The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1874-02-19
Tho Bankrupt, Law.

The following is q synopsis of the
hmendatory bankrupt Law as passed BY
the Senate. That the court may direct
the receiver or assignee to take, posses.
sicn Of the property and carry on the
business of the debtor when IN its
judgment the interest of the estate or
creditors will be promoted thereby.
That the assignee shall sell the property
of the bankrupt in such parts or parcels
es shall be best calculated to produce
the greatest amount at the least ex-
pense, and the court shall have super
visory power over such sales, notices of
such sales to be published in newspa-
pers designated by the court. The
eouft mag order any real estate of the
bankrupt to be be sold for one-fourth
cost at the time of sale and the residue
in installments bearing interest of seven
per cent. at intervals of not mere than
six months to be secured by mortgage
and lien. Assignees shall keep ac-
counts of moneys received or expended,
violation of which to be attended with
certain penalties. Conspiring to wrong
fully dispose of property is attended
with heavy penalties. A creditor prov
ing his debt, shall not be held to have
waived his right of action against the
bankrupt. In all causes the alleged
bankrupt shall be a competent witness.
In cases of requiring the payment OF
any proportion Of the debts of q bank
rupt as q condition of his discharge, he
may be discharged in the same manner
as if he had, ,paidsueh per centum of his
debts, as if the required proportion Of
his creditors had assented. In volun-
tary cases no discharge shall be granted
q debtor whose assets shall not be equal
to the tbirty-three per cent. Of the
claims against his estate. Any person
who shalldepart from the State Of which
he is a resident, or shall conceal himself
to avoid service Of process, or shall
%sas assmea s'E z saee pessssa AZ fHfm ae &
bankruptcy, these provisions to apply to
suits commenced December l, 1873, aud
since that date. In. cases Of compost
tion with. creditors, in cases nov pend
ing, whether an adjudication shall have
been had or not creditors may, at meet
ing called BY the court, upon not less
than ten days notice, resolve that a. COM
position proposed by the debtor shall be
accepted in satisfaction Of the debts
due them from the debtor, tobe opera
tive when passed by majority in NUM-
Der and three e-fourths, of the value Of
the creditors. In calculating q majority
creditors whose debts amount to less
than fifty dollars shall be reckoned in
the majority in value, but not in number.
The creditors may vary any composition
previously accepted by them the compo.
sition to be binding on all parties. A
debt er;e;uS e" I'LL 81 --sL-"sU
or promissory note, the bankrupt shall
be required to state the amounts, and
the names of parties to thepaper:' The
court may, on satisfactory evidence, re-.
fuse to confirm such composition or set
it aside, and the debtor shall be pro-
ceeded with as bankrupt Fees, com
missions and allowances Of assignees
and others to be reduced to one-half
heretofore provided.in like cases. That
in addition to the officers now author
ized to take proof Of debts against the
estate of bankrupt, notaries public are
hereby authorized to take such proof in
the manner: and under the regulation
provided by law, such proof to be eerti-
fed by the notary and attested by his
signature and official seal,