The Hillsborough recorder., 1867-03-27
THE BANKRUPT Law.

The Act 10 Establish sn Uniform System Of Bank
: rrp,sy lihroushoui The United States-What the
BILL Is- What h Provides guldma.eg I'll
The substance Of this most important
bill just passed By the Senate aAd House,
snd approved ny the President, will be
fesnd a. follows In the summary that We
eivst sd II Ena ,aH0I s. aaaap,lN ti q
Sectien .. Rstablishes the several Dis.
trict Courts oil the United States 40 courts
Of bankruptcy. in addition to the other ORR
ginaf jurisdiction they nov have. iH
Section 3. gives the Clrcuit Courts equi-
tyspower 10 supervise the proceedings Of
the District Courts in bankruptcy litiga-
t'on and affairs. and IN addition to this
power gives them concurrent jurisdiction
% the same matters.
Section 8. provides for..the appointment
10 each Congressional District. upon the
nenination Of the Chief Justice Of the Su.
preue Court, OF one or more registers Ito
bs eounsellors in the District Courts
whose duty il shall be TO assist the District
Jsdges in the performance Of duty 10 bank.
ruPtey cases. BoLdsiin 81. 900. no interest
10 any Of the suits. and ability to take the
iron clad OATH are the prerequisites Of
each register.
Section 4. makes II the registers duty to
adjudieate upon, receive surrenders in, and
preside 10 Bankruptcy proceedings. He is
to compute property. dividends, assign pro
foto shares 70 creditors, but bars him from
committing fer cnntenpt or in acting in
cases that 20 upon appeal.
Section 8. Z. ., . and 10 provide for the
formula Of legal proceedings IN ihs Courts
OF Bankruptcy, . resapltslalion OF the prac4
tise nov in vogue in other litigation.
Section u makes $500 the limit Of debts
on which TO declare ,olsntsry bank ruptcy,
requires the banki upl To be or 10 become
citizen OF the United States, forbids a
trpnsier Of property during pendency Of
proceedings, and demands full exhibit oi
debts and assets on the part Of the voIan.
tary bankrupt.
kSSection Ia, Is and IA. provides that the
action in bankruptcy shall 20 on should the
/ bankrupt die, the sane a. il he were i,i es-
HJ that the creditors shall appoint an as.
signee or assignees ol the debtors estate,
subject TO the approval OF District Judge |,
that everything be turned over 10 assignees,
whether Of substance OF account, for dis
tribution, except, That there shall be er.
cspted from the operation Of the provisions
Of .his section the necessary household and
kitchen furniture, and such other articles
and necesssries Of such bankrupt as the
said assignee shall designate and set apart.
having reference IN the anount 10 the famI.
ly., condition, and circumstances of the
bankrupt. but altogether not to exceed in
value in any esse, the sun Of $500 and
also the wearing apparel Of such bankrupt
and that Of his wife and children, and the
uniform. arms. and sqaipuen,s efsny per.
500 who Is or has been q soldier in the mi
litis or IN the service Of the United States,
and such other property n now is. or here
alter shall be, exempted from attachment or
seizure, or levy 90 ereeution by the laws
OF the United States. aad such other pro-
perty, not included 10 the foregoing excep.
lions, as is exempted from levy and sale
upoa execution or other process or order Of
Court. BY the laws Of tho State in which
the bankrupt has his domieil at the time Of
The commencement Of The proceedings in
bankruptcy, TO 40 amonnt not exceeding
thai allowed BY such State exemption laws
In force 10 the year 1884; Provided. That
Che foregoing exception shall operate ss 4
liuna,ion upon The conveyance Of the pro.
perty Of the bankrupt to his sssisnees. and
n no ease shall The property hereby az
sspted pass TO the as.ignees. or the title Of
the bankrupt thereto be impaired or affect.
sd BY any Of The provisions Of this act +; and
the determination Of the assiguees In the
matter shall, on exception taken, be sub
iset 10 the 6nsl decision Of tho said Court.
Sections Is, 10. ~ and 10. give the -.
slgnse full power 20 recover the property
ofihe!deblor, TO be disiribsted BY whomso-
ever held ) rsquirs.him TO classify and sepa-
tate the goods or other effects, empower the