Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1867-06-07
The Bankrupt Law.

LIST inst. IN 1uil operation, summary OF It's
principal provisions will be Of use. The
act provides for voluntary and involuntary
bankruptcy, for the bankruptcy of partner
ships and Of corporations, and for the super
seizure of The bankrupt proceedings by ar
rangement. Any person may voluntarily
obtain the benefit of the act who owes debts
exceeding $500, by applying by petition 'to
the Judge of the Judicial District i'll which
such person has resided or carried on bust
ness for the six months next Immediately
preceding the time of fling such petition,
or for the longest period during such six
months setting forth his place of residence.
his inability to pay all his debts in full. his
willingness to surrender all his estate and
effects for the benefit of his creditors, and
his desire to obtain the benefit of this act;
and he must annex to his petition schedule
verified by OATH before the Court, or before
a Register in bankruptcy, or before one of
the Commissioners Of the Circuit Court Of
the United States, containing a full and true
statement of all his debts, and, as far as pos
sible, to whom due with the place of resi-
dence Of each creditor, if known to the debt
or, and if not known, the fact to be 50 stated,
and the sum due to each creditor also the
nature of each debt ordemand, whether
founded on written security, obligation, con-
tract, or otherwise, and also the true cause
and consideration of such Indebtedness, in
each case, and the place where such indebt-
edness accrued, and statement of any exis-
ting mortgage, pledge, lien, judgment or
collateral or other security given for the
payment of the same; and shall also annex
to his petition an accurate inventory, verified
in like manner, Of all his estate, both real
and personal" - Notice Of the proceedings
must be given to all creditors, and the prop
erty is to be turned over to an assignee for
their benefit. There is excepted from the
provisions of the act the necessary house
hold and kitchen furniture, and such other
articles and necessaries Of such bankrupt as
the said assignee shall designate and set
apart, having reference in the amount>to the
family, condition and circumstances Of the
bankrupt, but altogether 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, and the
uniform, arms and equipments of any person
who is or has been soldier in the militia Or
in the service of the United States and such
other property as now is, or hereafter shall
be, exempted from attachment, or seizure,
or levy on execution by the laws Of the Uni
ted States, and such other property, not in
Guided in the foregoing exceptions, as is ex-
empted from levy and sale upon execution
or other process or order Of any court by
the laws of the State in which the bankrupt
has his domicile at the time of the COM
mencement of the proceedings in bankrupt
cy, to an amount not exceeding that allowed
by such State exemption laws in force in the
year 1864 "
Six months after the adjudication Of bank
)ruptcy after publication in the newspapers,
a certificate is given the bankrupt discharging
him forever from all his debts existing at that
time. Any person owing debts may lnvoun-
tarily BE declared a bankrupt, who shall
"depart from the State, district or territory
Of which he is an inhabtant, with intent tf
defraud his creditors or being absent shall:
with such intent, remain absent; or shall con
ceal himself to avoid the service Of legal pro
cess in any action for the recovery OF deb
or demand proyable under this -act; or shall
conceal OF remove any of his property tt
avoid its being attached, taken or sequesteree
on legal process or shall make any assign
ment, gift, sale, conveyance, or transfer 0
his estate, property, rights, or credits, eithe
within the United States or elswhere with i'll
tent to delay, defraud, or hinder his creditors
or who has been arrested and held in custod,
under or by virtue of any process OF execution
issued out Of any court of any State, distric
or Territory, within which such debtor reside
or has property, founded upon demand il
its nature provable against bankrupt's es
tate under this act, and for sum exceeding
one hundred dollars, and such process is re
naming in force and not discharged by pay
ment, or in any other manner provided b
the law tf such State, district or Territor
applicable thereto, for period Of seven days
or has been actually imprisoned for more thai
seven days in civil action, founded on con
tract for the sum Of one hundred dollars 0
upwards; or who, being bankrupt or insoly
ent, or in contemplation of bankruptcy or IN
t solvency, shall make any payment, gift
grant, sale, conveyance, or transfer OF none
or other property, estate, rights or credits
Or give any warrant to confess judgment, 0
t procure or suffer his property to be taken Q
} legal process, with intent to give preference
+ to one or more of his creditors or to any per
] son or persons who are or may be liable fo
him as endorsers, bail sureties, Or otherwise
r Or with the intent. by such disposition Of h
property, to defeat or delay the operation {
g this act Or who, being banker, merchar
or trader, has fraudulently stopped Or susper
ded and not resumed payment of his CONNER
cial paper, within a period Of fourteen days.
The duties of registers in bankruptcy are
''To make adjudication Of bankruptcy,
o receive the surrender Of any bankrupt to &C
minister oaths in all proceedings before him
to hold and preside at meetings Of creditors
a to take proof of debts, to make all compute
tons of dividends and all orders Of distrib,
o ton, and to furnish the assignee with cel
: titled copy of such orders, and of the schee
f ules Of creditors and assets filed in each cas-
0 to audit and pass accounts Of assignees,
$ grant protection, TO pass the last examlnato