The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-03-08
THE BANKRUPT LAW.

| AVoteASc Va sAS oAAAt ava thS A~hAo" 49, b
synopsis of which we are indebted to
the Philadelphia Ags, maybe thus brief
ly stated. Under its provisions jnris'
diction in cases of bankruptcy is given
to the several United States District
Courts. The United States Circuit
Courts will act in supervisory manner
as Courts of Equity, and Judges of the
District Courts will be assisted by Reg
listers in Bankruptcy, whose powers are
limited. Provision is also made for ref
erence of disputed questions to the Dis
trict Court Judges, and for appeals from
the District Courts to tho Circuit Courts,
and from the latter to the Supreme
Court of the United States, in cases
where the sums in dispute exceed two
thousand dollars.
Bankruptcy is divided into two kinds,
voluntary and involuntary. Any per-
son residing in the United States owing
over three hundred dollars, and not
being able to pay the same, may be-
come . voluntary onkrupt, on appli-
cation by petition to the Judge of the
district in which he resides. The pro-
ceedings then are as follows: ''''
"The creditors, having been properly
notified by the Court, meet together and
appoint one or more assignees 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, or in case Of failure
to agree, then by the District Judge, or
where there are no opposing creditors,
by the Register. The whole affairs of
the bankrupt pass into the hands of the
assignees, who have full power granted
them necessary for the collection of all
debts, and the final adjustment and
closing up of the estate; and where de-
Law is likely to occur from litigation in
the final distribution Of the assets, the
Court is empowered to direct their tenn
porary investment. The bankrupt is
liable at all times to be called up for
examination ON oath upon matters re-
lating to the disposal or condition Of his
property or business transactions, and
for good cause his wife may in like
manner be compelled to attend as .
witness in the case"
A majority in value of the creditors of
q bankrupt can agree upon the dividends
to be paid at three months intervals.
But the law specifies certain claims and
demands which must first be met and
provided for as far as the assets will go.
They are thus enumerated: First, the
fees, costs and expenses under the act /;
second, debts, taxes and assessments due
TO the United States; third. State debts,
taxes and assessments; fourth, wages
due any operative, clerk or house servant
to an amount not exceeding fifty dollars,
for labor performed within six months
preceding the bankruptcy; fifth, debts
due to any persons who are entitled to
preference by the laws of the United
States. If no fraud is proved against a
voluntary bankrupt at any time from
sixty days to one year after adjudica-
tion of bankruptcy, he is entitled to
legal discharge. No person who has
once received his discharge is to be enti
tied again to become voluntary bank
rupt, unless his estate is sufficient to
pay seventy per cent. OF his debts, or
unless three -fourths of his creditors as
sent in writing to his bankruptcy. Pre-
ferences and fraudulent conveyances
are declared void by the act, and suita-
BILE provisions are made for the volun-
tary bankruptcy of partnerships and
corporations. f'
The exemptions are as follows:
"The necessary household and kitchen
furniture, and such other articles and
necessaries of such bankrupt as the as
signee shall designate and set apart,
having reference in the amount to the
amount of the family, condition and
circumstances of the bankrupt, but al
together not to exceed in value, in any
case, the sum of $500; and also the
wearing apparel of such bankrupt, and
that of his wife and children, anu the
uniform, arms and equipments of any
person who is.or has been q soldier in
the militia or in the service of the
United States and such other property
as now is or hereinafter shall be ex-
empted from attachment or seizure or
levy on execution by the laws of the
United States, and such other proDerty,
not included in the foregoing excep-
tions, as is exempted from levy and
sale upon execution or other process or
order of court, by the laws of the State
in which the bankrupt has his domicile
at the time of the commencement of
the proceedings in bankruptcy to an
amount not exceeding that allowed by
such State exemption laws in force in
the year 1864" -
The law classes involuntary bank
ruptcy under the following heads: De-
parture or absence from the State where
debts arc owed, with intent to defraud
creditors; concealment ofpersOn to avoid
process;c concealment of property to
avoid seizure on legal process; assign
mspB designed, to delay, ,.defraud, or
hinder creaitdrs; atrest aud detention
foti seven days, nnder execution for
debt exceeding one Hundred dollars; ac-
tual Imprisonment for seven days in
civil action founded on contract for one
hundred dollars; assignment, gift, con-
fession of judgment, or any other act by
which preference be given to any cred
itor, endOrser or surety; dishOnoring
commercial paper, or suspending and
not resuming payment for fourteen days.
Tho petitioh to force q person into
bankruptcy must come from one or more
creditors whose debts reach two hun
dred and fifty dollars, and the action
must be commenced within six months
after the act of bankruptcy has been
committed. The other features Of the
act relates to the duties of officers APP
pointed under the law, the fees to be
paid to the same, and other matters Of
miner detail. When acted upon, no
doubt the law WIN require some amend
ments. If necessary, they can be sup
piled by the present Congress. ...y
The Virginia Prcss On the shernssn.
! skellRkarger Bill. .;oy
The columns of the State newspapers
being the only mediums at present
through which can be formed aconjec-
| tnro af the cnrrant af nnllic aninio,.