The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1867-03-16
The Rankrnnt Ant

4u6 0duAEupG AeG.
We have synopsis of the Bankrupt act
which, we think, on account of its brevitv
will be acceptable to our readers Jurisdic-
ton of cases in bankruptcy is vested by the
law IN the District Courts of the United
States, the u. S. Circuit Courts having a
supervisory power as courts of equity. Reg
listers in bankruptcy, who must be coun-
EellOrs IN some court of record, will assist
the Judges In the performance of their du-
ties. In case of disputed questions, an ap-
peal from the Registers may be made to the
District Court Judges, and thence to the
Circuit Court, and, in cases involving two
thousand dollars and upward, TO the Supreme
Court of the United States
The act provides for two kinds of bank
ruptcy, voluntary and involuntary. In the
former any person indebted more than three
hundred dollars, and being insOlvent, may
petition the Judge of the district where he
has resided for six months preceding the
date of his petition, or for the longest period
during that six months, and thereupOn be
declared bankrupt The creditors, upon
notice, meet and appoint an assignee or as
signees of the assets of the debtor; the ap-
pointment to be made by the creditors in pro-
portion to their value and numbers of those
who have proved their indebtedness If the
creditors cannot agree, the District Judge ap-
points, or, If there IS no opposition the Reg
lister. The entire estate of the bankrupt
passes into the hands of the assignees, who
have full power of collection and adjustment
aud closing up of the estate. All moneys
received are guarded by stringent rules for
deposit and safe-keeping, and, in case of de-
lay In settlement, for their safe investment
The bankrupt is always liable to be called
up for examination upon oath upon all mat
ters pertaining to his property and business
transactions, and for good cause shown, his
wife also may be compelled to appear aud
testify
In the distribution of the estate dividends
are to be paid as agreed upon by the credi-
tors a majority III value determining But
the following claims have precedence, and
must be paid in full: First Expenses of
the Bankrupt Act, including fees, etc Sec
ond. Debts, taxes, etc, due the United
States. Third State debts and taxes.
Fourth. Wages due operatives, clerks and
servants, not exceeding fifty dollars, for labor
performed within six months preceding
bankruptcy. Fifth. All debts due TO persons
preferred by the laws of the United States
If no fraud appears the bankrupt is entitled
to his discharge. Fraud or concealment de-
prives him of the right of discharge No
person once discharged can again become
voluntary bankrupt, unless his assets will
/ pay seventy per cent of his indebtedness
or unless three-fourths of his creditors agree
to his bankruptcy in writing Preferences
and fraudulent COnveyances are declared
void Provision is made for the voluntary
| bankruptcy of partnerships and operations.
! The exemptions under the law are neees-
| sary household and kitchen furniture, such
articles as the assigne shall designate and
set apart, but not to exceed in value in any
case five hundred dollars; also the wearing
| apparel of the bankrupt and that of his
| "a nd oh I'd
| as is exempted from seizure under execu-
| ton by United States laws, and such other
property as is exempted from levy and sale
| by the laws of the State where the bankrupt
| resides at the time of commencing proceed
ings IN bankruptcy. Involuntary bank
ruptcy is declared liable to ensue under the
following circumstances First. Depart
ure or absence from the State where debts
are due with intent to defraud creditors
Second. Concealment to avoid process for
! the recovery of debt. Third. Concealment
of property to avoid seizure on legal process.
! Fourth. Assignments to delay or defraud
creditors Fifth. Arrest and detention for
seven days under execution for a debt of one
hundred dollars and upwards. Sixth. Ac-
tual Imprisonment for seven days In civil
action founded on contract for one hundred
dollars and upwards. Seventh. Assign
ment, gift confession Of Judgment or any
OJueE act Dy Wnicn any cFedlGOr, ildOrSeF OF
surety is preferred. Eighth. Dishonoring
commercial paper, or suspending and not
resuming payment for fourteen days.
In any of these cases one or more eredE
'tors whose debts reach two hundred and
, fifty dollars may petition for an adjudication
in bankruptcy The petition must be
brought within six months after the act oi
bankruptcy is committed In involuntary
bankruptcy, the proceedings are severe, the
penalty for fraud or cOncealment direct Ol
indirect being imprisonment, with or with
out hard labor for period not exceeding
/ three years-PV6Eic Ledger.