The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-11
THE AMENDED BANKRUPT Law.
Duties Of Marshals and Regis
ters Defined.
PerquiSiteS and Costs Re-
duced One-Half.
The Defnitive Powers of the Court in
the Settlement of Estates.
COMPOSITION OF CREDITORS
WASHINGTON, u. c., February 10, 1874.

WASHINGTON, u. c., February 10. 1874.
The Bankrupt bill, as passed by the Senate to-
day amends the act OF March 2, 1851 as follows -
authorizes the Court in its discretion on sufficient
cause SHOWN ana upon notice and hearing 10 direct the
and or @ bs 70 take @ OF the
as, wei as Of the cred9rs w
@s :as have
tina, any q the legal the bankfupt ss
SdS5 SS SsS.
jurisdiction Of claims such nature and amount Unless
& ordered by the Court the assignee shall sell
e. eaO Ond p ns,sn such and a.
with the least expense All
Ct sales under this actby any assignee ofcer ofthe
judge or his
and the Court on application any party In interest
sHe largest se so Dd that at the sold shall realize
ic sold cash hand
Ssns n q s
ny be s "" as
By m =. such 70
any ;s shall tail Sr neglect wei and u.hfay
Se the s
Court GO to remove such assgnee and be shall forfeit
10 connection with such sale And II any assignee
unsy wronsy sell OF dispose n Of or N
ner iraudulenty or corrupty combine consplre
y ap5n of Go 70
and all services in connection with such bankrupt's
shall Ssiats
% s M In he n
imprisonment at the discretion Of the Court and any
w' eone
That me assignee shall report under oath 70 the
dition Of the estate his charge state OF his ac
oS or ss st all %n the
to al ssnfs hi
f. be ssSsysa directly the
sssnss and and s he shall be such
ing to truth whether he or has not as the case may
s dyecy or or o5 Is the may be- t.
advantage from the use or deposit of such funds and
same subject; ii he shall wuiiy falsely either
Hdsa or h Or e.1 to a to
.ra =, oo,,,,o.o GUILTY or PERJURY,
Ss s o oe and
more Sr. than ,an ,, three years. years
the s. sanS x f
max s sos s 81 are Us
or otherwise great and disproportionate expense
tom such G" Be given IN
IS $ s thu sums
That the first clause of section 20 of said act be
amended by adding at the end thereof the words
cases Of compulsory bankruptcy after the Act Of Bank
shall Be made and with view OF making such set of
line six Immediately after tnereSy, the words bs. ~
creditor dsSt sSI
up where dsG;aEe has been the proceed
That the following words added section %
OF ssid ;c THAT il ali cases and trials arising or
shall Be wness
Of ad
or OF any supplement thereto, requiring the
q any u,?sss1n the sss
al II y. sn Hs
thereto be discharged BY Court in the and
isss d
VOLUNTARY BANKRUPTCY
as @ 3 t. aSSu wh Sss
i aST5s s 5ss ss ssses q i ill.,
pealed That cases Of Involuntary or compulsory
sssy Changed e ~ s
this and s Ss'iSss
six tn in hs SS - Is
take effect till three months after the passage OF this
That section IS of said act be and is Hereby amended
.ssr the word sns ~. in line eleven insert the
y Fl SIId sHdS Inc twenty
Tnat section 50 Of said act of March 2, 1867. be
THAT any person residing and owing debts as afore-
s s as ns pr .Ss Of aSs he i'm
habitant with intent to deraud his creditors being
Conceal himself avoid the Legal process
aSn M the a ct debt or demand S
proprsy 70 aySd is being taken
pr s% rights or credits either Within the SnitSd
bis Who been arrested and %ed
o Of Sa
rory within which such debtor resides has property
estase under this act and Tor
exceeding Soo AND such process Is remaining IN force
the eoy
sG for S
Of c o action a p%a or Being for
or ss Ss make OK money grant
other property, estate rights credits or confess uds
cure his property 10 be taken legal process with
81 s are
wa,n % 81 @ o. ms
banker broker merchant trader manufacturer or
'' rRAuDuIrvrLY STOPPED PAYMENT
manufacturer or miner has stopped or suspended ana
not resumed payment within period OF forty days OF
his commercial paper made or passed in the course Of
act Of bankruptcy and subject to the conditions
the petition OF one or more of his creditors who shall
and aggregate OF whose debts Proyabe under
provabe, provided that such petition is brought within
committed and the provisions OF this section shah apply
commenced since the list day of December 1873 well
4
menced since said LIST day OF December 1873 and prior to
menced hereafter, the Court shall, If such al:
the petitionng creditors be denied by the debtor
by statement in writing to that ehect, require
him to file in court forthwith full list Of his creditors
with their places of residence and the sums due them
ana shall ascertain upon reasonable notice
the creators, whether oneourth number and
third In amount thereof aforesaid, have petitioned
that the debtor be adjudged bankrupt But II such
debtor shall, on the fling of the petition admit In writ
ing that the requisite number and amount OF creditors
have petitioned the court shall so adudge, which
JUDGMENT BIZ .
and the matter proceed without further steps on that
subject and II 1t shall appear that such number ana
amount have not petitioned the Court shall grant
reasonable time not exceeding in heretofore COM
menced twenty days and in cases hereafter commenced
ten days within which other creditors may Join III such
petition; and mt the expiration OF such time so mhed
N