The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1874-08-05
than ono yoar nor more than five

Ihah ono yoar nor more than five
years.
BEGINNING OF PROCEEDINGS IN yoL-
UNTARY BANKRUPTCY.
Section olovou Of the original
act, relating to tho beginning of
procoedingsin voluntary bankrupt
cy, is so amended ~ to provide
that tho notices ordered by tho
court shall be published in not
more than two newspapers, to bo
solicited by tho marshal. But
whonever the creditors arc so nu-
mcrous rs to make any notice un-
dor tho law, by mail or otherwise,
great and disproportionato cx.
ponso, tho court may order such
notice to be given by publication
to all creditors whose sums do not
oXcccd $50. Section twenty is
amended so as to prevent any set
OIL TO be made in debts or credits
in cases Of compulsory bankruptcy
after the act Of bankruptcy upon
or IN respect TO tho adjudication
Shall DC made. a creditor, by prov
ing his debt or claim, does not
waive his right Of action or suit
against the bankrupt whom a dis
charge has been refused or proceed
lngs determined without IL dis
charge. In all causes or trials un.
der tho act the alleged bankrupt
or any party thereto arc compo-
tent witnesses.
In cases Of compulsory or invol.
unt"ry bankruptcy, the provisions
OF tho law requiring tho pay.
mont Of any proportion Of tho
bankrupt's debts, or the assent
or any portion Of his creditors, rs
condition Of his discharge from
his debts, DO not apply; if other
wise entitled to it, ho may receive
q adischarge as ifho had paid tho per-
centurc. No discharge in cases Of
voluntary bankruptcy shall DO
made if the debtors assets arc not
equal to thirty por cent. Of tho prov
cd claims against his estate, with
out the assent Of one-fourth of his
creditors in number and onc-third
in value. The fifty per cent. pro-
vision in the original act is repeal
ed. Tho two periods of four and
six months mentioned in Section
80, under tho head Of "Prefercn-
nna and fraunulo"t e~"unyan""o do
clarod void" prescribed as the linn
it's Of oortain roclaiming and void.
ing processes, arc reduced to two
months and four months respect
lively, but this not to tako effect
for two months after tho passage
Of the act. The samo section is
further amended by tho person
procuring any part of tho propor-
ty, who must know that tho at
tachment, payment, &c, is made
in fraud Of the bankrupt law be-
foro tho samo can be declared void.
Nothing in the section shall invak
idato any loan of actual valuo, or
tho security heretofore, made in
in good faith upon security taken
in good faith ut tho timo Of the
making Of tho loan.
INVOLUNTARY BANKRUPTCY.
Forty days, instead Of fourtoon,
arc allowed to elapse before q bank,
banker, broker, merchant, trader,
manufacturer or any other person,
who fails to pay his commercial
paper is liable to bo thrown into
bankruptcy. Tho assent Of one,
fourth in number and onc-third
in value Of tho creditors in re.
quirod to throw n dobtor into
bankruptcy. This provision re.
latos back to December 1, 1873
The periods relating to arrest
and imprisonment in tho same
section (39) arc also changed from
seven to twenty days. If it ap.
pears That tho number and amount
Of creditors have not potitioned
that tho debtor be adjudgod a
bankrupt, tho court shall grant q
reasonable time, not moro than
twenty days in cases heretofore
begun, and ton days in those be.
gun hereafter, within which other
creditors may join. If tho rcqui
sito number docs not then appear
tho case is to bo dismissed. If he
is abjudgod bankrupt tho rs
signcc may recover tho money or
property fraudulently paid, con.
veycd, or sold,providing the person
receiving tho same knew q frauG
Of tho act was intended ; such per
son, although creditor, shall not
in actual cases "f fraud, be allowed
to prove for moro than moiety
Of his dobt. This Limitation is tt
apply to voluntary bankruptcy
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