Brownlow's Knoxville Whig. [volume] (Knoxville, Tenn.) 1866-1869, 1867-03-27

shall make any assignment gift, SALE conveyance
transfer of his estnte property, rights or credits
either within the United States or elsewhere, with
intent to delay, defraud or hinder his creditors or
held in custody under or by virtue Of mesne process
of execution issued out of any court OF any state
district or Territory, within which such debtor re-
sides or has property founded upon demand IN Its
nature provable against a bankrupfs estate under
TINS act and for sum exceeding one hundred dol
ana sncn process is remaining IN force ana not
oiscnarged oy payment or in any other manner pro-
vlded oy the law of such State district Territory,
applicable thereto for period of seven days or has
been actually imprisoned for more than seven DAYS
in civil action founded on contract for the sum
of one hundred dollars or upwards; or who, being
bankrupt or insolvent or in contemplation of bank
ruptcy or insolvency, shall make any payment gift
grant, SALE conveyance or transfer of money, or
other property estate, rights, credit give any
warrant to confess Judgment or procure or suffer
his property to be taken legal process, with in
tent to give preference to of his cred
ltoIs, or to any person or persons who are may
be liable to him as endorsers, bail saretes or other
wise, or with the intent by such disposition of his
property to defeat delay the operations of this
act; or who, being banker merchant or trader
has frauduently stopped or suspended and not re-
sumed payment of his commercial paper, within a
period of fourteen days shall be deemed to have
committed an act of bankruptcy and, subject to the
conditions hereinafter prescribed shall be adudged
bankrupt, on the petition Of enc or more of his
creditors the aggregate of whose debts provable un
der TINS act amount to at least two hundred and
nifty dollars; provided such petition is brought
within six months after the act of bankruptcy shall
have been committed And if such person shall be
adjudged q bankrupt the assignee may recover back
the money or other property paid conveyed, Sold
assigned, or transferred contrary to this act provd
ed the person receiving such payment or convey
ance had reasonable to believe that fraud on
this act was intended that the debtor was insol
vent and such creditor shall not be allowed to prove
his debt in bankruptcy"
The proceedings are similar, and the results sub
stantially the same as in cases of voluntary bank
ruptcy The estate is wound up and divided.
The original jurisdiction is given to the District
Courts Of the United States with an appeal to the
Circuit Courts when the amount in dispute exceeds
$500, and to the Supreme Court when it exceeds
$4,000.
To assist the judge of the District Court in the
performance of his duties, he shall, upon the recon-
mendaton of the Chief Justice of the United States
appoint one or more registers in bankruptcy, for
each Congressional District who must be learn ed in
the law
No proceedings shall be commenced under this
act before the 1st of June, 1867
In all proceedings commenced more than one
year after that date discharge shall be granted
to debtor whose assets fail to pay fifty cents to the
dollar, without the assent in writing of majority
in number and value of his creditors. On a second
voluntary bankruptcy debtor shall be discharged
when his estate pays less than seventyve cents to
the dollar without the assent in writing of three
fourths in value of his creditors
Very stringent provisions are made against fraud
and dishonesty, not only by avoiding the proceed
ings, but by holding the parties criminaly liable
The law will soon be published in full for the use
of the profession The object of this sketch is to
give some idea of it to the general reader What
ever may have been our previous views, we intend,
so far as are concerned, that the law, now it is
the law, shall have full and fair trial. without pre-
judice, or partisan criticism.