Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1867-03-13
The Bankrupt Bill.

This Bill which has been passed by both
Houses of Congress, and is now the law oi
tie land, is document of si1ty-eight pages.
! The following is az abstract of its contents :
Sec. 1. Clothes the United States district
courts with jurisdiction in cases of bankruptcy.
Sec. 2. Gives circuit courts of the United
States general superintendent aud jurisdic.
tion, and authorizes them TO act as courts OF
equity.
Sec. 3. Provides for the appointment BY the
district courts of one or more registers in
bankruptcy in each Congressional district, to
assist the judge.
Sec. 4. Defines the powers Of the register
in bankruptcy to make adjudication OF bank,
ruptcy, to secure the surrender Of any bank
rupt, to administer oaths, take proof of debts,
etc.
Sec. S. Authorizes the judges Of the dis
trict courts to direct tho attendance Of the
register at such places as they may deem
proper, and empowers the judges to remove
the register and FIJI vacancies.
Sec. G. Authorizes suitors TO appeal from
the registers to the judges in cases Of dispute
US to the law.
Sec. I. Provides for compulsory attendance
Of parties and witnesses.
Secs. s, 9, 10. Provide for appeals and pre-
scribe rules of practice.
Sec. IL. Prescribes the method of availing
of-the act.
Any debtor whose debts, rrovable under
this act, amount to over three hundred dollars,
may petition the district judge of his district,
stating his insolvency, his willingness to sur
render his estate and schedule under oath
of his debts and mis- creditors, with the nature
Of the debt in full, and an inventory, also
under oath OF his assets. Such petition shall
be an act of bankruptcy, and the petitioner
be adjudged bankrupt. The judge shall
thereupon issue warrant, Tor the register if
there be no opposing party.) directed to the
United States marshal Of said district, autho
riziag him to publish the necessary notices,
to wit L. That warrant in bankruptcy has
been issued. 2. That all payments of debts
to such debtors are forbidden. 3. That
meeting of tho creditors to prove debts and
choose assignees will be held in a court of
bankruptcy, nd4 less than ten nor more than
ninety days after issuing of the warrant.
These notices are to be published in anews..
Uhptf paU ScPSou Ou cdCl CtcOttOls
Section II. Provides for meeting of cred
itors, at which register shall preside.
Section l3. Prescribes that the majority in
interest. of the creditors shall choose one or
more assignees, who, ifapproved by the judge,
shall be qualified on giving bond.
Section IA. Directs that the judge Tor if
there is no opposing interest, the register)
shall conveyto the assignee or assignees the
entire real and personal estate of the bank
rupt, but from this assignment are excepted
household and kitchen furniture, and such
other articles as the assignee may indicate,
not exceeding five hundred dollars in value,
the wearing apparel of the bankrupt and his
family, his uniform aud arms, and any other
property hereafter exempt from attachments
or levy by United States laws.
r.; Sections Is, l6, II, Is. Presents the duties
ant powers and the methods of proceeding of
the assignees.
Section I9. Authorizes creditors to assert
and prove any contingent claim they may
have against the bankrupt as drawer, endor-
ser, surety, bail Or guarantor, or rs tenant.
Section 20. Provides for set offs in al cases
of probable claims.
Section 81. Prohibits any creditors of the
bankrupt from sueing him after he avails him
self of the act.
Section Provides the method ofproving
sclaiIns-that is by producing lee.l evidence
before any register in his district, or If the
creditor iS nonresident, before United
States commissioner. :
Sections %, "a, Is. Respects details of
practice in the presentation and proofof claims.
10 A A.-.lz IL. a. r.
tho bankrupt on oath by the conrts, as to his
debts and assets. and requires his wife to at
tend and give evidence if necessary.
Section II. Prescribes that all creditors,
who prove rheir debts, shall share alike, ex
cept that wages to an amount not exceeding
fifty dollars, for service performed in che pre-
ceeding six months, shall be paid in full.
See. 28.. Prevents the priority Of debts.
Sec. %. Allows tie bankrupt, after six
months from She adjudication Of Bankruptcy, !