The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1867-03-22
The BANKRUPT Act.

We have a synopsis of the Bankrupt
Act. which, we think, on account of It's
brevity, will be acceptable to our readers.
Jurisdiction of cases in bankruptcy is vest
ed by the law in the District Courts of the
United States, the United States. Circuit
Courts having q supervisory power as
courts of equity. Registers in bankrupt.
ey, who must be counseIlors in some court
of record, will assist the Judges in the
performance, of their duties. In case of
disputed questions, an appeal from the
Registers may be made to the. District
Court Judges, and thence to the Circuit
Court, and, in. cases. involving two thous-
and dollars and upward, to the Supreme
Court Of the United States.
The act provides for two kinds of bank
ruptcy, voluntary aud involuntary. In the
former any person indebted more than
three undred dollars, and being insolYent,
may petition the Judge of the district
where he has resided for six months pre-
ceding the date of his petition, or for the
longest period during that six months. and
EHeE6uDOQ a
creditors, upon notice, meet and appoint
an assignee or assignees Of the assets oi
the debtor the appointment to be made by
the creditors in proportion to their value
and numbers of those who have proved
their indebtedness If the creditors can.
not agree, the District Judge appoints, or
if there is no opposition, the Register
The entire estate of the bankrupt passe
into the hands of the assignees, who havt
full power of collection and adjustmen
and closing up Of the estate. All money
received are guarded by stringent rule
for deposit and safe keeping, and, in cas-
of delay in settlement, for their safe invest
! meut.. The bankrupt is always liable Il
be. called up for examination upon oath up
on all matter pertaining to his property AM
business transactions, and for good caus
shown, his wife also may be compelled t
appear. and testify. Ga
81 In. the distribution of the estate, divi
dendsIare to be paid as agreed upon by th
creditors, majority in value determining
But the following claims have precedence
! and must be paid in full : First, Expense
Of the Bankrupt act including fees, etc.
, | Second. Debts, taxes, ETC., due the Unt
ted States. Third. State debts and take:
Fourth. Wages due operatives, clerks
and servants, not exceeding fifty dollars
! for labor reformed within six months pre-
- ceding bankruptcy. Fifth. All debts du
to persons preferred by the laws of tn
United States. If no fraud appears Il
bankruptis entitled to his discharge
. Fraud or concealment deprives him of tt
- right of discharge. No person once di
charged can again become a voluntaT
/. bankrupt, unless his assets will pay sever
q ty per cent. of his indebtedness, or unlei
e theree-fourths of his creditors agree to b
bankruptcy in writing. Preferences al
II fraudulent eonVeysnces are declared vol
y Provision is made for the voluntary banl
d ruptcy of partnerships and operations.
a The exemptions under the law are nece
B, sary household and kitchen furnitare, sue
II articles as the arsigne shall designate al
., set apart, bnt not to exceed in value
"a any case five hundred dollars also Il
IS wearing apparel of the bankrupt aud that
st his wife aud children, and such other pr
e. perty as is exempted from seizure. und
a. execution by United States laws, and sue
is other property as IS exempted from le'
D. and sale by the laws of the State whe
the bankrupt resides at the time Of col