The Portland daily press., 1874-11-25
L laws
UNITED STATES
First Session Ofthe FOrty-Third Congress.

GENERAL NAruRE-No al

EAooED Al ihE
First Session of the Forty Third Congress-.
GENERAL NATURE-No TAI
ANACT to amend and supplement- an act entitled san
act to establish uniform system of bankruptcy
throughout the United States" approved March
second, eighteen hundred and sixty-seven, and for
other purposes.
seatatipes ofthe United States of Amerca'i in Con-
gress assembled, That the act entitled "An act to
establish uniform system of bankruptcy through
our the United States,'' approved March second,
eighteen hundred and sxtyseyen, be, and the same
is hereby, amended and supplemented as follows:
That the court may in its discretion on sufficient
cause shown, and upon notice and hearing, di-
rect the receiver assignee to take possession of
the property, and carry on the business of the debt
court. when in its judgments the interest of the
tate as well as of the creditors will be promoted
from the time the debtor shall have been declared
bankrupt: PYoraded, That such order shall not be
made until the court shall be satisfied that it is ap-
SEC. 2 That section one OF said act be, and II is
hereby, amended by adding thereto the following
words: 'ProDided. That the court having charge Of
the estate of any bankrupt may direct that any of
the legal assets or debts OF the bankrupt. contra
distinguished from equitable demands: shall when
collected in the courts of the state where such bank
rupt resides having jurisdiction of claims OF such
nature and amount.
SEC 8. That section two of said act be- and it
hereby is, amended by Striking out in line ten, the
words ''the same, and inserting the word amy =
in line twelve the words orowing any debt to such
bankrupt"
court the assignee shall sell the property of the
bankrupt, whether real or personal, at public
ton in such parts parcels and at suci times and
places as shall be best calculated to produce the
greatest amount with the least expense. All notices
of public sales under this act by any assignee
officer of the court shall be published once week
for three consecutive weeks in the newspaper or
newspapers, to be designated by the Judge, which, IN
his opinion. shall be best calculated to give general
notice of the sale And the COURT on the application
Of any party in interest, shall have completes uper
visory power such sales including the power to
set aside the and to order RESALE so that the
property sold shall realize the largest sum. And the
may, in its discretion order any real estate Of
the bankrupt or any part thereof to be sold for
fourth cash at the time of sale, and the residue with
in eighteen months in such instalments the court
may direct, bearing interest at the rate of per
centum per annm, and secured by proper mortgageor
lien upon the property Sold And it shall be the duty
of every assignee to keep regular account of all
to which every creditor shah, at reasonable
times, have free If any assignee shall fail
neglect to well and faithfully discharge his duties in
plated it shall be the duty of the court to remove
such assignee, and he shall forfeit all fees and emol
umeDts 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, unfairly
or wrongfully sell or dispose of, or in any manner
with any person persons with intent to unfairly
wrongfully sell or dispose OF the property COM
ntteQ charge, ne SUall, upon pr0Of thereof.
be removed, and forfeit all fees or other compensa-
ton for any and all services in connection with such
bankrupts estate and, upon conviction thereof be-
fore an court of competent jurisdiction shall be l-
BILE to fine of not more than ten thousand dollars,
| or imprisonment in the penitentiary for a term OF
ment, at the discretion Of the court. And apv per
son so combining conspiring, agreeing with Such
assignee for the purpose aforesaid SHALL upon
signee shall report, under OATH to the court at least
often once in three months, the condition of the
estate in his CHARGE and the state of his accounts in
DETAIL and at all other times when the court on mo-
ton otherwise, shall SO order. And any settle
ment Of the accounts of any assignee he shall be
quired to account for all interest, benefit advan-
tage received, or in any manner agreed to be re-
ceiyed, directly or indirectly, from the use, disposal
| or proceeds of the bankrupt's estate And he shall
be required upon such settlement to make and file
| in court an affidavit declaring, according to the
TRUTH whether he has or has not, the may be-
received or is or is not, as the may be, re-
ceive. directly or indirectly any interest," benefit or
advantage from the deposit of such funds; and
such assigneemay be examined orally upon the same
subject and if he shall wilfully falsely either in
such affidavit or examination, or to his report pro-
ved for in thsection he shall be deemed to be guilty
of perjury and conviction thereof be punished by
imprisonment in the penentiary not less than one
| and not more than five years. -
Sec 5. That section eleven Of said act be amended
by striking out the words las the warrant specifies
where they first occur, and inserting the words 'as
the marshal shall select, not exceeding two;' and
inserting after the word Specifies where it last &C.
ours the words shut whenever the creditors Of the
| bankrupt are so numerous as to make any notice
ny law u Iueu1, Dy mail or otherwise.
great and disproportionate expense to the estate,
the court may in lieu thereof in its discretion order
such notice to be given by publication in newspa-
per or newspapers to all such creditors whose claims
fifty dolars.''
SEC 6. That the first clause of section twenty of
said act be amended by adding, at the end thereof
| the words "or in cases of compulsory bankruptcy,
after the act Of bankruptcy upon OF in respect Of
| view Of making much set-off."
SEC; z; That section twenty-one of said act be
Immediately after '.t6ereby .sBut creditor prov,
ing his debt or claim shall not be held to have waived
his right Of action or suit against the bankrupt
where discharge has been refused or the proceed
| ings have been determined without discharge"
| Sec. s. That the following words shall be added
to section twenty-six OF said act THAT in all causes
and trials arising ordered under this act the al
legged bankrupt, and any party thereto, shall be
SEC. g. That in cases of compulsory or inyolun-
tary bankruptcy, the provisions of said act and any
amendment thereof or any supplement thereto
of the bankrupt the assent of any portion of his
creditors, as condition Of his discharge from his
debts shall not apply; but he may. if otherwise
titled thereto. be discharged by the in the same
manner and with the same effect as if he had paid
such per eentum of his debts, OF as if the required
proportion OF his creditors had assented there
to. And in cases Of voluntary bankruptcy no dis
charge shall be granted to a debtor whose assets
shall not be equal to thirty per centum of the claims
proved against his estate, upon which he shall be
liable asaprincpa debtor, without the assent of at
least one-ourth Of his creditors in number and one
three of said act OF March second eighteen hundred
and sxty-seven, requiring fifty per centum of such
assets, is hereby repealed.
| Sec. IL. That in cases of involuntary or compul
| sorry bankruptcy tie period of four months men,
TONED in section thrtyve of the act to which this
is an amendment is hereby changed to two months;
but this provision shall not take effect until two
months after the passage of this act. And in the
cases aforesaid the period of six months mentioned
IN SAID section thirtyve is hereby changed to three
months; but this provision shah not take effect until
three months after the passage of this act.
SEC. IL. That section thirty-five of said act be-
and tue same is hereby amended as follows:
the word "knowihg."
Secondly. After the word "attacbment in the
same line, insert the words sequestration sezure''
Thirdly After the word "and," in line twenty,
insert the word ''knowing." And nothing in said
section thtty-five shall be construed to invaidate
any loan OF actual vaine the security therefor,
made III good faith, upon security taken in good
Iaith on.the oceasioR,of the making of such loan.
SEC r. That section thirty-nine of said act of
March second, eighteen hundred and sxty-seyen be
amended SO as to read as follows:
SEC; 80: That any person residing, and owing
debts, as aforesaid, who after the passage of this
act sna depart from the state, district territory
OF which he is an inhabitant. with intent to defrau
his creditors or, being absent, SHALL with such in
tent, remain ABSENT shall conceal himself to avoid
recovery Of debt or demand provable under this
ct, OF snali conceal or remove any of his property
ega .s being attached taken or sequestered
SAFE conveyance, or transfer of his estate property
credits either within the United States or
Win iuleuG 10 uelay, QeIrauQ, or hinder
us creditors; or who has been arrested and held in
custody under or by virtue of mesne process or exec
cuon issued out of any court in the Uni6od States
OF or any state district, territory within which
such debtor resides or has property founded upon
demand IN its nature provable against bankrupt's
estate under this act, and for sum exceeding one
hundred dollars, and such process is remaining i'm
force and not discharged by payment or any other
manner provided by the law of the United States or
o. s9eh state district or territory applicable there
tmiprisoned for more than twenty days in ciu ac
Ton founded on contract for the sum of one hundred
dollars or upward; or who, being bankrupt or insol-
VENT or in contemplation of bankruptcy or nsoven-
cy, snall make any payment, gift grant, sale con-
ssyance or transfer Of money other property
give any1warrant TO confess judgment OF Procure his
property to be taken on legal process with intent to
give preference to one more of his creditors or
20 TO- any person or persons who are may be liable
oe MN as lndorsers, bail, sureties, otherwise or
with the intent by snch disposition of his property
TO defeat or delay the operation of this act or who
Delng a bank, banker, broker, merchant, trader
manufacturer or miner, bas fraudulently stopped
payment, or who being bank, banker, broker mer-
en- cra 10 t,aaer or miner has stopped
period of forty days. of his commercial paper, made
or passed in the course of his business as slch or
who, being hank hankar cho1l frt,, 49,,