Wilmington daily commercial. [volume] (Wilmington, Del.) 1866-1877, 1874-09-22
OFFICIAL.


T9ENEAAI NATuhk-No. f9s1
=, .or IN amend and supplement an act entitled
. !, An net 10 establish @ uniform system OF bank
nntcv throughout the United States" approved
March second, eighteen hundred and slxty-seven,
and for other purposes
~ ~ enaoted by the Senate and House Of Repfescn-
.ss If s United States Of 1nerica IN Congress as
iaa,bsd THAT the act entitled An act to establish
sVmniform system of bankruptcy throughout the
u, stutesv approved March second, eighteen
1,1red and sixty seven, be and the same lis hereby
nsmended and supplemented as follows: That the
nnrt may. In its discretion, on sufhcient cause
Urn and upon notice and hearing, direct the re-
stvr or assignee to take possession OF the proper
~ and carry on the business OF the debtor. or any
narf thereof under the direction OF the court, when
~ e Judgment, the interest OF the estate as well as
" The creditors Will be promoted thereby, but not
N sor n peTlod exceeding nine months from the time
t6 debtor shalt have been declared bankrupt
pror;J,d hat no such order shall not be made I'M
q, The court shall be satisfied that 1t is approved by
: =, majority in value of the creditors.
sro That section one OF SAID act be, and 1t Is
rords propided, That the court having charge OF
The estate OF auy bankrupt may direct that any of
The legal assets or debt Of the bankrupt as contra
unrh debt does not exceed Ave hundred dsllars, be
ollected in the courts of the State where such
bankrupt resides having JURISDICTION oi claims OF
Sneh nature and amount"
srC That section two of said act be, and 1t here
NV ia amended by striking out, in line ten, the
words " me same. ad n ,, lhe wora my
eat y 10 line twelve, the words " or owing any debl
ia such bankrupt"
epr mat unless otherwise ordered cy the court
ibe assignee shall sell the property OF the bankrupt
whether real or personal, at public auction, in such
"ar,s or parcels and at such times AMI places as
snail be best calculated TO produce the greatest
amount with the least rpense. All notices Of pub.
No sales under this acl by any assignee or oncer 81
the court shall be published once week for three
q nslcutye weeks In tho newspaper or newspapers
M be des gnated by the judge, which, in his opin
lon shall be best calculated TO give general notice
of The sale. And the court. on the application OF
any mart In interest," shall have complete supervise
rv hover over such sales. including the power Ia
set aside the and to order resale, 30 that the
nr0perty sold shall realize the largest sum And the
eonrt may In its discretion, order any real estate OF
he bankrupt or any part thereof to be sold for one
fourth cash ut the time OF sale, and the residue
within eighteen months In such indictments as the
court may direct, bearing interest at the rate oil
seven per centum per annum, and secured by pro-
Der mortgage lien upon tho property 30 sold. And
shall he the duty OF every assignee to keep reg
uar account of all moneys received or expended by
mn as such assignee. to which account every credi-
tor SHALL at reasonable times, have free access. II
any assignee shall fail or neglect to well aud faith
fully discharge his duties In the sale or disposition
II property as above contemplated, II shall he the
,luiyO the court to remove such assignee, and he
shall forfeit all fees and emoluments 10 which he
might he entitled In connection with such sale
And If any assignee shall In any manner, in viola.
ilOh Of his duty aforesaid, unfairly or wrongfully
sell or dispose Of or in any manner fraudulently OF
rOrrupty combine, conspire or agree with any per-
son or persons, with intent to unfairly or wrongful
" sell or dispose of the property committed to his
charge he shall, upon proof thereof, be removed
and forfeit all fees or other compensation for any
and all services In connection with such bankrupts
estate and upon conviction thereof before any
court OF competent jurisdiction shall be liable TO
line OF not more than ten thousand dollars, or I'M
prs0nment In the pententiary for a term not ex-
reepng two years, or both fine and imprisonment
at the discretion Of tue court And any person Sc
slgnee for the p0rpose aforesaid SHALL upon convc
ton, be liable to a like punishment That the as.
sgee shall report, under OATH to the court At least
nffp m n u
the estate in his charge, and the state OF his &C.
counts In detail and at all other times when the
court, on motion or otherwise, shall so order. And
oh any settlement OF the accounts OF any assignee
he shall be required to account for all fhe interest
benefit, or advantage received, or In any manner
sgreed to qy received, directly or indirectly from
the USE disposal, or proceeds of the bankrupts es
tate. And he shall be required upon such settle
mentt make and file In court an AFFIDAVIT declaring
according 10 the truth whether he has or has not
AZ the case may be, received, or Is or is not as the
case may be- to receive, directly or Indirectly, any
interest, benefit, or advantage from the use or de
post Of such funds and such assignee may be ex.
anlned orally upon the same subject, and II he shal
wlfuly swear falsely, either In such affidavit or ex
animation or to his report provided for fol in this
section, he shall be deemed to be guilty Of perjury
aud, onconviction thereof be punished by lmprison
ment IN lhe peniteniary not less than one nor more
than i've years
SECS That section eleven of said act be amended
" striking out the words las the warrant specifies,
where they first occur, and inserting the words 'as
Tie marshal shall select, not exceeding two; and
occurs the words But whenever the creditors Of
the bankrupt are so numerous as to make any notice
now required by law TO them, by mail or otherwise
q great and dsproportionate expense 10 the estate
the court may in lieu thereof, In its discretion, or
der such notice to be given by publication in news
paper or newspapers, to all scch creditors WHOSE
claims, ar reported, do not exceed the sums, respect
lively, OF fifty dollars"
Sgc O That the first clause of section twenty OF
slld act We amended by adding, at the end thereof
the words " or IN cases of compulsory bankruptcy
tltpT Inc utt OIL DunkruDtrV unOu IN respect 81
which the adjudication shall he male, and with I
view Of making such set-on."
SEC Ihat section twenty one of said act be ~
amended by inserting the following words iu line
SIX, nmetllatelE after " thereby: Is But creditor
proving his debt or claim shall not be held TO have
waved MS right OF action or suit against the bank
eupl Where discharge has been refused or the pro
letIllngs have been determined without a dis
charge,
SEC 5 That the following words shall lie added t,
section twenty OF said act "That In all cause
sal rals ar sing or ordered under this act the al
legeu bankrupt, and any party thereto, shall be
competent WlncSS'.
Sec That in cases of compulsory or involuntar
bankruptcy, 1.-THE provisions of said act. and an
ahenIneht thereof, or OF any supplement thereto
recurring the payment OF any proportion OF IN
nsnls OF inc bankrupt or the assent OF amp portio
u MS creditors, as condition of his discharge iron
nls aeut, shall not apply but lie may. II otherwise
entitled thereto, be discharged by thr court In tn
same manner ami with the same effect as II he ha'
paw such per centum of his debts, or as II the re
glllieu proportion of his creditors had assente
lsenalge shall he granted to IL debtor whose asset
'.ai not be equal to thirty per centum OF the claim
I nt against his his estate, upon which he sha
"e naDle as principal debtor, without the assent o
AZ least one fourth OF his creditors In number, an
uur tllrd in value and the provision of sectio
surly llree OF said act OF March second, eightee
nguea anu sixty seqen, requiring lIfty per centul
vi eucn assets, Is hereby repealed
ntV ~ Inat In cases OF involuntary or compulsor
nnanAluptcy, the period of four months mentione
~ seutoh thirty I'VE OF the act TO which this Is n
aIlehl y hereby changed to two months but IN
provision shall not take effect until two monts aftt
w passage OF this act And In the cases aforesaid
Ky period OF SIX months mentioned In said sect0
XII S 1--WE Is hereby changed to three months bl
We provision shall not take effect until three montl
utter tne passage of this act
Fly II That section thirty five OF said act he, an
"s Ei same Is hereby, amended as follows:
me word "knowing,n
secondly; After the word attachment, in III
S n nae insert the words sequestration, sci
Thirdly. After the word 'andu, in line twenty, ii
v,u ,h nWord knowingn And nothing in said sc
iVn lnlfty live shall beconstrned to tnvalidate al
nn VI aoual value, or the security therefor, mac
~ BoOl ialtl, upon security taken in Good faith
"' e occasion OF making such loan
uare, q so lllat section thirty nine OF said act
sr isn SECOND, eighteen hundred and sixty seven,
aug ..Sv ae ~ 50 ,r as to red us follows:
shV o9 lnat any person residing, and 0Wnil
sS cp's as Aforesaid, who, after the passage of u
% snail depart from the State, District, or Terrlt
iro w. Whlch he is an inhabltant, with intent to
inia. his creditors or, being absen, shall with se
avnid remain absent or shall conceal nimseli
liz ou the service of legal process In any action I
thi recovery Of any debt or demand provabIe und
na, ael or shall conceal remove any of his pi
ti sr5 70 avoid lis being attached, taken, or sequt
,ereo on legal process; or SHAH make any assig
,a,i gut, sale, conveyance, transfer of his 4
TaIt, property, rights, or credits eiteer within Il
amg gu states or elsewhere with intent to delay.
rn sau, OF hinder his creditors or who has been
ss.eu ana held In custody under or by virtue