Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1867-03-15
THE GENERAL BANKRUPT Law.

a very clear and Interesting "En"p:is of She
new Bankrupt Law, which having received
the approval Of the President, ia now the law
Of the land. The passage has been hailed
with general satisfaction, aud it will no doubt
prove great benefit to the country. AT this
. t nc especially it seems to br demanded in the
Interests of humanity, aud will suhserve the
ends of an enlightened policy. 1t will relieve
the country from in. uhus which is now
weighing down its productive energies, and ex
liaguishinc the last h"re of the unfortunate
debtor. The law gives the debtors in.l-cd no
carit Il with which t" c"umerc" basin, s> anew,
but i! frees him from he shackies Of his old
debts, aud enables him once m".e tn avail him
self Of the fruits of his future skill and liz
dustry:
The Jurisdiction in bankruptcy cases. savs
the Herald, is given hv the acts 10 the several
District Counts of The United States. with the
>. United States Circuit C"urs acting in super
vsory capacity as Courts of EIniy. The
judges Of the Distrist Courts will be assisted in
the performance of the duties imposcd upon
them by registers in bankruptcy, who are re-
quired to be counsellors of those courts, or Of
Statea. The powers of the registers is limit
cd, and provision is made for reference IF dis.
puted questions to The District Court Judges,
for appeals from the District Courts 10 the
Circuit Courts, and from the latter, in cases
where the matter in dispute shall exceed two
thousand dollars. to the Supreme Court of the
United Statee.
There are two kinds Of bankruptcy contem
plated by the act; voluntary and voluntary
III the former any person residing within the ju-
ris1ic.ion of the United STATES, owing over three
hui.sl ed hundred dollars, and finding himself
lnsolyeut, may apply hy petition to the judge
of the district in which lie has resided for the
six mouths preceding the date Of the petition,
or for The longest period during such six months,
ard al. all rhcreupon be declared a bankrupt
Tie credtois, having been prope rly notified Nv
the court, meet together and app"int one or
more assiguees Of the es,a,e 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, OF where
there are no opposing creditors. by the reg
lister. The whole affairs Of the baukrupt
pass into the hau'ls "f the ass;gnces who
iinvs full powers grantsd them necessary for
the collection of all debts and the final adjust
men. and closing up of the estate Stringent
regulations are made for the proper deposit
and safe keeping of all moneys received from
the estate; and where delay is TO occur from IL
igation in the final distribution of the assets
ahe court is empowered to direct their tempo
rary investment The bankrupt is liable to
to be called up for examination on oa'h upon
all matters relating to the disposal OF condition
Of his property or to his business transactions,
and, for good cause shown. bis wife may III
like manner be compelled to attend as wit
ness in the case.
"In the dislribu, ion nf the bankrurt's estate
dividends are to be paid as agreed upon by
majority in value Of the creditors. from time to
time, at three months intervals. hut the follow.
ing are, fret to be paid in full:-Firsl the fees,
costs and expenses under the Bankrupt act
second, all debts, taxes and assessments due TO
the United States third, al S. ate debts, taxes
and assessments; fourth, wages due to any on
eratIve, clerk or house servant to an amount
not exceeding fifty dollars for labor per-
Bankruptcy fifth, all debts due any persons
who are or may lie entitled to preference Ly
the laws of the United States The voluntary
bankrupt is entitled to his discharge provided
n" fraud is proved against him, At any time
from sixty days to one year after adjudication
OF bankruptcy; but the proof or disco very of
any fraud or concealment deprivcs him OF
the right to discharge. 10. person vino has
once received his discharge is to bo entitled
again to become voluntary bankrupt, unless
his estate is sufficient to pay seventy Per s,nt.
Of his debts, unless three fourtEs Of his cred.
i,ors assent in writing to his bankrurtcy-
Pr-f.rences and fraudulent coryeyanccs are
declared void by the act. and suitable provia.
ions are made for the voluntary bankruptcy Of
partn erships and corporations.
The exemptions under the law are as fol.
lows:
The necessary househould and kitchen fur
niture, and such other articles and necessari-s
of sucn bankrupt as tho assignee shall desig-
nate and set apart. having reference in the
amount to the family, condition ard circum-
stances of the bankrupt, but altogether not to
exceed In value, in auy case, the sum of $500;
snd also the wearing apparel of such bankrupt
and that of his wife and children. and the uni.
form. arms and equipments of any person who
Is s.0r has been soldier IN the militia or in the
eervice Of the United States, and such Other
property. not included in the foregoing cxeep-
tions. as is exempted from levy and sele upon
execution or other process or order Of court,
by The laws Of the State in which the bank.
rrpt has his domicile at the time of The com
neneemsnt Of the proceedings in bankruptcy
to an amount not exceeding that allowed
by. such State exemption laws in force in The
year 1864.
''s"Acts Of Involuntary bankruptcy under the
law are classified es follows departure or
absence from The State where debts are owed,
With intsn. 10 dsfraud the creditors; conceal.
nient to avoid service Of process for the recov-
cry Of debt; eonesalment eG property to avoid
s.izure on legal process :: assienmants dssjon.