Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1867-06-13
THE BANKRUPT LAW.

its principal provisions will be of use. The
acts provides for voluntary and involuntary
bankruptcy, for the bankruptcy Of partner
ships and Of corporations, and for the su-
persedure of the bankrupt proceedings by
arrangement. 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 in
which such person has resided or carried
on business for the six months next i'm
mediately preceding the time of filing 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 cred
itors, and his desire to obtain the benefit
of this act; and he must annex to his pc
tition a schedule verified by oath, before
the Court, or before a Register in bank
ruptcy, or before one of the Commission
ers of the Circuit Court of the United
States, containing full and true statement
of all his debts, and, as far as possible,
to whom due with the place Of residence of
each creditor, if known to the debtor, and
if not known, the fact to be so stated, and
the sum due to each creditor also the ma,
ture of each debt or demand, whether
founded on written security, obligation,
contract, or otherwise. and also the true
cause and consideration of such indebted
ness accrued, and statement of any exist
ing mortgage, pledge, lien, judgment or
collateral, or other security given for the
payment Of the same -; and shall also an
mex to his petition an accurate inventory,
verified in like manner, Of all his estate,
both real and personal"
Notice of the proceedings must be Civ
en- to all creditors, and the property is to
be turned over to an assignee for their ben
eft. There is expected from the provisions
of the act the necessary household and
KIT hen 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 fam
lily, condition and circumstances of the
bankrupt, but altogether not to exceed in
value, any case, the sum Of $500 and al
so the wearing apparel of such bankrupt,
and that of his wife and children, and the
uniform arms, and equipment Of any per-
GO no 10 Iroo bUUrt d ovil;nr IN 4Lo
militia or in the service Of the United
, States and such other property as now
is, Or hereafter shall be, exempted from at
tachment, or seizure, or levy on execution
by the laws of the United States, and such
other property, not included in the forego-
ing exceptions, as is exempted from levy
and sale upon execution or other pro-
cess or order of any court by the laws o.
the State in which the bankrupt has his
domicile at the time of the commencement
of the proceedings in bankruptcy, to ar
amount not exceeding that allowed by such
State exemption laws in force in the yeal
1864"
Six months after the adjudication Of
bankruptcy, after publication in the news
papers, a certificate is given the bankrup
discharging him forever from all his debt
existing at that time. Any person owing
debts may involuntarily be declared
bankrupt, who shall depart from the State
district, OF Territory Of which he is an in
habitant, with intent to defraud his credi
tors or being absent shall, with such intent
remain absent or shall conceal himself f
avoid the service Of legal process in any &C
ton for the recovery of a debt or demand
provable under this act or shall concea
or remove any Of his property to avoi(
its being attached, taken, or sequester
ed on legal process or shall make any as
signment, gift, sale, conveyance, or trans
fer of his estate, property rights, credits
either within the United States or else
where with intent to delay. defraud, o.
hinder his creditors, or who has been ar
rested and held in custody under or by
virtue Of any process of execution, ISSUED
out by any court Of any State, district Of
Territory, within which such debtor resides
or has property, founded upon a demand
in its nature provable against bankrupt
estate under this act, and for sum ex
ceeding one hundred dollars, and sucI
process is remaining in force and not dis
charged by payment, or in any other man
ner provided by the law of such State, dis
trict Or Territory applicable thereto, for {
period of seven days; or has been actually
imprisoned for more than seven days in {
civil action, founded on contract for the
sum of one hundred dollars Or upwards Of
who, being bankrupt or insolvent, or il
contemplation Of bankruptcy or insolven-
cy, shall make any payment, gift, grant
sale, conveyance, or transfer of money Oh
other property estate, rights or credits, OF
give any warrant to confess judgment OF
procure Or suffer his propertysto be taker
on process, with creditors or to any person
or persons who are or may be liable for hin
as indorsers, bail sureties, or otherwise, OF
with the intent by such disposition of hi
property, to defeat or delay the operation
ofthis act; or who, being a banker, mer.
chant or trader, has fraudulently stopped
or suspended and not resumed payment O.
his commercial paper, within period o.
fourteen days.
The duties Of regsters~in bankruptcy
are, ''To make adjudication of bankrupt.
cy, to receive the surrender Of any bank.
rupt, to administer oaths in all proceedings
before him, to hold and preside at meetings
of creditors, to take proof debts, to make
all computations Of dividends and all or
ders Of distribution, and to furnish the as