Daily globe., 1878-05-14


ed, and which provides that any creditor
who, on suing for debt exceeding 800,
finds no property to attach, may apply to the
probate court and have the debtors property
placed in the hands of trustee to be ap-
piled to the liquidation of his debts. He
does not get full discharge, however, un-
less 70 per cent. is paid. It provides also for
voluntary assignments. Maine has no in
solvent law except for the settlement of the
estates of persons deceased. 1t has, however,
provided for the voluntary assignment of
debtors property for the benefit of his
creditors. The latter are allowed three
months in which to become parties to the
proceedings, and if they do not choose to do so
they have no share in the benefits, but the
debtor is discharged only as to the claims of
those who are parties. The New Hampshire
assignment law is similar to this, except that
only thirty days are allowed the creditors in
which to give their assent to the assign
ment. In this State their is a general as
signment act, passed last year, but it pro-
vides for only voluntary proceedings and
works no final discharge. There is no
bankrupt law, properly speaking, here New
Jersey has an insolvent act intended to se-
cure the discharge of persons under arrest, |
on surrendering their property to an as-
signee appointed by the court, but it does |
not discharge property from future liability |
for debts ante-dating the proceedings. There |
is also voluntary assignment law, under |
which all creditors share alike in case they !
exhibit their claims. If they do not, they
have no share in the dividends from the |
estate, but do not lose their right to recover
in future by suits at law. The Pennsylvania
insolvent laws are only for the relief Of per
sons arrested on execution after Judgment,
and in case Of voluntary assignment the
debtor is discharged only 80 far as payment
is made In Maryland, under voluntary as
signments, which are the only kind, the
debtor is discharged only from those claims
for which release is signed by the creditor.
Most of the Western States have voluntary
assignment laws, but few of them have pro-
vided for insolvency proceedings of any
other kind. In Illinois, for instance, the
debtor may apply to the county court and
assign all his property for the benefit of his
creditors. He must exhibit an inventory of
his estate and q schedule of Indebtedness,
with list Of creditors. Notice is given, by
publication and by mail, and three months
allowed for the presentation Of claims.
Those creditors who do not participate re-
ceive no dividends until the others are paid
| in full, but there is no final discharge of the
debtor, nor is there any provision for COM
pelling an assignment. The state of the law
is similar in Ohio Indiana, Iowa, Minnesota
and Kansas. Michigan has an insolvency
act, but it provides only for voluntary pro-
ceedings. The debtor may obtain dis
charge, if no fraud or preference is shown,
but only from the claims of those uniting in
the petition or accepting dividend from the
estate. Wisconsin has quite an elaborate IN
solvency law, but proceedings are begun only
| -.1,,-ko~~, ,>o%;%;ov, NAV Or.
pose discharge, and then the issue is tried
by Jury. In case the decision is favorable
to the insolvent, Judgment is entered on con-
fession as to all the claims and discharge
entered in each case. In Missouri there is
no provision for insolvency. and in case OF
voluntary assignment there is no discharge
except on full payment or unanimous con-
sent of the creditors. In Nebraska discharge
operates only SO far as the debts are paid
Nevada has an insolvency act which pro-
vides for final discharge, but fraud on the
part of the debtor is punished by imprison-
ment and disqualification to hold Office. AS.
signments, except under this act, are pro
hibited. California also has an Insolvency
, law, and all claims are forever barred which
;, are not presented before the final settle
ment. In Oregon the only assignment:
provided for are to secure discharge from ar
rests. Among the Southern States, Alabama
. Arkansas, Florida, Georgia, Tennessee ant
Texas have made no provision at all for tn
distribution of insolyent estates or for us
signment for the benefit of creditors. Ken
> lucky provides for voluntary assignments
= but there is no final discharge without pay
= ment in full. The same is true of Nortl
= Carolina. In South Carolina the creditor
= accepting dividend are debarred fror
= further recovery, but no others. Louisian
+ has both an assignment and an insolven
a law. Under thu former discharge may b
- obtained as to the claims of those who cor
!, sent to the assignment; under the latter
ia full discharge is granted with the consent {
= q majority of the creditors in number an
" amount Of claims.
,s Thus it will be seen that there are on]
= four States in which the creditors of an il
+ solvent person can take steps to secure K
n ton Of his just debts, and prevent fraudulel
"A conveyances or unjust preferences fro
= being made. There is very small numb
~ in which bankrupt can get extricated al
~ 90 freed from his obligations by surrenderil
-. all his property. In most States, all th
~ can be done is for the unfortunate debtor
:. =. surrender all he has and rely on the consi
- crate favor Of his creditors to release hi
In some cases they are not even allowed
do it SO as to stop future prosecutic
Where voluntary assignments are MAJ
evasion, an unequal distribution and Q CO
ne plete disregard of the rights of a part Of
;he creditors nre easy enough and commol
occur. Beside, no State law can be enfort