The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-06-11
The bankrupt Law.

In full operation, q summary Of its principal pro-
visions will be OF use. The act provides for vol
tuptcy Of partnerships and Of corporations, and
for the supercedqre Of the bankrupt proceedings
by arrangement. Any person may voluntarily
obtain the benefit Of the act who owes debts e1-
Feeding iS by sppas y RsS9n RgsS aS hs
son has resided or carried on business for the
six months next Immediately preceding the time
of fling such petition, or for the longest period
during such six months, setting forth his place
OF residence, his inability to pay all his debts in
full, his Willingness to surrender all his estate and
effects for the benefit Of his creditors, and his de.
sire to obtain the benefit Of this act and he must
annex to his petition schedule verified by oath,
before the Court, q. before Register in bank
ruptcy, or before one Of the Commissioners Of tho
Circuit Court Of the United States, containing q
full and true statement Of ell his debts, and, as
far as possible, to whom due with the place OF
residenee Of each creditor, known to the debtoE,
and If not known, the fact to be 80 stated, and
the sum due to each creditor; also the nature OF
each debt Or demand, whether founded on writ
ten security, obligation, contract or otherT e,
and also the true cause and consideration Of such
indebtedness, in each case, and the place where
such Indebtedness accrued, and statement OF
collateral Of other sseuFfty given top the payment
Of the same; and shall also'snnex to his petition
an accurate inventory, verified in like manner, 9f
all his estate, both real and PERSONAL" Notice OF
tne proceedings. must be- given TO au creditors,
and the property is to be turned over to an
assignee for their benefit. There is excepted from
the provisions Of the act the necessary household
and kitchen furniture, and such other articles
and necessaries Of such bankrupt as the SAID
assignee shall designate and set apart, nav nav
iy, condition and circumstances of. the
bankrupt, but altogether not to exceed in value,
in any case, the sum Of $500 and also the wesrnp
az parsl Of such bankrupt, and that OF his wife au
Of 'say person who is OF has been ssoldief In the
militia or in the service Of the United States and
such other property as now is, or hereafter Shall
be, exempted from attachment or seizure, or levy
on execution by the laws OF the United States, and
such otaer property, not included in the foregoing
ep91 saeSSSsY sy Ss se %hsS Sa hs
rupt has his domcile ct the time Of the commence
ment Of the proceedings In bankruptcy, to an
amount not exceeding that allowed BY such State
exemption iavBin fpce in the year 1854"
six months after the adjudication Of bankrupt
cy, after pubicution in the newspapers, 9 certif-
cate Is giyen the bankrupt discharging him for
ever from al Ills aests ekisring at that time: Any
q bankrupt who shall depart from the State, Dis
trict or Territory Of which he is an inhabitant,
With intent to defraud his creditors or beng abb
sent shall, with sueh intent, remain shsent11 or
shall conceal hinssH p ageia the eervtee el legal
demand provable under this Act; or shall conceal
OF remove any Of his property to avoid it's being
sttaehed, taken, 9f seqpestered on legal pro-
or transfer Of his estate prop
United States or elsewhere, with intent to
delay, defraud, or hinder his creditors. or who
has been arrested and hald in custody under or by
virtue of any process OF execution, issued out OF
any court Of any State district or Territory with:
rvniol, cr,ch dahfOr reaidoa, haa nrOD0rtV.
founded upon demand in it's nature Provahle
aeaii,st bankrupts estate uuder this act and for
Misunderstanding one hundred dollars, and such
|lrooess semaining IN force and not discharged
oypaytne At, or IN any other manner provided
picable thereto, for period Of seven days; or
has been actually Imprisoned for more than seven
lie va in civil action, funded on contract for the
sum Of one hundred dollars or upward or who,
being bankrupt or insolvent, orin contemplation OF
bankruptcy or insolvency, shall make any payment,
gift, grant, SALE conveyance, or transfer OF money
or other property estate rights or credits, or give
any warrant to confess Judgment, or procure or
suffer his property TO be taken on legal process,
With intent to give preference te one ar more Q,
Hbe liable for him as indorserss bail surates,
oi tEerwise, or with the intenl, by such disposi-
ton Of his property, to defeat or delay the opera
ton Of this aot; or who, being banker, merchant
or trader, has fs9dulently stopped or suspended
paper, within q period Of fourteen days. The
duties Of registers in bankruptcy are, 'eTo make
adjudication Of bankruptcy, to receive the
surrender Of any bankrupt, TO administer oaths
in all proceedings before him, to hold and
preside at meetings. Of creditors, to take
moof of debts, to make all eomputatons Of divir
dsnds and ell orders Of distribution and to furnish
the assignee with certified copy OF such orders,
and Of the schedules Of creditors and assets filed
ID each case, to audit and pass accounts OF assign
ees TO grant protection, to pass the last e1amina-
ton 6f any bankrupt in cases whenever the assignee
or creditor do not oppose and to ait In chambers
and dispatch there such part Of the administrative
ters as shall be defined in general rules and orders,
or as the district judge shall in any particular
matter direct; and he shall also make short mem.
oranda Of his proceedings in each case In which
he shall act in docket to be kept by him for that
hufnosen