Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-08-19

THE BANKRUPT LAW ExTENDED'
The bankrupt act of March 3, 1861
has been extended, as heretofore an
nounced, to the LIST of January, 1859 that
is, the fifty per cent limitation clause has
been suspended until that time. The
other amendments to the law are Of little
OF no Importance, and are made to corr
rect some errors in the wording of the
act, with the exception, however, OF the
amendment requiring the fifty dollars
heretofore paid to the Register, to secure
costs, TO be paid to the Clerk Of the Court
in which the petition is fled. The ex-
tension Of this law will be beneficial to
persons who in the present dull times
have not been able to meet their obliga-
tions indeed, while the involuntary
clause of the act remains, which is OPP
pressiye and harsh, it is better that the
law in its voluntary application should
also remain. It gives the debtor choice
which enables him TO obtain discharge
The following is a correct copy Of the
law as approved by the President: M
Section l. That the provisions Of the
second clause Of the thirty-third section of
said act, shall not apply to cases of pro-
ceedings in bankruptcy commenced prior
TO the first day Of January, 1869, and the
tine during which the operation of the
4 provisions of said clause is postponed shall
be extended until the said first day of jan
nary, 1869; and said clause is 30 amended
as to read Al follows: In all proceedings in
bankruptcy commenced after January,
1869, no discharge shall be granted to q
debtor whose assets shall not be equal to
fifty per centum of the claims proved
against his estate, upon which he shall be
liable az the principal debtor, unless the
assent in writing of a majority ia number
and value of his creditors 10 whom he shall
have become liable "a principal debtor, and
who shall have proved their claims, be
| filed in the case or before the time of the
hearing Of the application for discharge.
Sec. 2. That said act be further amended
as follows: The phrase presented on
depended in the fourteenth section Of said
act, shall read prosecuted or depended )"
the phrase nonresident debtor" in line
five, section twenty-five of the act IS
granted in the STATUTE AT LARGE, shall
read nonresident creditors that the
word "or" in the next 10 the last line OF
the thirty ninth section, shall read " and )"
and that the phrase section thirteen" in
the forty second section of said act, shall
read section eleven )" and the phrase " or
spends any part thereof in gaming" in the
forty-fourlh section of said act, shall read
"or shall spend any part thereof in gam
ing" and the words with the senior Regis
ter Or" and the phrase to be delivered to
the Register in the forty-seyenth section
| Of said act, to be stricken out. .
Sec. 5. That the Registers in bankruptcy
shall have power to administer oaths in all
cases and in relation TO all matters in
which oaths may be administered by Com
missioneTs of Circuit Courts of the United
States, such Commissioners may take proc
| Of debts in bankruptcy in all cases, subject
! TO the revision Of such proofs by the Regis
ter and by the court, according TO the pro.
| visions of said act. a-
Approved July 18th, 1865.