for examination oath npon matters relating
to the disposal or condition of his property or
business transactions, and for COED cause his
wife may in like manner be compelled to at
tend as witness in the case. -i.s.
In the distribution OF the bankrupt's estate
dividends are to be paid as agreed upon by a
majority in value of the creditors, from time to
ume, at three months intervals, but the fol-
lowing claims are first to be paid in full: First
bne lees, costs and eXnensax undar tba oo+. ,oo
0nd, DEBTS, taxes and assessments due to II IN
u. E; third, State debts, taxes. and ass,,sS o
menus, fourth wages to any operative, Gle TX or
house servant to an amount not exceedi ~. 10
for labor performed within six months ,nss sRtV
ing the bankruptcy; fifth, debts due to .p 80.
sons who are or may be entitled To 10y pei pei
by the laws of the United States. The ,roii
tary bankrupt is entitled to his dieohsN oIuii-
vided no fraud is proved against him 80 pro-
time from sixty days to one year after ad;ud;ncy
ton of bankruptcy; but the proof or discoyarr
of any fraud or cOneealment depriyes him ~
the right to discharge. No person who has
once received his discharge is to be entitled
again to become voluntary bankrupt. unless
his estate is sufficient to pay seventy per cent.
ofhis debts, or unless three-fourths of his cred
ltors assent in writing to his bankruptcy. Pref
erences and fraudulent conveyances are de-
cared void by the act, and suitable provisions
are made for the voluntary bankruptcy of part
heTshlps and corporations.
Ahe exemptions are as follows:
snch tgheessary household and kitchen furniture and
os ~ i1cies and necessaries of such bankrupt
referenc " 80 sia designate and set apart having
iro,rt ~ lie amount TO the family condition and
@ OF the bankrupt but aItooetber not m
eAVSeu IN Vaue, IN any case the slm ~ SEoo - ~
ms vile and children, and the un;tip, anu tnat OF
equipments OF any person who is or has ~, arms ana
~ S'le iIa or In the service of the Tnita1 souer
ana such other property now is or h a states;
be exempted from attachment or sa; hereafter shall
execution by the laws of the United Stat or levy
other property, not included in the ana such
tons, az Is exempted from levy and saee rns exce-
ton other process order of eourt h. upon exec
the State in which the bankrupt has ~ .he laws os
the time OF the commencement of the proceed;nm az
bankruptcy to an amount not exceeding fbat III
e. su'n ''a'e exemption laws force in the year IS
Acts of voluntary bankruptcy under the ,au
are classified as follows: Departure or ahsanoa
from the State where debts are owed, with in
ten to defraud creditors; concealment to avoid
service of process for the recovery of debt; con-
cealment of property to avoid seizure legal
process assignments designed to delay, de-
60 u ~ OF mnder creditors arrest and detention
lol seven days, under execution for debt ex-
nent Il one hundred dollars; actual imprison-
On ao,st oeNeh days in civil action founded
Sion of 1dt lor 500; assignment Gift. confess
nrafara,,ea e l.;,, OF any other act by which
P toi1lohSo 10 gwen TO any creditor aniorear or
surety; dishonoriDg commerc;aI -, enuorser or
pending and not resumino naynpp VI sus-
Teen days. The petition for an ad;na;l or Iourc
bankruptcy in such cases may come f .s! OF
or more creditors whose debts reach sonn one
ene PeTluon must be brought within six mor eut
alIer Ihe act OF bankruptcy has been commit
yea. IN involuntary bankruptcy the procaad
anmss are more stringent than in, other cases
Inc penalty Tor any fraud or aor&ealment al
recg or indirect, under the act, is irnprisonment
with or without hard labor, for term NOT er,
eeeding three years. VA