Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-02-28
THE BANKRUPT BILL.

columns; but, in view OF the transcend
ant importance Of the measure, we hay
prepared the following abstract of il
contents; iaf
I Section ] clothes the United State
District Courts with jurisdiction in case
of bankruptcy.
Section Q gives Circuit Courts of tn
United States general superintendent
and jurisdiction. and authorizes them /
oct rs courts Of equity.
Section 3 provides for the appoint
ment BY the District Courts of one o
more Registers in bankruptcy in eacl
Congressional District, to assist tn,
Judge.
Section defines the powers Of tn,
Register In bankruptcy 10 make adju
dieation of bankruptcy, to secure thu
surrender of any bankrupt, TO admins
| ter oaths, take proof Of debts, etc.
Section authorizes the Judges Of the
District Courts 10 di.-5ct sssse attendance
of the Register at such place as they
may deem proper, and empowers the
Judges to remove the Register and fill
vacancies.
Section authorizes snitors to appeal
from the Registers to the Judges in cases
of dispute as to the law.
Section provides for compulsory at
tendance of parhe, and witnesses.
Sections 8, 9 and 10 provide for ap
peals and prescribes rules of practice.
Section II prescribes the method of
avniling Of the act
Any debtor whose debts, provable un-
der the act, amount to over three hum
dred dollars, may petition the District
Judge Of his district, stating his insol-
yency, his willingness to surrender his
estate and schedule under oath Of his
debts and his 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 bank
rnpt The Judge shall thereupon issue
a warrant Tor the Register, il there be no
opposing party, directed to the United
States Marshal Of said district, author
izing him to publish the necessary mo-
tees, to-wit l. That a warrant in bank
raptey has been issued. 2. That all pay
ment of debts to such debtor are for
hidden 3. That a meeting of the cred
itors TO prove debts and choose assignees
will be held in a court of bankruptcy,
not less than ten and not more than
ninety days after the issuance Of the
warrant
These notices are to be published in
newspaper and served on each creditor.
Section IL provides for meeting of
creditors, ct which Register shall pre-
side.
Section 10 prescribes that the majority
in interest Of the creditors, shall choose
one or more assignees, who, if approved
BY the Judge, shall be qualified on giving
bond.
Section ID directs that the Judge Tor
II there IL no opposing interest the Reg
lister, shall convey to the assignee or
assignees the entire real and personal
estate Of the bankrupt, but from this
assignment are excepted household and
kitchen furniture, and such other ar
ticles as the assignees may indicate,
net exceeding FIVE hundred dollars in
value, the wearing apparel Of the bank
rnpt and bis family, his uniform and
arms and any other property hereafter
exempted from attachment or levy by
United States laws.
Sections Is, l6, II, Is present the
duties and powers and the methods of |
proceeding of the essignees
Section 10 authorizes creditors to
assert and prove any contingent claim |
they may have against the bankrupt as
drawer, endorser. surety, bail or guar
entor, or as tenant
Section 20 provides for act offs in all |
cases of probable claims.
Section 81 prohibits any creditors of
tho bankrupt from suing him after he
avAils himself Of the act.
Section % provides the method of
elsims-that is, by producing |
legal evidence before any Register in his |
district, or, if the creditor is non.resi-
dent. before o United States Commits
sioner
Sections %, "a and % respect details
of practiee in the presentation and proof
Of claima
Section &c authorizes the examination
Of the bankrupt on oath by the courts,
"a TO his debts and assets, and requires
his wife TO attend and give evidence, If
necessary.
Section 81 prescribes that ell creditors
who prove their debts shall share alike,
except that wages to an amount not ex-
ceeding fifty dollars, for services per
formed in the preceding six months shAJi
be paid in fall.
Section 2s prevents the Prlo'' ,tv Of
debta .'v Vi
Section 20 allows the be-, r.
six months from the a:ii,up,, a''e &C
bankruptcy, or II r. ~" u'ea oaso -.
within sixty daya ueEs vi aSs ~
charge. which n 70 Apply ior ms ais
shsII s,.n1 n "a court, after due notice,
-l;,:,.d the bankrupt has honestly
eA Sno,s dis condition.
oe0' on 30 prohibits q second bank
IuV CT, unless BY consent Of creditors
-Icept where the assets amount to sew
enty per cent of the debts
Sections 81 10 80 concert details, pro.
nounce against fraud and the like.
Section 80 provides for involuntary
bankruptcy, declaring that an sbscond-
ing debtor, debtor who makes assign
menta 10 defraud, against whom an un-
satisfied execution for over one hundred
dollars stAnds, who makes an assignment
70 give preference 70 special creditors,
or who has suspended for fourteen days,
the payment Of his commercial paper,
shall, on the petition Of any creditor be
adjudged bankrupt
The remaining sections, eleven in num-
Der, prescribe the proceedings in such
case and prescribe the various fees and
costs
DR.. JAMES HUNTERS
rHEIrNExr