The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-06-01
TIE BANKRUPT LAR.

The Bankrupt law passed at the last session
of Congress comes into full operation to day.
The officers for this district have been appointed
the rules and general orders promulgated, and
everything is in readiness for the filing of petit
tions or the commencement of other proceed
ings. very full abstract OF the Bankruptcy
act was published at the time of its passage
Provision is made, 1t will be remembered, for
voluntary and involuntary bankruptcy, for the
bankruptcy of partnerships and of corpora
tions and for the supersedure of the bankrupt
proceedings by arrangement. Any person may
voluntarily obtain the benefit of the act who
owes debts exceeding $500, by applying by petl-
uon ito the Judge OF the Judicial District In
which such person has resided or carried on
business for the six months next Immediately
preceding the time OF filing such petition
or for the longest period during such six
months, setting forth his place of residence
willingness to surrender all his estate aud
effects for the benefit of his creditors and his
desire to obtain the benefit of this act: and he
must annex 10 his petition schedule verified
by oath, before the Court, or before Register in
bankruptcy, or before one of the Commissioners
of the Circuit Court of the United states, con-
tanning full and true statement of all his debts
and, as far as possible, to whom due, with the
place of residence of each creditor, II known 10
the debtor and II not known, the fact to be so
stated, and the sum due to each credltor also
the nature of each debt or demand, whether
founded ON written security, obligation, con-
tract, or otherwise, and also the true cause and
consideration of such inde bJedness. in each
case. and the plaC. where such Indebtedness
accrued, and statemes ~ OF any existing mort.
gage pledge, lien, Judgment, or collateral, or
same; and shall also annex to his petition
an accurate inventory, verified in like man
soma. :" Notice Of the proceedings must
be given TO all creditors, and the pro-
for their benefit There is excepted from the
provisions of the act the necessary household
and kitchen furniture, and such other articles
and necessaries of such bankrupt the said
assignee shall designate and set apart having
reference in the amount to the family, condi-
tion, and circumstances of the bankrupt, but
altogether not to exceed in value, in any case,
the sum of $780, and also the wearing apparel of
such bankrupt, and that of his wife and chill
dren, and the uniform, arms, and equipments
of any person VINO is or has been a soldier In
the militia or in the service of the United
States; and such other property as now is, or
hereafter shall be, exempted from attachment,
or seizure, or levy on execution by the laws of
the United States, and such other property, not
included in the foregoing exceptions, as is eX-
empted from levy and sale upon execution or
other process or order of any Court, by the laws
OF the State in which the bankrupt has his
domicile at the time of the commencement of
the proceedings in bankruptcy, to amount
not exceeding that allowed by such exemption
laws in force in the year 1861"
Six months after the adjudication of bank
ruptcy, and after publication in the newspa-
pers, certificate is given the bankrupt dis
ing at that time Any person owing debts may
involuntarily be declared bankrupt, who
shall depart from the State, district or Terri
tory of which he is an inhabitant with intent
to defraud his creditors, or being absent shall,
ceal himself to avoid the service of legal pro-
cess in any action for the recovery OF debt,
on nT bis ronar Nr n
its being attached, taken, or sequestered
legal process; or shall make any assignment.
property, rights, or credits, either within the
United States or elsewhere, with intent
to delay, defraud, or hinder his creditors, or
who has been arrested and held in custody
under or by virtue of mesne process of execu.
tion, issued out of any court of any State, Dis
trict or Territory, within which such debtor re.
sides or has properly, founded upon a demand
under this act, and for a sum exceeding one
hundred dollars, and snch process is remaining
In force and not discharged by payment, or in
any other manner provided by the law of such
State, District, or Territory applicable thereto,
Tor period of seven days. or has been actually
action, founded on contract for the sum Of one
hundred dollars orupwards, or who. being bank
ruptcy or insolvency. shall make any payment
gift, grant, sale, conveyance, or transfer ofmoney
or other property estate, rights credits or give
any warrant to confess Judgment, or procure or
suffer his property to be taken on legal process
with intent to give preference to one or more
OF his creditors, or to any person or persons who
are or may be liable for him as indorsers, bail
snrslles, or oiherwlse, or with the intent by
delay the operation of this act; or who, being
banker, merchant or trader, has frau 1uently
stopped or suspended and not resumed pay
ment of ofhiscommerclal paper. within a period of
fourteen days" The duties of registers in bank.
ruptcy are, ITO make adjudication of bank
rupty, TO receive the surrender of any
bankrupt, to administer oaths in all pro.
side at meetings of creditors. to take proof
of debts, TO make all computations of
dividends and all orders of distribution, and to
furnish the assignee with certified copy of
such orders, and of the schedules of creditors
and assets filed in each case to audit and pass
accounts of assignees, to grant protection, to
pass the last examination of any bankrupt in
cases whenever the assignee or creditor do not
oppose and to sit in chambers and despatch
there such part OF the administrative business
of the Court and such uncontested matters as
shall be defined in general rules and orders, or
as the district Judge shall in any particular
matter direct; and he shall also make short
memoranda of his proceedings in each case in
which h e shall act, in q docket to be kept by
him for that purpose"