New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-03-05
THE BANKRUPT LAW.

| ceediug in bankruptcy shall begin - T.. -,
sccti0n 9-The Circuit Courts have power 10 supervise
the proceedings Of the District Courts ID hlnkplSy
section pr41 p6p the i nomnaton Of the Chief Justice
Sf ne supreme Court Of one or more registers 90 De
70 assist the District Judges in bankruptcy cases
Section makes II the registers duly 10 auJude upont
recciVe sIrreudcTs In, aud preside III DdhkuPVy lo-
ceediugs lie Is 10 compute property dNIdehus' assign
Pre- rT TO 10 provide for the formula OF legal proceed
ngs in the Courts Of Bankruptcy. ,r,,o, ..
Section makes $500 the minimum OF debt, Oh wCn 20
he or TO become citizen OF the United siates rplDds
transfer o. Rt of debts aud assets on the pat OF
Sections 70 and IA provide that the action in bankruptcy
sboI go ON should The bankrupt die tho same rs II lie
were IN esSe; the creditors shall appoint an
tict ndce that everything be turned over tOthe as-
sgnees whether Of substance OF account 10,
the provisions Of this eegn he nSGfEshy and ccS
and kitchen furniture ana snch otaep aTgeS a des
nate and set apart altogether not 20 exceed III VHue o
"nt az and that Of his wife and children and the uniform
arms and equipments Of any person VINO Is or haS Dev
mJ nc other property "a now u.s. hereafter shall be-
exempted from attachment or seizure or levy on eAsc
property not included I'm the foregoing exceptions as -
exempted from levy ana SAFE upon oA'IT'p VI Ul
which the bankrupt has his domco az me tle OF inc
OF inc SoWSd by sch state cxemp
ton laws in force In the year 1864; ir0rod lhat me
forcG"ns exception shall operate limitation upon the
Of the property OF the bankrupt TO his as
sgnecs. and in no case shan me pr0peIty n1,n
thereto be impaired or affected by any OF thc pro'so
OF this act and the determination Oh th assignee III 9
matter S1 ~ , on s eEfGd "nrt
SECTIONS Is To give the assignee f power 10 recover
the propcrty Of the debtor TO he distributed by whons1
over held require him TO CLASSIFY ana separate lhc Su'
or other effects empower the assignee 10 choose
TORS i'm matters Of disputed possession; ana oNuo lol
The supervision and power In remove the aesShoes
Sections 10 10 o. orain that claims he proved IN tne
same manner rs now against the estate OF deccaocd
l o. ff.ff1
debtor aud claimants. forbds suits against INC DnAti
by those creditors proving I.lt t ~ nGIdcijon be
liable upon any bill OF exchange. promssoy hote'
obgaton I'm respect Of distinct contracts rs member o
more firms carrying on separate a,u uS, a.;
trades and having distinct estates To be wound UP III
bankruptcy sole trader anu alsO ~ iu' a.
firm the circumstance that such firms are ~ whole OF III
part composed Uf the individuals or that inc soie
contractor is also one OF thcJoht coastos, sun" ,
prevent proof and receipt 81 dividend ID respect o hn
Sections o. % and % require notification by oath Of all
officers FOR that purpose TO filed before the Register
or ~ i'm foreign country, before the Consul other
dplonatlc officer nearest adjacent. ana that invesga
tiou be must be made by tho Judge III case oil a"
doubtful claims. ,,-.-n...
section ~ orders the sale and the holding for dstrhu
tion by tho assignee 81 all porshabe property inc uo
section 20 provides Tor examination Of the bankrupt
by the Court either at its own option OF AZ tne w
tho assignee, into all cicus anu @ 81 ,
bankrupt, who il punishable for contenp, Tor noieo
unure with order for Examination, and fo gOOd co
shown the wfo OF the bankrupt may be caed ana S'H
grsi Seryants' WAGES under $50 SccOnd: All the cred
ors pro rGa without any preference either IRON amount
date OF claims, except that III cases where tie DAM
rupt Inns become bail surety or EaraniGI Tor nno'h9r.
the compliance Of the latter "li the tonasos lnust -
tho cuim u allowed At the cAplIHpu e.!
three months from the date Of the adjudication oi bihk
upcy In any case. much earlier NJ The Court may
direct the Court upon request Of the assignee sa! en-
q general meeting Of the crcditois, OF WhtR que t"l
shaI be given and the assignee shall then report aud
eXbiI 10 lie Court ana To The creditors Just aud
true accounts of oil Of his receipts aHd hmcht''
verified hy his OATH and he shall also produce and
vouchers
shall be required 10y any ful, ol lhe court ne h"i''
also submit the schedule OF the p1uLfnp, c',n-
tors aud property amended. duly verified by lho
bankrupt, and statement u Toe Whole estate OF we
bankrupt rs then asceraircd, Of ue properly Ir,"'''u
and Ofthc property outstanding specify ihE OF w.
being outstanding also what debt, or claim, are yti ndc
tcrnned, aud stating what sums main "a Jas hah NJ
such meeting tic WaCiiiy IN value OF we o'uYHa
present shall determine any and what past 81 the
net proceeds the estate, after dcduclnr ana retaining
Il sufficient 10 provide for al uhdeicrnned claims
which. by Of the distant residence 81 tho erciilor
and the other expenses and contngenco- shall De di
value Of The creditors shall intend such IHoiing either
IN person or 10y attorney Il shall be- The duty Of tie IS
,c,rc lat ~ crrdtors entitled 10 div .drud and shall
calculate and opposite 90 the Of each creditor
who hiss proved lis claim the dividend 10 which hc = On
trd ou of tho net proceed, ~ tho estate apart iur
d,Icud and shall forward by mail u every CREDITOR
statement Of the dividend To which hc entitled ari
such creditor shall be- paid by the assignee IN bach man.
irr as the count direct.
section provides that the like proceedings shall De
hid ri The expiration ~ The EcN three months ar earlier
n pactiCale aud Third meeting OF the CREDITOR shall
tnCu be called by The Court, and final dividend then
pcudug on unless other estate effects OF the deb
10 afcrwrrd To the hands Of the assignee In which
case the assignee "halI rs soon rs 'S D' '"Nt s,'n
estate effects into money, ana WITHIN Two months lier
the same shall be converted, The same sha be divided
IN manner aforesaid. Further dIvdcnds snl n' made lh
li manner often occasion teuucr; anu aflr the
third meeting Of CREDITOR, further meeting shall bo
called ordered by The Court II at any time tkrrc
shall In the hands OF the assignee any outstanding
debts or other property due or bcl9nfnG 10 lhe c-ic
which cannot b. collected ana received 10y The nS1ghr"
without unreasonable or announcement delay oF expense
ertgp
and assign such dcbt or oiner properly m s ~
the Court shall order No dividend already declared shu
Do disturbed by reason OF debts b.lIg proved
dcnd equal those already received by the other cred
rrpartory 10 Inc final dividend the Assignee shall sub
nit his account to the Court aud iic The same ana gyo
notice that he win apply for sctt mcnt OF his account
and for discharge from all dWhty ~ assignee, ~
time be- specified IN such notice, ana at uch e the
Court tlial hudIt ana pas lIe & 49,, i.
ard such assignee SHALL II required ny inc COui pc N-
rect lac shall thereby he discharged from all liability
assignee To any creditor ef the bankrupt The Court shall
@ ,c moved tbcir claims i'm proportion 10 The re
gucctiye amount Of their said debts In addition 10 at
expenses necessarily incurred by MN IN inc execution ot
his trust IN any CASE The assSnce al DC cnn 10 h
cciycd and paid out by him therein Tor any sum hot cN
eccdng % per eengm thereon nor hy c2r SCt sn
$780, and H. at any tmc there shall not be IN Ms had'
sufficient amount Gi tGGy 10 c uc o, ms t he
shah not be obliged TO proceed therein unt NE necessary
funds are advanced or satisfactorily secured TO him IT.
Inv accident mistake other cause. without ialt ~ tho
assgnce either both of the said second ana thrd meet
iugs should not DO held within tho times limited, the
Court may upon motion Of interested party, order
s n the meeting had been duly held. In the
ppiIcT far n dividend under this section clio following
claims shall DO entitled to priority or preference anu 10
IRA The fees costs and expenses Of sults and the
several proceedings bankruptcy under this act and for
the custody Of property as herein provided aud all
Gecoud: debts due 10 tho united bltlcs, anu M