The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-03-06
The Bankvunt Bill,


The following is synopsis Of the Bankrupt bill as
it passed the Senate:
Section clothes the United States District Courts
with jurisdiction in cases OF bankruptcy.
Section 2 gives Circuit Courts Of the United States
general supegintendence and jurisdiction, and author
ises them to act as courts OF equity.
Section 8 provides for the appointment by the Dis
rict Coirts Of one Or Registers in Bankruptcy
in each congressional district, to assist the Judge
Section defines the powers OF the Register in
bankruptcy to make adjudication Of bankruptcy, to
secure the surrender of any bankrupt, to administer
oaths take proof of debtsy etc.
Section authorises the judges of the District
Courts TO direct the attendance OF the Register at such
place as they may deem proper, ana empowers 'Le
judges to remove the Register and fill vacanceS.'
Section auhorses suitors to appeal from the Re-
gstes the Judges in cases OF dispute as TO the a"
Section provides for compulsory Attendance OF
parties and witnesses.
Sections s. o and 10 provide for appeals and-pre
| scribes rules OF practice
Section / prescribes the method Of avaing of the
ANY debtor, whose debts, provable under the act
amount to three hundred dollars, may petition
the District Judge of his district stating his insolvency.
his willingness to surrender his estate and schedule
uudor oath Of lis debts and his creditors with the
nature of the debt in full and an inventory, also u'-
der OATH of his assets SHch petition shall be an act
of bankruptcy, and the petitioner be adJudGed oank-
rupt The Judge shall thereupon las'e warrant, or
the Register if there be no opposing party, directed
to the United States Marshal Of the said district al
thorsiug him to publish the necessary notices. to-wit:
l. That warrant IN bankruptcy has been issued =
That all payments of debts to suuh debtor are forbid
den 8 That meeting Of the creditors to prove
debts and choose assignees will be he'd in court OF
bankruptcy not less than ten nor more than ninety
davs after the issuing of.thc warrant
These notices are to be published IN a newspaper
and served on each creditor.
Section II provides for meeting Of creditors, al
which Reg lister shall preside.
Section l3 prescribes that the majority in interest O
the creditors shall choose assignecs, who
ifapproved by the judge shall be qualified on giving
bond.
Section Il directs that the Judge for if there is NJ
opposing interest," the RegatcT,) shall convey to TIT
assignee or assguecs he entire real and personal es
-ate of the bankrupt, but from this assignment and ex
rcpcd household and kitchen furniture, and such 9th
er articles as the assignee may Indicate not eXceedn
five hundred dollars in value, the wearing apparel
the bankrupt and his family, his uniform and arms
and any other property hereafter exempted from at
tachment or levy by United States laws.
Sections Is, l6, II and Is present the duties an
powers and the methods OF proceeding OF the rs
signecs
Section 10 authorises creditors to assert and prov
any contingent claim they have against the baikrup
as drawer ndorser, surety, bail or guarantee, or a
tenant.
Section 20 provides for set oils in all cases Of prot
: able claims.
: Section 81 prohibits the creditors Of the bankruf
from suing him after he avaiNs himself of the act.
:, Section - provides the method of proving claims
that is by producing legal evidence before any Reg
Ter in his district, or, if the creditor is nonTestcn
< before a United States Commissioner.
Sections 23 u and 25 respect details OF practice
| the presentation OF proof OF claims.
i Section 26 authorses the examination of the banl
ruDt on oath by the courts his debts and assets
i and requires his wife to attend and give evidence
, necessary
l. Section 81 prescrbes That all creditors, who prov
their debts, Shall share alike, except that wages
amount not exceeding fifty dollars, for services Pc
r formed in the preceding six months, shall be PAID
Il fuf.
e Section IS prevents the priority of debts.
e Section % allows the bankrupt, after six montI
from the adjudication of bankruptcy, Or if no debts
IL assets within sixty days, apply for his discharg
which the court, after due notice, shall grant, Il u
II bankrupt has honestly exhibited his condition.
: Section 80 prohibits second bankruptcy, unle
1t by consent of the creditors, except where the asSe
OF amou,t to seventy per cent. of the debts.
Sections 81 to SO concert details, pronounccs agnlr
e fraud and the like.
t. Section 80 provides for involuntary bankruptcy d
1e clarng that an abscondin debtor debtor Who max
ed ASSIGNMENTS to dcaud, against whom an unsatlsh
a execution for over one hundred dollars stands, W
" makes an assignment to give preference to spec
creditors or who has suspended for fourteen days
d, payment Of his commercial paper, shall, OF the pc
W, ton of any creditor, be adudged bankrupt.
Gu The renainng sections, eleven in number, prescr
nt the proceedings in such case and prescribe the va
M Gus fees and costs.