The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1874-08-05
MMiseella"eons. q
THE BANKRUPT LAW.
AN OUTLINE OF THE CHANGES IN
TIE ORIGINAL ACT.


TIE ORIGINAL ACT.
The bill recently passed by Con.
grcss amending tho bankrupt law
Of 1867, and signed by tho presi-
dent on tho 23d ultimo, provides
that the court may in its discrc.
ton, on sufficient cause shown,
and upon notice and hearing, di.
rect tho receiver or assignee to
take possession Of the property
and carry on the business Of the
debtor, or any part, under the di-
rectlon Of the court, whom tho in
tcrcst of the estate, as well as of
tho creditors, will be promoted
thereby for II period not exceeding
nine months. Tho court must,
however, be satisfied that major.
ity in value Of tho creditors ap.
provo before making such an or.
der. Section l of the act is also
amended by adding provision al
lowing the court to direct that any
of tho legal assets or debts of the
bankrupt, as contra distinguished
from equitable demands, shall,
whoa not eHoooding Eve hundred
dollars be collected in tho State
courts having jurisdiction, Con.
current Jurisdiction is given tho
circuit courts with district courts
of any district Of all cases brought
by the assignee, and persons claim
ing m adverse interest or owing
any debt to bankrupt, or vico vcr-
So.
THE SELLING OF PROPERTY AND RE-
PORTS BY THE ASSIGNEE.
Unless otherwise ordered by
the court, tho assignee is TO sell
tho bankrupt's property, real or
personal, at public auction, tho
notices Of public sales to be pub
lished onco II week for throo con-
secutive weeks in q newspaper Or
newspapers designated by the
judge. Tho court, on application
of any party in interest, shall have
complete supervisory power ofLho
sales, including tho power to sot
them aside and order n resale, so
as to rcalizc tho largest sum-
The court may also order any real
estate Of tho bankrupt, or part Of
it to be sold for ono.fourth cash
and the residue within eighteen
months, Mt scvon per cont, in such
instalments rs Tho court may di-
rect, to be secured by mortgage
or lien upon tho property. Every
assignee shall keep regular &C.
count Of all m moneys received and
expended by him to which every
creditor shall havo free access.
If tho assignee fails or noglects to
we'll and faithfully discharge his
duties in tho sale or disposition of
property, it is the duty Of tho
court to remove him, and he
shall forfeit all omoIumen:s in
connection with tho ealo. If an
assignee unfairly or wrongfully
disposes of property in his charge,
or agrees to do go, he shall, upon
proof, be removed and forfeit all
foos and other compensation for
all services in connection with
tho estate, and upon conviction
be liable to n fine Of not more
than 100000, or Imprisonment
for not moro than two years, or
both. Any porso conspirina
with the assignee for similar
purpose shall, upon conviction, be
liable to like punishment. Tho
assignee to report in dotail to tho
court once in throo months, ant
| at all othcr times when ordered
nv til" court, and also TO ropor
in deta,;.l whenever any sottlomen
of his accounts is made. Upor
such settlement he must flo il
court an affidavit declaring wheth
or he has rhasnotreceived, directly
or Indirectly, any interest, benefit
or advantage from tho use or depoa
it Of funds in his keeping and ma.
, DO examined orally upon tho SAM
subject, difhe wilfu)ly swear
! falsely, ~ either case, or in his re
, port he ahail be deemed guilty 9
perjury, and upon conviction b
punished by'imprisonment not lea