Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1874-09-10
OFFICIAL.
Laws of the United States Passed IA
the First Session of the FOrty-TEirGi
Congress.
GENERAL NArURE-No. IA

tenn of bankruptcy throughout the United
States" approved March second, eighteen
hundred and sixty seven, and for other puF'
poses.
Be it enacted Bg the Senate and House Of Rep
resent1tiUeS of the United States Of America IN
Congress assembled, That the act entitled "A An
act to establish a uniform system of bank
ruptey throughout the United States" ap-
proved March second, eighteen hundred and
sixty seven, be and the same is hereby amend
ed and supplemented as follows: That the
court may, in its discretion, on sufficient cause
shown, and upon notice and hearing, direct
the receiver or assignee to take possession OF
the property, and carry on the business of the
debtor, or any part thereof, under the direc-
ton of the court, when, in its Judgment, the
interest of the estate well as of the credit
ors will be promoted thereby, but not for pc
riod exceeding nine months from the time the
debtor shall have been declared a bankrupt:
PTOUided, That such order shall not be made
until the court shall be satisfied that it Is ap
proved by a majority in value of the credit
ors.
SEC. 3. That section one of aaid act be, and
it is hereby, amended by adding thereto the
following words: Z" "Pr0Uided, That the court
having charge of the estate of any bankrupt
debts of the bankrupt, contradistingHished.
from equitable demands. shall, when such
debt does not exceed five hundred dollars, be
called in the courts of the State where such
bankrupt resides having jurisdiction of claims
of such nature and amonnt."
SEC. 3. That section two of said act be, and
it hereby is, amended by striking out, in line
ten, the words 1.-THE same, and inserting the
word "any''; ''and by adding next after the
words "Rdverse interest" in line twelve, the
words ''or owing any debt to such bankrupt"
SEC. 4. That unless otherwise ordered by
the court, the assignee shall sell the property
of the bankrupt. whether real or personal, at
public auction, in such parts or parcels and at
such times and places as shall be best caleu-
lated to produce the greatest amount with the
least expense. All notices of public sales un-
der this act by any assignee officer of the
court shall be published once a week for three
consecutive weeks in the newspaper or news
papers, to be designated by the judge, which in
his opinion, shall be the best calculated to
give general notice of the sale. And the court,
ON the application of any party in interest,
shall have complete supervisory power over
such sales, including the power to set aside
the same and order resale, SO that the prop
erty sold shall realize the largest sum. And
the court may, in its discretion, order any real
estate of the bankrupt, or any part thereof, to
be sold for one-fourth cash at the time of sale,
and the residue within eighteen months in
such instalments as the court may direct,
bearing interest at the rate of seven per cent
um per annum, and secured by proper mort
gage or lein upon the property SO sold. And
it shall be the duty of every assignee to keep
a regular account of all moneys received or
expended by him as such assignee, to which
account every creditor shall, at reasonable
| times, have free access. If any assignee
shall fail or neglect to we'll and faithfully dis
| charge his duties in the sale or disposition of
property as above contemplated, it shall be the
| duty of the court to remove such assignee, and
| he shall forfeit all fees and emoiuments to
which he might be entitled in connection with
| such sale. And if any assignee shall, in any
manner, in violation of his duty aforesaid, un-
l INT full e
any manner fraudently or corruptlv combine,
| conspire or agree with any person persons,
| with intent to unfairly or wrongfully sell or
or dispose of the property committed to his
| charge, he shall. upon proof thereof, be re-
moved, and forfeit all fees or other eompensa-
ton for any and all services in connection
| with such bankrupt's estate, and, upon con-
VlctlOn thereof before any court OF competent
| Jurisdiction, shall be liable TO q tlne of not
1 more than ten thousand dollars, or imErison-
ment in the penitentiary for n term of not ex-
ceeding two years, or both fine and imprison-
ment, at the discretion of the court. And any
person SO combining. eOnspiring, or agreeing
with such assignee for the purpose aforesaid
shall, upon conviction, be liable to like pun
lshment- That the assignee shall report, un
der oath, to the court, at least as often as once
in three months, the condition of the estate il
his charge, and the state of his accounts IL
detail, and at all other times when the court
on motion OF otherwise, shall so order. Ant
| signee, he shall be required to account for al
interest, benefit advantage received, il
any manner agreed to be received, directly o
indirectly, from the use disposal, or proceed
of the bankrupt's estste. And he shall be re
quired, upon such settlement, to make and I'll
in court an affidavit declaring, according t
the truth, whether he has has not, as tn
case may be, received, directly or indirectly
any interest, benefit, or advantage from th
use or deposit of such. funds; and such as
Al
subject, and if he shall willfully swear false
ly, either in such affidavit or examination, G
to his report provided for in this section,
shall be deemed to he guilty of perjury, and
on conviction thereof, be punished by i'm
prisonment in the penitentiary not less tina
one and not more than five years
SEC 5. That section eleven of said act l.
amended by striking out the words 'as tn
I warrant specifies where they first occur an
inserting the words f'as the marshall sha
: elect, not exceeding two; and inserting afte
the word "specifies' where it last occurs th
" words "But whenever the creditors of th
bankrupt are numerous as to make any ne
tiee now required by law to them, by mail
: otherwise, a great and disproportionate ex
pense to the estate, the court may, in lie
thereof, in its discretion, order such notice
be given by publication in a newspaper
newspapers. to all such creditors whose claim
as reported do not exceed the sums, respec
lively, of fifty dollars
!. SEC. 6. That the first clause of section twel
ty of said act be amended by adding, at tt
end thereof, the words "or in cases of con
4 pulsOry bankruptcy, after the act of ban
II rupteY upon or in respect of which the adj
dicatlon shall be made, and with view
making such set-off."
SEQ. Z. That section twenty-on of said d
be amended by inserting the following wor
in line six, Immediately after thereby: "B
a creditor proving his debt or claim shall M
be held to have waived his right of action
suit against the bankrupt where q dischar
has been refused or the proceedings have be-
determined without discharge"
SEC. 8. That the following words shall
added to section twenty-six of said act: eth
, in all cases and trials arising or ordered U
- der this act, the alleged bankrupt and a
party thereto, shall be competent witness
SEC. 9. That in cases of compulsory or
voluntary bankruptcy the provisions of sa
act, and any amendment thereof, or of q
supplement thereto, requiring the payment
any proportion of the debts of the bankru
ID or the assent of any portion of his creditO
as o condition of his discharge from his deb
shall not apply; but he may, if otherwise
titled thereto. be discharged by the court
the same manner and with the same effect
he had paid such per eentum of HE debts,
as if the required proportion of his credit
. had Asselted thereto. And in cases of vol
: tary bankruptcy, no discharge shall be graz
ed 10 debtor whose assets shall not be eq
to thirty per centum of the claims pro-
against his estate, upon which he shall be
bic as principal debtor, without the assent
Isl at least one-fourth of his creditors in mum
and One-third in value; and the provision
section thirty three of said act of March
en- cond, eighteen hundred and sixty seven,
ess, curing fftv per centum of such assets
hereby repealed.
- SEC. TO- That in cases of involuntary
= compulsory bankruptcy, the period of
months mentioned in section thlrty-fiv
4 H.. - Il. II
). by changed to two months; but this provis
shall not take effect until two months O
the passage of this act. And in the cases af
said, the period of six months mentioned
said section thirty five is hereby changed
three months but this provision shall not