The Ebensburg Alleghanian. [volume] (Ebensburg, Pa.) 1865-1871, 1867-03-21
The General Bankrupt LaVv---
Synopsis of the Leading Fea-
lures.

lures.
The Jurisdiction in bankruptcy cases is
given by the act to the several District
Courts of the United States, with the
United States Circuit Court acting in
supervisory capacity as Courts of Equity
The Judges of the District Courts will
be assisted in the performance of their
duties imposed upon them by registers in
bankruptcy, who are required to be couu-
sellors of those courts, OF of some of the
Courts of Record of their several States
The power of the Registers is limited,
and provision is made for reference of
disputed questions to the District Court
Judges, and for appeals from the District
Courts to the Circuit Courts, and from the
latter, in cases where the matter in dispute
shall exceed two thousand dollars, to the
Supreme Court of the United States.
There are two kinds of bankruptcy
contemplated by the act; voluntary aud
involuntary. In the former any person
residing within the jurisdiction of the
United States, owing over three hundred
dollars, and finding himself insolvent,
may apply by petition to the judge of the
district III which he has resided for the
six months preceding the date of the pc
tition, or for the longest period during
such six months, and shall thereupon be
declared a bankrupt. The creditors,
having been properly notified by the court,
meet together aud appoint one or more
assignees of the estate of the debtor the
choice to be made by the greater part in
value and In number of creditors who
have proved their debts, or in case of fail
ure to agree, then by the District Judge,
or where there are 40 opposing creditors,
by the Register. The whole affairs of the
bankrupt pass into the hands of the as-
sisnees, who have full powers granted
them necessary for the collection of all
debts and the final adj djustment and closing
up of the estate. Stringent regulations
are made for the proper deposit and safe
keeping of all moneys received from the
estate and where delay is likely to occur
from litigation in the final distribution of
the assets, the court is empowered to di-
rect their temporary investment. The
bankrupt is liable at all times to be called
up for examination on oath upon all mat
terS relating to the disposal or condition
of his property or to his business trans
wife may In ike manner be compelled to
attend asa witness in tie case.
In the distribution of the bankrupt's
estate, dividends are to be paid as agreed
upon by majority in value of the credi-
tors, from time to time, at three months
intervals, but the following claims are
first to be paid in full: First, the fees,
costs and all expenses under the bankrupt
act; second, all debts, taxes and assess
ments due to the United States third, all
State debts, taxes and assessments wages
due to any operative, clerk or house SER
want, to an amount not exceeding Efty
dollars for labor performed within six
months preceding the bankruptcy; fifth,
all debts due to any persons who are or
may be entitled to preference by laws of
the United States. The voluntary bank
rupt is entitled to his discharge provided
DO fraud is proved against him, at anv
time from sixty days to one year after ad- |
judication of bankruptcy but the proof
or discovery of any fraud or concealment
deprives him of the right to discharge |
No person who has once received his dis
charge is to os entitled again to become
a voluntary bankrupt, unless his estate is
sufficient to pay seventy per cent on his
dehts, or unless three -fourths of hiscredi- |
tors assent in writing to his bankruptcy. !
Preferences and fraudulen: conveyances
are declared void by the act, and suitable
provisions are made for the voluntary
bankruptcy of partnerships and corpora
tions
The exemptions under the law are as
follows:
The necessary household and kitchen
furniture, asl such other articles and |
Eecessaries of such bankrupt as the assig-
nee shall designate and set apart, having
reference in the amount to the family |
condition and circumstances of the bank |
rupt, but altogether not to exceed in value,
in any case, the sum of S500j and also |
the. wearing apparel of such bankrupt,
and that Of his wife and children, aud the |
uniform, arms and equipments of any per-
son who 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 at
tachment or seizure or levy on execution |
by the laws of the United States, and |
suoh other property, not included in tho
foregoing exceptions, as 10 exempted from