The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-09-07
STATE LAWS FOB BANKRUPTS.

The repeal OF the Federal bankrupt act hay
ing taken effect, the State laws on the ques-
ton Of insolvency come5aato operation, and 1t
will be a matter of general interest to know
what debtors, who cannot pay their debts,
must do hereafter. In this State the law is
simple enough, and will be found In the Civil
Code under the head "Of the Cession Of Prop
erty," articles 217O to 1854 inclusive. Under
our law the surrender Of property is volun-
tary or forced. The voluntary surrender can
not be refused by the creditors unless in case OF
fraud on the part Of the debtor, but 1t N erely
operates the discharge OF the restraint Of the
debtors person and the suspension of all
kinds of judicial process against him. 1t dis
charges only such debts as the debtor has
placed upon his bilda, including those arising
from offenses and quasi Ottenses, and then
only in case majority in number and amount
agree to such discharge. In case such con-
sent be not obtained, any creditor may after
wards force a new cession, on showing that
the debtor has acquired property over and
above what Is necessary for his maintenance.
But on such cession, the creditors, who have
become such since the first cession, must be
preferred. The property coded does not
belong to the creditors, but to the debtor and
the surrender merely gives the creditors the
right to sell it and receive its revenues till
sold.
From the New York S,u, we clip the follow
ing in regard to the provisions in other States.
First speaking of New York, the SIN, says:
In this State the Legislature at it's last ses-
sion, anticipating the repeal Of the national
L.. t.
existing law The main provisions Of the law
as amended require that an "unpreferential
and impartial surrender of property through
conveyance from debtor to assignee" ac-
cepted by the latter, who joins in it and ac-
knowledged after the manner of deeds, shall be
made and be recorded. not with q register,
but III the county clerks office The debtor
files his sworn inventory and schedules with
the clerk of the county court within twenty
days after the recording Of the conveyance; ;
or IN case Of the debtors default, the fling is
such default The law provides for a due
bond from the assignee, the proper citations
to creditors, public hearing to any one in
tereSted to be accompanied with the full eX-
animation OF debtor or books or other wit
nesses, a permission for compromises and for
trials by jury Of disputed facts, and finally
for the distribution of dividends and the re-
lease OF the debtor, upon proofs OF compost
ton between the assignor and his creditors.
In Rhode Island, vermont, connecticut,
New Jersey, Michigan Wisconsin, Nevada,
California and North Carolina, the claims of
creditors are discharged upon the debtor MAX
ing an assignment of all his property. In
Indiana, Kansas, Oregon, Maryland, Mssis-
sippi and Missouri, the debtor can assign his
property. but cannot be discharged unless
every one of his creditors consents. In Penn
sylvania, Delaware, Ohio. Illinois, Kentucky,
Minnesota, Iowa, Nebraska, Colorado, Vir
glnia and Georgia, debtor may make an as
signment but he cannot get discharge ex-
cept upon payment Of his debts in full.
In Maine, New Hampshire and South Caro-
lima the law permits an assignment, but the
debtor Is discharged only from those debts
the holders of which sign the deed of assign
ment. In Louisiana the law allows discharge
il the consent of a majority of the creditors
in number and amount is obtained. In Mas
sachusetts, Tennessee, Arkansas, Colorado,
West Virginia, Florida, Alabama and Texas
debtor cannot even make an assignment.