The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1867-02-27
The Bankrupt Bill.

as We learn what changes have been made
in the till, We will lay them before our
readers, in order that all can understand
the provisions Of the new bill.
The ftst section constitutes the District
Courts Of the United States Courts OF
Bankruptcy. The second section gives
the United states Circuit Courts general
superIntendence and jurisdiction Of all
cases and questions arising under that act.
Sections three TO seven inclusive. relate TO
the administration Of the law in Courts Of
Bankruptcy. Sections eight, nine and
ten refer to appeals and practice. The
eleventh section provides that If any per
son resides within the jurisdiction Of the
URited States owing over three hundred
dollars shall apply, by petition, to the
Judge OF his Jud,cial di$rrct, setting ou, lis
inability to pay his debts in full. and his
willingness 10 surrender his estate for the
benefit of his creditors, on fling Of such
petition he shall he adjudged bankrupt.
A warrant shall then be issued bv the
Judge, to the marshal Of the district to
take possession Of the estate and keep the
same until the appointment Of an assignee.
Notice is then to be given tothe creditors
10 hold meeting and choose one or more
assigneess Section twelve TO eighteen,
inclusive. define in great detail the duties
OF assignees. Tho sections nineteen to
twenty four, inclusive. relates TO debts aid
proofs Of claims. Section twenty five
provides for the sale ofperi,hable proper
".
Section twenty six proviles for the ex-
animation Of bankrupts before the court,
and exempss them from liability to arres,
during the tendency of the proceeding gs in
bankruptcy in civil courts.
Section twenty seven reI,tes TO the dis
trbution OF the bankrnpfs estate. All
creditOrs.whose debts are duly proved and
allowed are to be entitled to share iu the
bankrup! property pro rata without any
priority or preference whatever, except
that wages due from him to anv operative.
clerk or house servant, to an amount not
exceeding fifty dollars, fot labor perform,
ed within six months preceding the adju.
dication Of bankruptcy, shall be entitled
TO priority and shall be first paid in full
|
claims are TO be entitled to priority Of
preference, and to he first raid in full in
the following order; lsr. Fees, cost and
expenses Of suits and for the custody Of
! property. Cd Alldehts iue 10 the United
| States and all taxes AMI assessments under
the laws thereof. @. All debts due TO the
State IN which the proceedings in bank
ruptcy are pending, and all taxes ard
assessments under the laws Of such State
4th. Wages due to any operative, clerk.
or house servant, to an amount not ex
ceeding flhy dollars, for labor performed
within six months next preceding the
first publication Of the notice of proceed
ings In bankruptcy. 5rh. All debts due
tn anv person who, by the laws OF the
| United States are, or NAV be, entitled To
priority or preference. in like manner. as
If this act had not been passed always
provided that nothing contained in the
act shall interfere with the assessment
and collection Of taxes by the United
States or any State.
Section twenty nine and the five foloS.
ing sections relate to tho bsnkrupt's dis
charge and its effects. II it shall appeS-
TO the court tha: the bankrupt has 10 all
things conformed to his duty under this
Act, and that be is entitled, under the
provisions thereof. to receive discharge.
the court shall grant him a discharge
from all bis debts, except AS thercin after
provided, and shall give .him certificate
thereof under the seal OF the court
Section lhrty,6vs dsclares preferences
and fraudulent conveSsnces void Section
thirty ak, thirty seven. and thirty eight
relate TO bankruptcy OF partnerships and
corporations. and to dates and drposi,ions.
Sections thirty to forty, inclusive, provide
for the case OF involuntary bankruptcy "a
departure from the State. avoiding the
service Of legal process. removal or con
cealmsat cf property, fraudulent assign
ment OF property. arrest and detention for
debt for period OF seven days, confession
Of judgment or suspension Of payment Of
commercial paper for fourteen DAYS, shall
be deemed an act OF bankruptcy.
Section fortv third provides for the su
persedng Of the bankrupt proceedings by
atrao cement. Section forty fourth pro
vides penalties against bankrup,s Tor con
csalment Of property, falsifying books or
papers, fraudulent assignment or convey
ance OF property, spending IN gaming.
permitting fictitious debt to be proved
ae..ins, him. obtaining goods on credit
fraudently within three months OF the
com nmencement OF the proceeding. in
bankruptcy; these ara 70 he deemed mis-.
demeanors. and punished bv imprison
men;. with or without hard labor, for =
term not exceeding three wears.
Section forty five and forty ak provides
penalties agains: officers in administering
the law. Section forty seven regulates
fees and costs. Section forty eight reen
lates stamp duties on petitions, warrants.
DC. Sec,iop forty min. and fifty define
the meaning Of terms and the compu,a
tion OF time. Section fitv frat. and last.
enacts that this &C, shall Commence and
take effect as 10 ,fre appointment Of the