American citizen. [volume] (Canton, Miss.) 1864-1890, 1873-05-10

| NtHtui'' y SclS IDfln all the
liabilities, arranged under five heads. a
l includes preferred claims, viz; debts
taxes and assessments due 20 The Federal
and State Governments, and wages due tC
Clerks and operatives, to an amount moi
exceeding fifty dollars, and for work rem
dercd within six months A : sets forth
all debts secured by mortgages, pledges
liens or colaterals. A 3, unsecured debts
4 4, liabilities on notes and bills discount
ed, and A g. accommodation paper.
The petition, properly made out, having
been deposited with the District Clerk, the
matter is referred to the Register in Bank
ruptcv who examines the schedules, and
finding thew correct, certities to the fact
AMI calls a meeting of the creditors.
This meeting must be called for some
day not less than ten, nor more than nine
ty, days after the filing of the petition
Generally twenty days is the time allowed
for the preparation of the case, The Reg
lister may accept at the outset the slIrren
der of the property by the bankrupt, but
he cannot compel such Il surrender
though, if he thinks necessary, he may
| appoint Il Waterman over the property
At this meeting the schedules are exam
ined, claims presented, and an assignee is
elected. This assignee had as absolute
and perfect control over the property as
had the bankrupt before the proceedings
|
interest of the creditors, and convert the
property into money as last as can be done
consistently with the interests of all con-
cerned.
Within twenty days the assignee must
make IA report to the creditors showing the
amount and condition of all property
| which he has received, and all moneys
which he has received from the sales of
property, and at this meeting a dividend
NAV be declared. In general, if there is
no dividend to declare no meeting is held,
| and the assignee's report ia merely filed
| with the Register. Certain articles belong
| ing to the bankrupt are exempt from seiz-
ure, viz: necessary kitchenand household
| furniture to the extent of five hundred dol
lars, and the wearing apparel of the
| family; also, such property as is exempted
| under State laws.
| The business IL generally finished at the
] third meeting of the creditors, and the
| bankrupt gets his discharge if no creditor
| objects to it on the ground of fraud or
| error. However, the bankrupt cannot get
| discharge if his assets fail to pay fifty
per cent. of the proved claims, except by
| the consent of maiority of number and
| value of the creditors On account of
| subsequently discovered fraud, the dis
| charge NAV he contested in the United
| States District Court at any time within
| two years If no debts can be proved, or
| if no assets come into the hands of the
| assignee, the bankrupt may apply for his
| discharge after sixty days and within one
| year. But if debts have been proved, or if
assets have come into the hands of the es
signee, the application must be made
after six months and within one year. No
| person who has once been discharged can
| be discharged for any subsequent bank
ruptcy if his assets do not pay seventy per
cent. of the proved claims against him, I'M
! less he can show that he has paid up all
| the deficits of the previous bankruptcy, or
| can get the consent to his discharge of
! three-fourths of his creditors.
When a man is put into involuntary
| bankruptcy the petition is made by one of
| the creditors, and filed, as in the other
| case, with the Clerk of the District Court.
| Due notice of the petition is then given to
| the other creditors and the debtor, and a
hearing is had before the District Judge.
| If IA case of bankruptcy is made out the
| Judge turns the matter over to the Regis
ter, and the affair proceeds as in voluntary
| bankruptcy.
| OF course the monkey must have little
| of the cheese which he divides with such
| care and impartiality among the avarici-
Gus cats. But his bites, though frequent,
are not large, and his share is far from
| being that of the lion. The law allows to
| the Clerk of the Court for the issue of
| every warrant, two dollars; for each day
| in which meeting is held, three dollars
| for each order for a dividend, three dollars ;
| for every order substituting an arrange
ment by trust deed for bankruptcy, two
dollars; for every bond with srreties, two
dollars; for every appointment for any
| meeting of creditors, one dollar; for every
| DAYS service while actually employed
under special order of the Court, sum
not exceeding five dollars; for deposit
tons, the usual fees; for every discharge,
| when no opposition is made, two dollars.
| All these have Il priority of claim on
| the assets, and before any warrant issues,
the petitioners must deposit fifty dollars
with the clerk as surety for their payment.
| And if the assets are not enough to pay
them, the petitioners shall do so. Before
a dividend is ordered the assignee shall
pay to the messenger for the service of
each warrant, two dollars. For necessary
travelling expenses, at the rate of five cents
| "A mile each way. For each written note
| to the creditor named in the schedule, ten
cents. For the custody of property, pub
LEGATION of notices, other services, and any
| other necessary expenses, such a sum as
the court shall determine.
| So much for the general act. Besides
| these the courts allow the following fees
to clerks: For every copy of any paper
in proceedings in bankruptcy, twenty-five
cents for certifying the same, and ten
cents in addition for every folio of one
hundred words For every note required
to be sent by mail, ten cCnis. Also, the
following fees to registers: For every afii-
davit to any petition, schedule, or other
proceedings in Bankruptcy, or in proof of
| debt by any creditor or agent, twenty five
cents for each oath. For examining the
petition and schedule, and certifying the
same to be correct, three dollars. For as
signment of bankrupt's effects, one dol
lar. For every notice of appointment to
an assignee, fifty cents, and the same for
each order to the assignee to publish the
notice of his appointment
| For every order for the examination of
the bankrupt or his wife, one dollar. For
| each summons to a witness twenty-five
cents. For taking examination of the
| bankrupt or his wife, and each eXamina-
| ton in proof of debt, twenty cents Il folio,
and one dollar for each hour engaged.
| For certifying each affidavit or deposition
in proof of debt as satisfactory, twenty-five
cents. For the computation of a dividend,
| five dollars, and ten cents extra for each
creditor to whom the dividend is declared.
For each certificate of question to the Dis
trict Court or Jud ge, one dollar. When
| the examination does not occur in the Reg
ister's office he is entitled to compensation
for travelling expenses.
| For each note required to be sent to a
creditor the Register may charge fifteen
cents, and for each memorandum sent to
the clerk, ten cents a folio and fifteen cents
| for the certificate. An accurate account
must be kept of all these fees, and the ac-
count must be examined by an auditor,