The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-09-24

tOI WIIOSc tloSCbS llOG Uc pc
centum of the claims proved against his estate
upon which he shall be liable as principal debt
or, without the assent of at least one-fourth O
his creditors in number, and one-thrd in value
and the provision in section thirty three Of salt
act of March second, eighteen hundred and six
ty-seven, requiring fifty per censum of sucl
assets, is hereby repealed. .
| SEC. 10. That in cases ofinvoluntary or com
Z! pulsory bankruptcy, the period of four month
mentioned in section thirty-five Of the act tt
which this is an amendment is hereby changed
Ito two months; but this provision shall no
take affect until two months after the passage
! of this act. And in the cases aforesaid, the
period of six months mentioned in said section
thirty-five is hereby changed to three months
but this provision shall not take effect unit
three months after the passage OF this act.
| Seer II. That section thirtyive Of said act
| be, and the same is hereby, amended as follows:
| First. After the word ''and" in line eleven,
insert the word "knowing." ~
Secondly. After the word S'attachment,' in
the same line, insert the words sseq,lestration,
seizure.o el
Thirdly. After the word '.and,,'' in line TWEEN
ty insert the word ssknowing" And nothing
in said section thirty-ive shall be construed to
invalidate any loan OF actual value. or the Sc
curity therefor, made in good faith, upon a
security taken in good faith on the occasion OF
VI UilC iildhltiS VI SQCIl 1Ottii.
SEC. -. That section thirty-nine of said act
of March second, eighteen hundred and sixty
seven, be amended so as to read as follows
I SEC. 80. That any person residing, and ow-
ing debts, as aforesaid who, after the passage
of this act shall depart from the State, District,
OF Territory of which he is an inhabitant, with
intent to defraud his creditors; or, being abb
sent. shall, with such intent, remain absent !;
or shall conceal himself to avoid the service OF
action for tha of
a debt or demand provabe under this act; or
shall conceal or remove any Of his property to
avoid its being attached, taken, or sequestered
on legal process; or shall make anyassignment,
gift sale, conveyance, or transfer OF his estate,
property, rights, or credits, either Within the
United States or elsewhere, with intent to de-
lay, defrand, or hinder his creditors ;oit who
has beemarrested and held in custody under
by virtue Of mesne process or execution, issued
out of any court of the United States or OF any
State, District, or Territory within which such
debtor resides or has property, founded upon q
demand in it's nature provable against bank
rupt's estate under this act, and for a sum eN-
ceeding one hundred dollars, and such process
is remaining in force and not discharged by
payment, or in any other manner provided by
the law Of the United States or OF such State,
District, or Territory, applicable thereto, for 4
period Of twenty days, or has been actually
imprisoned for more than twenty days in a
civil action founded on contract for the sumo
one hundred dollars or upward or who, be-
ing bankrupt. OF illsolyent, or i'll contemplation
OF bankruptcy Or insolvency, shall make any
payment, gift, grant. sale, conveyance, OF
transfer of money or other property, estate,
rights, OF credits, or confess judgment, or give
any warrant to confess judgment, or procure.
his property to be taken on legal process, with
intent to gise a preference to one or more OF
his creditors, or to any person or persons VINO
are Or may be liable for him rs endorsers, bail,
sureties. or otherwise, OF with the intent, by
such disposition OF his property to defeat OF
delay the operation Of this act or who, being
a bank, banker, broker, merchant, trader,
| manufacturer, or miner, has fraudulently stop
ped payment, or who being a bank, banker,
broker, merchant, trader, maj .uflcturer, or
miner. has stopped Or suspended and no. re-
sumed payment, within period OF forty days,
OF his commercial paper, (made OF passed in
the conrse OF his business us such), OF Who be-
ing a bank OF banker, shall fail for forty days
to pay any depositor upon dem and Of payment
lawfully made, shall be deemed to have COM
mitted an act Of bankruptcy, and, subject to
the conditions hereinafter prescribed, shall be
aiiadged q bankrupt on the petition OF one or
more of his creditors, who shall constitute one
fourth thereof, at least, in number, and the
aggregate OF whose debts provable under this
act amounts to at least one-third Of the. debts
brought within six months after such act OF
bankruptcy shall have been committed. And
the provsio' Of this section sha i apply to all
cas- Of compulsory or involuntary bankrupt-
CIV commenced since the first day OF December,
eighteen hundred and seventythree, as we'll as
those commenced hereafter. Apdsln all! cases
commenced since the first day OF December,
eighteen hundred and seventy three, and pri-
OF to the passage of this act as we'll SIS those
commenced hereafter, the court shall, it such
allegation as to the number or amount OF the
petitioning creditors be denied by the debtor,
| by statement in writing to that effect, require
him to file in court forthwith full list of his
creditors, with tier places Of residence and
| the sums due them respectively, and shall as
| certain, upon reasonable notice to the credi-
| tors, whether one-fourth in number and one
! third in amount thereof as aforesaid, have pc
| titioned that the debtor be adjudged a bank
| rupt But if such debtor shall, OIL filing the
petition, admit in writing that the requisite
| number and amount of creditors have petition
| ed, the court, Gf satisfied that the admission
was made iii good faith,J shall so adjpdge,
which Judgment shall be final, and the matter
proceed without further steps on that subject.
And il it shall appear that such number and
amount have not so pctitioned, the court shall
grant reasonable time, not eXceecing, i'll cases
heretofore commenced, stWenty days, and in
4 cases hereafter commenced, ten days, within
which other creditors may join in such petition
| And if, at the expiration OF such time so limi
ted, the number and amount shall comply with
the requirements of this section, the matter
OF bankruptcy may proceed; buff, at the eX-
! piraton of such limited time, such number
/ and amount shall not answer the requirements
| OF this section, the proceedings shall be dis
1luissed, and, in cases hereafter conlneMced
with costs. And if sltcho person shall be adj
| judged a bankrupt, the. assignee may recover
back the money or property so paid, conveyed
| sold, assigned, OF transferred contrary to Jhis
| act; Provided q: That the person receiving
such payment or conveyance had reasonable
cause to belieye that the debtor was insolvent
/ and knew that q fraud on this act was Intend
ed and such person, if q creditor, Shall not
| in cases OF actual fraud on his part, be allow
1 ed to prove for more thana lAOipty OF his debit
and this limitation on the proof Of debts shall
apply to cases of voluntary as well as inyoluli-
tary bankruptcy. And the petition of crcdi-
tors under this section HAY be sufficiently YER
flied by the oaths Of the first five sgnels there
of, if so many there be. And if any of said
first five signers Shall not reside in the district
in which such petition is to be filed. the same
may be signed and verified by the oath or oathS
OF the attorney attorneys agent. OF agents
4 of such signers. And in computing the num-
Der of creditors, as aforesaid, who snail join IN
! such petition, creditors whose respective debts
do not exceed tw o hundred and fifty dollars
shall not be reckoned. But if there be liz
| creditors whose debts exceed said sum of two
1 hundred and fifty dollars. Or if the requisite
1 number OF creditors holding debts exceeding
two hundred and fifty dollars fail to sign the
oraditnrs- bax, - loc