Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-02-21
THE BANKRUPT BILL.


ed the House last year. The amendments recent
ly made to it in the Senate, have not yet appeared
as soon as we learn what changes have been made
in the bill, we will lay them before our readers,
in order that all can understand the provisions of
the new bill.
The first section constitutes the District Courts
of the United States Courts of Bankruptcy. The
second section gives the United States Circuit
Courts general superintendent and jurisdiction OF
all cases and questions arising under that act
Sections three to seven, inclusive, relate to the ad-
ministration of the law in Courts of Bankruptcy
Sections eight nine and ten refer to appeals and
practice. The eleventh section provides that if
any person resides within the jurisdiction of the
United States owing over three hundred dollars
shall apply by petition to the judge of his judicial
district setting out his inability to pay hls debts IN
full, and his willingness to surrender his estate for
the benefit of his creditors, on filing of such pc
tition he shall be adjudged bankrupt. A warrant
shall then be issued by the Judge to the marshal Of
the district to take possession of the estate and
keep the same until the appointment Of an assignee
Notice is then to be given to the creditors to hold
meeting and choose one or more assignees. Sec
ton twelve to eighteen, inclusive, define in great
detail the duties of aSsignees. The sections nine.
proofs of claims. Section twenty-five provides for
the sale of perishable property.
Section twenty-six provides for the examination
of bankrupts before the court, and exemptS them
from liability to arrest during the pendency of the
proceedings in bankruptcy in civil courts
Section twenty-seven relates to the distribution
of the bankrupt's estate. All creditors whose
debts are duly proved and allowed are to be en-
titled to share in the bankrupt property pro rata
cept that wages due from him to any operative,
clerk or house servant to an amount not exceeding
fifty dollars, for labor performed within six months
preceding the adjudication of bankruptcy, shall be
entitled to priority and shall be first paid in full
In order for dividend, the following claims are
to be entitled to priority of preference, and to be
first paid in full in the following order: lst. Fees
cost and expenses of suits and for the custody Of
property. I'd. ALI debts due to the United States
and all taxes and assessments under the laws there
Of g. All debts due to the State in which the
proceedings in bankruptcy are pending, and all
taxes and assessments under the laws Of such State
4th Wages due to any operative, clerk, or house
servant, to an amount not exceeding fifty dollars
for labor performed within six months next pre-
ceding the first publication of the notice Of pro-
ceedings in bankruptcy: 5th; All debts due to
are or may be, entitled to priority preference
in like manner, as if this act had not been passed
always provided that nothing contained IN the act
shall interfere with the assessment and collection of
taxes by the United States or any State.
Section twenty-nine and the FIVE following sec
tions relate to the bankrupts discharge and its et
fects If shall appear to the court that the bank
rupt has in all things conformed to his duty under
this Act, and that he is entitled under the provis
ions thereof to receive discharge, the court shall
grant him discharge from all his debts, except as
Hereinafter provided, and shall give him certi6
cate thereof under the seal Of the court.
Section thrty-fve declares preferences and fraud
ulent conveyances void Section thirty-six, thirty
seven and thirty relate to bankruptcy Of part
nerships and corporations, andto dates and depos-
tions Sections thirty to forty, inclusive provide
for the case of involuntary bankruptcy departure
from the State, avoiding the service Of legal pro-
cess, removal or concealment of property, fraudu-
lent assignment of property, arrest and detention
for debt for period Of seven days, confession of
Judgment or suspension of payment of commercial
paper for fourteen days, shall be deemed an act Of
bankruptcy.
Section forty-third provides for the supersedng
of the bankrupt proceedings by arrangement. Sec
ton fortyfourth provides penalties against bank
rupts for conceament of property, fasifying books
or papers, fraudulent assignment or conveyance OF
tous debt be proved against him. obtaining goods
on credit fraudently within three months of the
commencement of the proceedings in bankruptcy
these are to be deemed misdemeanors, and punish
ed by imprisonment with or without hard labor,
for term not exceeding three years.
Section forty-fve and forty-sx provides penalties
against officers in administering the law. Section
fortyseven regulates fees and costs Section forty
eight regulates stamp duties onpetitions, warrants
&c. Section forty-nine and fifty define the mean
ing of terms and the computation of time Section
ffty-frst and last enacts that this act shall COM
mence and take effect as to the appointment of the
officers created hereby and the -promul cation Of
rules and general orders from and after the date Of
it's approval provided that no petition or other pro
ceeding under this act shall be filed, received, OF