Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-22
Continued from FIRST Page
PREFERENCES AND FRAUDULENT coNvEYANcEs
nErTApEn worn

of the petition by or a aginst him, with view
to give a preference to any creditor or person
having q claim against him, or who Is under any
liability for him brochures any part of his property
20 he attached sequestered, or seized on exect
ton. or makes any payment, pledge, assignment
rtv either directly indirectly, absouteyior CON
ditionally the person receiving such payment
niedee. assignment, transfer, conveyance. OF
20 be benefited thereby, or by such attachment
having reasonable cause to believe such person Is
insolvent, and that such attachment, payment
pledge, assignment, or conveyance is mace Y, ~
be void. and the asst gnee may recover the proper
ty or the value of it. from the person so receiving
it. or so to be benefited and II any person being
insolyent. or in contemplation of insolvency OF
bankruptcy, within six months before the filing OF
the petition by or against him, makes any pay
ment, sale, assignment, transfer conveyance, OF
other disposition of any. part OF his property to
any person who then has reasonable cause 10 pc
ieye him to be insolvent, or to be acting In con-
temptation of insolvency ana InaG stcn pay =
made with a view to prevent his property from
coming to his assignee IN bankruptcy or 10 pre-
vent the same from being disturbed under this
act or to defeat the object of, or IN any way inn
pair hinder, impede, or delay the operation and
effect Of to evade any of the provisions OF this
act, the sale, assignment transfer, or conveyance
shall be void, and the assignee may recover the
property or the value thereof as the assets OF tho
bankrupt. And If such sale, assignment, trans
fer, or conveyance 10 not mace III inc st"i d ti
ordinary course of business OF the debtor the
fact shall be prt,on fdcie evidence of fraud Any
contract covenant. or security made or gwen by
bankrupt or other person Wlth OF III trust 1ol
any creditor for securing the payment of any
money as a consideration for or with intent to M
duce the creditor to forbear opposing the appIca-
ton for discharge OF the bankrupt shall be void;
and if any creditor shall obtain any sum oil money
or other goods. chates, or security from any per-
son as an inducement for fOrbearlnG to oppose,
or consentinc 20 such application for discharge,
avery creditor so offending shall forfeit all right
to afy share dividend in the estate OF the bank
rupt, and shall also forfeit double the value or
- 81
rty so obtained to be recovered by the assignee
for the benefit of the estate.
BANKRUPTCY OF PARTNERSHIPS AND OF CUErOEA TIUNs'
SECTION S. And be ii ft,,Ihc, enacted, That where
two or more persons who partners in trade shall he
adudged bankrupt either on the petition of such part
ners any of hem or ON the petition OF any crc
tor OF the partners warrant shall Issue i'll the man
ner provided 10y this act upon which oil the JOnt stock
and property of the Copartnership, and ais" all the
SEPARATE estate of each OF the partners shall he akC
excenting such parts thereof arc he in before
Cepted and all the creditors OF the company, and The
separate creditors of each partner, shall he allowed 10
prove their respective debts and the assignee shall he
chosen by the creditors of the company and shall also
keen separate of the Joint stock ana property
of the COparnerhp and OF the separate estate Oh caCh
member thereof and after deductlng out OF the whole
amount received 10y such assignee the whole OF the eA
penses and disbursements the net proceeds OF the
Joint stock shall be appropriated TO pay the creditors Of
the conarncrship and the net proceeds of The Scpar
ate estate of each partner shall nc appropriated 10 pay
his separate creditors and if there shall lie any bal
ance of the separate estate of any partner after the pay
ment of his separate debts such balance shall he added
joint stock for the payment OF The Joint creditors
and if there shall balance of the Joint stock after
payment of the JOINT debts, such balance shall be
divided and appropriated to and among the separate
estates tie several partners, according to their re-
spectiye right and interest therein, rs would have
been if the partnership had been dissolved without
bankruptcy; and the appropriated to the SCpa-
rate estate OF each partner shall he applied TO the pay
ment of his separate debts and the certificate of dis
the same would ought TO be if the proceedings hal
been against him alone under this act and i'll all other
respects proceedings against partners shall be
Quoted in the like manner as If they had been conf
menced and prosecuted against one person alone. If
Iflp StII
in which the petition is first filed shall retain exclusive
jurisdiction over the case.
SECTION 81. And be IL Jlrihe citGCted. That the pro-
visions of this act shall apply to all OncYed business
commercial corporations and JOINT stock companies,
and that upon the petition OF any officer of any such
corporation company, duly authorized by vote of a
majority of the corpoaOrs present at any legal meet
ing called for the purpose upon the petition of any
creditor creditors Of such corporation or company,
ed in respect debtors the like proceedings shall be
had and taken are hereinafter provided i'll the case
OF debtors and all the provisions OF TINS act which APP
furnishing schedules and inventories, executing pa
pers, submitting TIC examinations disclosing, making
paying away his money OF properly, snail Ill ike man
ner and with like force, effect and penalties, apply to
each and every officer of such corporation or company
in relation to same matters concerning the COrpO-
ration or company and the money and property thereof
All payments conyeyances and assignments declared
fraudulent and void by this act when made by debtor
shall in like manner and to the like extent, and with
like remedies fraudulent and void when made by
corporation or company. No allowance or discharge
shall be granted to any corporation joint stock com
pany or to any person officer or member thereof =:
P-Outded That whenever any corporation by proceed
Ings under this act shall be declared bankrupt all its
property and assets shall be distributed creditors
of such corporation in the manner provided in this act
in respect TO natural persons.
OF DATES AND DISPOSITIONS
SECTION IS. And ae itJtTe enacted, That the filing
of petition for adjudication in bankruptcy either by
debtor in his own behalf or by any creditor against
DEBTOR upon which order may be issued by the
Court, by Register in the manner provided i'll sec
ton Jour- sa 0e n kT to G nn e cons
act the proceedings in all cases of bankruptcy shall be
required to be recorded at large but shall be carefully
fled kept and numbered in the office of the Clerk OF
the Court and a docket only, or short memorandum
thereof kept books to lie provided for that purpose
which shall be open to public inspection. Copies of
such records, duly certified under the seal of the Court
SHALL in all cases be plln J0cte evidence OF the fact
therein stated. Evidence or examinations IN any of the
proceedings under this act may be taken before the
Court or Register in bankruptcy CrG in writ
ing before Commissioner of the Circuit Court, or by
affidavit, or on COMMISSION anu me Court may direct
person, to take and certify such examination, and may
compel the attendance OF witnesses the production of
books and papers, and the giving of testimony in the
as in suits in equity i'll the Circuit Court
INVOLUNTARY BANKRUPTCY.
SECTION So Aud be it further enacted, That any per
son residing and owing debts aforesaid after
passage of this shall depart from the State District
or Territory of which he Is an nabant with intent to
intent, remain absent; or shall conceal himself to
as0 nuo se Of Se e ~ or demand nrorah er h Tt %
or shall conceal any OF his property to AVOID
sbeing attached taken or sequestere on legal pro
ance transfer of his estate, property rights cred
it's either within the United States elsewhere with
intent delay, defraud or hinder his creditors; who
has been arrested and held in custody under 10y
OF process of execution issued out of any
Court of State, District, Territory within which
such debtor resides has property, founded upon
mand in its nature prOVabe against hankTuptS estate
under this act, and for a exceeding hundred
dollars and such process Is remaining in force
discharged by payment, or in any other proyi-
ed by the law OF such State District Territory ap-
picahle thereto, for period OF seven days OF has
actually imprisoned for more than seven days in
civil action, founded on contract for the of one
hundred dollars upwards or Who being bankrupt
nSolvent, in contemplation of bankruptcy
solyency shall make any payment gift grant sale
transfer of money other property estate
rights, credits give confess iudg.
ment or procure suffer his property taken on
legal process with intent to give preference to
more of his creditors to any person persons who
may be liable TO him as endoTsers, bail, surees
otherwise, or with the intent, by such disposition OF
his property, to defeat delay the operation of this
act whO being a banker, merchant. trader has
fTaudulently stopped suspended, and not resumed
payment of his commercial paper within period OF
fourteen days, shall be deemed to have committed an
act of bankruptcy and, subject to the conditions herein
after prescribed, shall be adudged bankrupt, the
petition of OF his creditors the aggregate
OF whose debts provable under this act amount to at
least two hundred and fifty dollars, provided such pet
ton brought within six months after the act of bank