Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-03-11

=. Il. 0uCDoARDOON, Bolaer.
) MONDAY EvHAIH0.. ....... MARCH II.
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TnE DANKWUPT Law.
The Bankrupt Law being u more than |
ordinary interest TO the general reader, W
present herewith synopsis Of 'ts Provis>
ions. The law gives jurisdiction in bank.
ruptcy TO the several United States District
Courts, with the United States Circuit
Courts acting in . supervisory capacity Ms
Courts of Equity, and Judges Of tho District
Courts will be assisted by Registers 10
Bankruptcy. whose powers are limited. and
provisions 10 mads Tor reference Of disputed
questions to the District Court Judges. and
ses appeals from the District Courts 70 the
Oircuil Courts, and from the latter. In cases
who're che matter Of dispute shall exceed w.
600 70 The United States Supreme Court.
There ore two kinds Of bankruptcy. vol~
ustarv and involuntary. In the former any
person residing in the United States jssis-
dietior. osing over $500, and anding him
self insolvsnt. may apply by petition to the
Judge of the District In which he has res
sided for the s'x months preceding the date
Of the petition, or Tor the longest period
during such ak months. and shall theseuPon
be declared = bankrupt The creditors
having been properly notified by the Court;
debtor the choics TO be made ~ the great
s,r.rt in value and in number Of the cred
i.ors who have proved their debts. or 10 case
Of failure TO agree, then By the District
Judge. OF where there ere no opposlng COED
tors, by the Register. The whole Affairs
Of the bankrupt pass into tho hands Of the
assienees, who have full powers granted
chem necessary for the collection ofall debts
and the dnal adjustment and closing up Of
the estate, and whom delay il likely 10 oc-
cur from litigation IN the final distribution
Of the assets, the Uours is empowered 10 d.
rect their Temporary Investment. The bank
rspt 10 liable 1t oil times 70 b. called up for
The disposal o. condition Of his property Or
business transaetions. and for good cause
Me wife nay, in like manner. be compelled
10 attend % . witness In the case. In the
distribution Of the bankrupt's estate divi>
bends are 70 BE- paid % agreed upon BY
majority. in value. Of the creditors, from
time to time, at three months intervals, but
the following claims are fret 10 b paid in
foil :-rirst. the fees costs aud expenses
under the oct second, debts, taxes and a.
sessosnts due 10 the U. 8. third. State
debts, taxes and assessments fourth,
wages TO any operative, clerk Or house ser
want 70 IN amount not exceeding $50 fos 10
Dor performed within six months preceding
the bankruptcy Ath debts due to any
psnons Who are or may be entitled to
preference BY the laws of the United States.
The voluntary bankrupt is entitled to his
discharge provided no fraud is proved
against him. II any time from sixty days to
one year after adjudication OF bankruptcy /;
but the proof or discovery Of any fraud or
cancslmcnt deprive him Of the right TO DIS
charge No person Who hes once received
his discharge Is TO DO entitled again to be-
come voluntary bankrupt, uniess HE ss-
tate 10 sufficient TO pay seven per cent. OF
his dsbts. or unless III &c fourth Of his cred
itors assent in writing 20 his bankruptcy. -
Dr~f.e>~.>a r.. ~ .
declared void by the act. and suitable pro
visions arc made for the voluntary bank,
rnptcy Of partnerships and corporations. =
The exemptions are ~ follows: 1.-THE nee
sssary household and kitcasn furniture,
aud such other articles and necsssasies Of
such bankrupt - such bankrupt - the 49,
signee shall designate and set apart, having
reference in the amount 10 the family. cons
dition and circumstances Of the banks upt
but altogether not TO exceed in value, in
any case, tie sum of $500, and also Oh,
wearing apparel Of each bankrupt, and tina
If his vito anu children, and tlc uniform
arms and equipments, Of any person who i.
service Of the United States; and such other
property as VOW ~ or hereafter shall be ex.
smptei from attach ment or seizure Or levy
on execution bv the laws Of the United
States, and such other property not inclu-
ded in the foregoing exceptions 81 10 ex'
smp,ed FROM levy an sale upon execution
or other psccess OF order Of court, by th,
laws Of the State in which tho ba. krup
has his domic,c as the time Of the CON-
aaeucement OF the proceedings in bankrupt'
cy 10 an amour, not exceeding that allow
ed by such State exemption laws il. force in
the year 1864" Acts Of involuntary bank
ruptcy under the law are classified - fol-
lows: Departure or absence from the State
where debts are owed. With intent to de.
fraud creditors; concealmsnt to avoid ssrv-
ice Of process for the recovery Of debt; con.
csal,nsnt OF property to avoid seizure on
legal process; assignments designed 70 de-
lay, csfraud. OF hinder creditors; arrest and
dsteotion for seven dsys. under execution
wv WV SASeeoiuk uUC ouuVtCO OOlt0IU /,
actual imprisonment for seven days in q
civil action founded on contract for 600
assignment gift. confession Of judgment, o.
any other oct by which preference l. given
10 any crsdiso-. sndorsss, OF suspendina
aud not rssuming pavasnt fos fourtssr
days. The petition for an adjudicatisn o
bankruptcy IN such cases may come fsou
cue o. mere ereditors whose debts reaei
$3.50. but the petition must BE- broueh,
within si1 aonshs:Aftsr the set 81 bankrupt
q hss bssn committed. In involunter,
bankruptcy the proceedings are more strin
gent than Ia other cases. The penalty 70
any fraud OF conssslmsnt, direct or inai
sest. under the oct, 10 imprisonmsns. viii
o. without hard labor. FOE . term not e
essd'ne three pears.
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1loH ron Tng Noara Mlssovni \. R.
Tho St. Louis Democrat Il infcrosd By III
contractors, Chaplin, Smith 1 Co, that ths
ships Ocean Pearl. with 1862 ttAs, Victoria
with 500 tons, Carrie Wright, with s5s
tons. and Elizabeth Yea, wi,h s4s tons, havs