Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-03-08

rupt bill, passed at the late session, and
now the law Of the land
Section ! provides that the several Dis
trict Courts Of the United States are con-
stituted courts Of bankruptcy, shall have
original jurisdiction il their respective
districts in all matters and proceedings 10
bankruptcy, and are authorized TO hear and
adjudicate the same according to the pro-
visions of this act The courts shall be
always open for the transaction Of business
under this act, and the powers and jurisdic-
ton hereby granted and conferred shall be
exercised as well in vacation as in term
time. And the jurisdiction hereby con-
ferred shall extend to all cases and coutro-
versies arising between the bankrupt and
any creditor or creditors who shall Clainl
any debt or demand under the bankruptcy :
10 the collection Of all the assets OF the
bankrupt; 10 the ascertainment and liquida-
ton Of the liens and other specific claims
thereon; to the adjustment of the various
priorities and conflicting interests Of all
parties; and to the maFshaling and dispo-
sition of the different funds and assets, so as
to secure the rights Of all parties and due
distribution and settlement Of the estate.
-dAh NDhllH may SIT lbI kiAE u dtindNAiOll VI
business in bankruptcy at any place in the
district, Of which place, and the time Of
holding court, they shall have given notice,
as well rs at the places designated by law
for holding such courts.
Sec. gives concurrent Jurisdiction TO the
Circuit Courts, in all matters Of law and
equity arising under the act, and limits the
time of commencement Of suits by or
against assignees in bankruptcy to two
years from the date of the cause of action.
Rights of action barred at the time the as
signee is appointed, cannet be revived un-
der this law
Sec 3. Judges Of the District Courts,
upon the recommendation of the Chief
Justice Of the Supreme Court, shall appoint
in each district one or more Registers in
bankruptcy, 30 assist the District Judge in
performing his duties under this act. Re
gisters must be lawyers, give bond and
take the iron-clad oath.
Sec. 4. Registers in bankruptcy shall
have power to make adjudication in bank
ruptcy, to receive the surrender of any
bankrupt, 10 administer oaths in all pro-
ceedings before him, TO hold and preside at
meetings of creditors, 10 take proof of
uEDlHs 10 Nldht al tNln BuAdAlOllS VI NANl-
dends, and ell orders Of distribution, 10
audit and pass accounts Of consignees, to
grant protection, TO 10 pass the last eXami-
nation of any bankrupt in cases whenever
the assignee OF a creditor do not oppose,
and to sit in chambers and dispatch there
such part Of the administrative business of
the court and such uncontested matters az
shall be defined in general rules and orders,
or as the District Judge shall in any par
ticular matter direct; but in all cases where
an issue Of fact or of law is raised and con
tested by any party 10 the proceedings be-
fore him, it will be his duty to cause this
question or issue to be stated by the oppos-
ing parties in writing and he shall adjourn
the same into court for decision by the
Judge. ..-..
Secs. 3, 6 and Z, regulate the details of
Jurisdiction Of Registers
Section s authorizes appeals from Dis
trict to Circuit Courts and writs of error in
cases Of debt or damage to the amount OF
more than $500 a..
Sec 9. Appeals are allowed from Cir
cult Courts to the Supreme Court of the
United States, only in cases involving more
than $1,000. r# E
t'NA. ~ Alt JhNAlNtS VI lllt NlAAa
| Court shall frame general orders under the
/ act, to regulate The practice and procedure
| in bankruptcy courts, the duties Of officers
the fees and costs, and the filing, custody
and inspection of records. Es
Sec. IL. If any person residing within
the jurisdiction Of the United States, owing
debts exceeding the amount of $500 shall
! apply by petition to the Judge of the judi
cial district in which such debtor has resi-
ded or carried on business for six months
setting forth his place Of residence, his ina.
bility to pay all his debts in full, his viii.
| lingness 10 surrender all his estate and
| effects for the benefit of his creditors, and
] his desire to obtain the benefit Of this act
shall annex 20 his petition a schedule, yeri-
fed by oath, containing full and true state.
ment of all his debts, and 10 whom due
| with the place of residence Of each creditor
! if known, and if not known the fact to he
40 stated, and the sum due to each creditor
also, the nature Of each debt or demand
and also the true cause and consideration
Of such Indebtedness in each case, and the
| place where sach Indebtedness accrued, ano
a statement of any existing security giver
for the payment of the same; and shall
also annex 20 his petition an accurate in
ventory, verified in like manner, of all hi
estate both real and personal, assignabl.
under this act, describing the same, and
stating where il is situated, and whethei
there are any, and il so, what incumbran
ces thereon, the filing of such petition shal
be an act Of bankruptcy, and such peti
toner shall be adudged bankrupt. TIT
bankrupt must take an oath of allegiance
notice to creditors and debtors is to b
served and published, the payment of debt
ON delivery Of property to the bankrupt
and the transfer of property by him, ar
thereupon forbidden; and a meeting 0
creditors, to prove their debts, and choos
assignees, is to be held within ninety day
after issuing the warrant.
Secs. 70, 13, IA, f5, Is, II and Is, ar
devoted 10 regulating the powers and du
ties Of assignees, the recovery, custody ant
disposition Of the bankrupt's estate, tn
compensation Of the assignees. Househol
furniture and such other necessaTies q
the assignee shall designate, not 20 exeee
$500 in any case, are exempted from th
operations Of the law also, the wearin
apparel Of the bankrupt and hi
family, and such other property as now i
i OF hlitaltSA NllNAA W. NANAaiANA AARAA a
tachment or seizure, OF levy on execution
bv the laws ofthe United States, and sue
other property, not included in the for'
going exceptions, as Is exempted from lev
and sale, upon execution OF other procet
or order Of court, by the laws of the Sta
+ in which the bankrupt has his domicile, a
amount not exceeding that allowed by sue
State exemption laws in force in the ye'
. | 1854
Sec. 10 TO "A, inclusive, provide for Il
proof Of debts and claims; the adjustmel
| of mutual accounts between the bankruI
and his debtors and creditors the linden
| ni6cation af persons liable as bail or sure
for the bankrupt; the stay Of suits al
proceedings by creditors against him uni
, the decision of the court in bankruptcy
I made the regulations Of matters growiE
, out of partnerships Of bankrupts, etc.
+. Sec. 25 provides for the sale OF Peris
= able property, and property liable to d
e. terioTate in value OF the title to which
- in dispute; the proceeds Of the sale %
D. considered the measure Of the value OF q
property in any suit between the parties.
Sec 20 authorizes the examination
bankrupts, under oath. upon all matte
relating % the disposal or condition
has property, his accounts, and debts d
o 10 or claimed from him. For neglect
a refusal 10 obey any order of the court, q
-~l-a-srlH -. -5.-,r.,.tfs.F IL