The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1867-03-13
THE GENERAL BANKRUPT Law.

The following is nm abstract ofthe General Bank
rupt Law passed by the Thrty-ninth Congress, and
signed by the President 1t receives terrible in
terest from the fact that through its provisions for
"inyounary bankruptcy" it can be made an in
srument Of oppressionto the Southern people little
less rigorous shan universal ccn6scation act:
The jurisdiction in bankruptcy cases is given by
the act 10 the several District Courts of the United
States, with the United States Circuit Courts act
ing in supervisory capacity as Courts Of Equity.
The Judges of the District Courts will be assisted
in the performance of the duties imposed upon
them by Registers in bankruptcy, who are required
to be counselors of those courts, or of some of inc
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
Inter, in cases where the latter in dispute shall
cecd $4,000, 10 The Supreme Court of the United
States.
There are etvso kinds of bankruptcy contemplated
by the act; voluntary and Involuntary. In the
former any person residing within the jurisdiction
of the United States, owing over three hundred
dollars, and finding himself insolvcnt may apply
by petition to the judge Of the district in which he
has resided for the six months preceding the date
of the petition, OF for the longest period during
such six raorths and shall thereupon be declared
bankrupt. The creditors having been properly
notified by the court, meet together and appoint
one or more sssignees Of the estate Of the debtor
the choice to be made by the greater part in value
and in number of the creditors who have proved
their debts OF in case of failure to agree then by
the District judge or where there are MO opposing
creditors, by the Register. The whole affairs of
bankrupt pass into the hands of the assgnees, who
have full powers granted them necessary for the
collection of oil debts and the final adjustment and
closuc up of the estate. Stringent regulations are
made for the proper deposit and safe keeping of oil
moneys received from the estate; and where delay
s likely to occur from litigation in the final distri
hutton 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 cxamina-
tion on oath upon all matters relating to the dis
posat 81 condition of his property or to his busi-
trnnSNCtlUuS, Iuu, i0i SooA S'-"sS --.s
wife may in like manner be compelled to attend as
witness in the case.
In the distribution Of The bankrupt's estate df7i
dcnds are to be paid agreed upon by ma
ority in value of the creditors from time to time
at three months intervals, but the following claims
are first to be paid in fuil-Frst, tho fees, COSTS
and all expenses under The Bankrupt act; second,
ali debts, taxes and assessments due to the United
States; third, all State dcbts taxes and assess
mcnts; fourth wages due to any operative, clerk
or house servant 10 m amount not exceeding fifty
dollars for labor performed within six months pre-
ccding the bankruptcy; fifth, all debts due to any
persons who are or may be entitled to preference
by the laws of the United States. The voluntary
bankrupt is entitled to his discharge provided no
fraud is proved against him, at any time from
sixty days 10 one yeat after adjudication of bank
ruptcy; but the proof or discovery of any fraud
eonccamcnt dcprivcs him of the right to discharge.
No person who has once received his discharge is
to be entitled again to become voluntary bank