Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-02-28
THE BANKRUPT BILL.


of past due bonds and interest," which is nearly all
in the hands Of parties willing to renew.
THE BANKRUPT BILL.
We have before us copy of the bankrupt bill,
as it passed the Senate few days ago, and as it
now stands in the House of Representatives. 1t is
document Of sixty.eight pages, and therefore, Of
far too great length for our columns; but in view
of the transcendant importance of the measure we
have prepared the following abstract Of its con-
tents:
Section l. Clothes the United States District
Courts with jurisdiction in cases Of bankruptcy.
Sec g. Gives circuit courts Of the United States
general superintendent and jurisdiction, and au-
thorizes them to act as courts OF equity.
Sec 8. Provides for the appointment by the dis
trct 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 bankruptcy, to
secure the surrender of any bankrupt to admins
ter oaths, take proof of debts, &C.
Sec 5. Authorizes the judges of the district
courts to direct the attendance of the register at
such place as they may deem proper, and empow
ers the judges to remove the register and bill va
cancies
Sec 6. Authorizes suitors to appeal from the
registers to the judges in cases OF dispute as to the
law.
Sec T. Provides for compulsory attendance of
parties and witnesses. .
Sec. s, 9, 10. Provides for appeal and prescribes
rules of practice
Sec. ii. Prescribes the method of availing Of
the act
Any debtor whose debts, provable under this
act, amount to over three hundred dollars, may
petition the district Judge of his district stating his
insolvency, his willingness to surrender his estate
and schedule under oath of his debts and with
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
there be no opposing party, directed to the United
States marshal Of said district, authorizing 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 areforbidden.
g. That meeting of the creditors to prove debts
and choose assignees, will be held in court Of
bankruptcy not less than ten nor more than ninety
days after the issuing Of the warrant.
These notices are to be published in news paper
and served on each creditor.
Sec. II. Provides for meeting Of creditors, at
which register shall preside. !
Sec l3. Prescribes that the majority In interest
of the creditors shall choose one or more assgnees
who, if fapproved by the judge, shall be qualified on
giving bond -....
Sec H. Directs that the judge, Tor if there be
no opposing interest the register shall convey to
the assignee assignees the entire real and person
al estate of the bankrupt 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 and arms, and any other property here
after exempt from attachments or levy by United
States laws. ...r s-
Sec. l5, l6, IT,, lS. Present the duties and
powers and the methods Of proceeding OF the as
signees.
Sec. 49, Authorizes creditors to assert and prove
any contingent claim they may have against the
bankrupt as drawers, endorser, surety, bail or|
guarantor, or as tenant.
Sec 90 Provides for set-ofs in all cases Of prob
able claims
Sec. 2l Prohibits any creditors Of the bankrupt
from suing him after he avails himself Of the act.
Sec %. Provides the method Of proving claims
that is by procuring legal evidence before any
register in his district, if the creditor Is nom
resident before United States commissioner. /
Sec. %, "a. 25. Respect details Of practice In
the presentation and proof of claims.
Sec. g. Authorizes the examination Of the
bankrupt on oath by the courts as to his debts and
assets, and requires his wife to attend and give
evidence, if necessary.
Sec. 27 Prescribes that all creditors who prove
their debts, shall share alike except that wages to
an amount not exceeding fifty dollars, for service
performed in the preceding six months, shall bel
paid in full.
: Sec. 2s Preventative priority of debts.
Sec. 29 Allows the bankrupt, after six months
from the adjudication of bankruptcy or if no debts
or assets within sixty days, to apply for his dis,
charge, which the court, after due notice, shall
grant, if the bankrupt has honestly exhibited his
condition.
Sec. 80 Prohibits second bankruptcy, unless
by consent of creditors except. where the assets
amount to seventy per cent. Of the debts. |
Sec 81 to &c. Concerts details, pronounces a.
gainst frauds and the like.
Sec. 36. Provides for involuntary bankruptcy,
declaring that an absconding debtor who makes as.
sgnments to defaud, against whom an unsatisfed
execution for over one hundred dollars stand,
who makes an assignment to give preference to spe-
cal creditors, or who has suspended for fourteen
days the pay yment of his commercial paper shall,
on the petition of any CREDITOR be adudgeda bank
rupt.
The remaining sections, eleven in number pre-
scribe the proceedings in such case and the various
fees and COSTS