The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-09-14

bankruPt law, made by Mr.. -. N.
Bingham, the Commissioner in Bank
fnptoy at; Montgomery, Alabama, will
be,of interest to many of our readers.
and especially to those residing in
portions of the State where lawyers
cannot be easily consulted.
1. Petitioners under the Bankrupt
Act are required to render q schedule
Of all their debts and liabilities of
every kind and description whatso-
ever, and also, an inventory of their
estate, both real and personal, in
cluding oil property and effects, of
which they are possessed, or in which
they may. have an. interest, (though
not in possession, Yin conformity with
certain "Forms" prescribed in the
General Orders. of the Supreme
Court of the United States. These
schedules, verified by oath of the
petitioner, must accompany the petit.
ton, and when filed with the regis
trar, is the commencement of pro-
ceedings in bankruptcy.
III. Debtors contemplating bank
rnptcy, may dispose of any property,
to which they have a right, to raise
money to pay the deposit fee of $50,
and such property need not be rem
dered in their inventory, beyond stat
ing the fact of its disposition and the
purpose to which the proceeds were
applied.
III. Bankrupts are entitled to the
following list of property ont of their.
estates, (if they have it, exempt by
the laws of Alabama-to wit: wear
ing apparel of self and family, n long
list of furniture, all books, portraits
and pictures, all implements of trade,
three COWS and calves, one horse or
mule, or yoke of oxen, one wagon or
cart, twenty hogs, twenty sheep, five
hundred pounds of meat, one hun
dred bushels Of corn, all the meal on
hand, one thousand pounds of fodder
or oats, twenty-five bushels of sweet
potatoes, thirty pounds of wool, one
hundred pounds of cotton, two plows
and gear, two axes, all cloth on hand,
oil poultry, gun, and homestead of
forty acres of land, worth five hun
dred dollars. In addition to this, the
14th section of the Bankrupt law ex-
cepts from the provisions of the Act,
"the necessary household and kitchen
furniture and such other articles and
necessaries Of such bankrupt, rs the
assignee shall designate and set apart,
having reference in the amount, to
the family, condition and circnm-
stances of the bankrupt, but alto
gether not to exceed the sum of five
hundred dollars in value, in any one
case; also the wearing apparel Of such
bankrupt, and that of bis. wife and
children, and the uniform, arms and
equipments of any person who is, or
has been, 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 OF seizure, or levy on exc.
oution by the laws of the United
States"
~. The assignee has no right to
the labor or personal earnings of the
bankrupt, between the bankruptcy
and the discharge, for that would de-
prive him and his family of the
means Of subsistence. Hence, petit
tioners will not be required to in
clude the growing crop in the inven-
tory of their effects. and all bankrupts
whose petitions are filed anterior to
the maturity of their crop, and before
its severance from the soil. will keep
and use it, the same as other proper
ty acquired by their personal indus
try, the rule being thatethe profits of
the personal industry Of the bankrupt
between the bankruptcy and the dis
charge do not pass to. the assignee.
1t was held under the United. States
bankrupt law, of 1841, that all the
Acquisitions of q bankrupt, after the
filing of his petition, > are; exempt
from liability to pay debts previously,
contracted * -<'->' ?, q : {, Il Fa-a-'
V. Whatever beneficial interest the
bankrupt has in the wife's property
passes to the assignee, but court Of
equity, if its assistance is required to
realize such interest to the bankrupt's
estate, will protect the interest Of the
wife and children by imposing terms
upon the assignee, stipulating that n
provision be made for her and her
children out of the fund. If, how
ever, the property be settled, or
gift inures to the separate use of the
wife, then the assignee takes nothing,
because the bankrupt had no equita-
BILE interest therein.
The Rev. DR.. Wentworth, of Troy,
delivered sermon recently on the
T.