The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1880-11-03
Iasoivent Laws

In seven Of the. thirty-eigit
States of the Union-Alabama, Ar-
kansas, Colorado, Florida, Tennessee,
Texas and West Yirginia-there are
no insolvent laws. In California,
New jersey and Nevada the claims
Of both resident and nonresident
debtors are discharged upon the
debtor making an assignment of al
his property and giving notice there
Of by publication. In Pennsylvania
a debtor may make an assignment.
but the claims OF his creditors are
not thereby discharged and the
law IS similar in Ohio, Kentucky,
Delaware. Georgia, Virginia, Illinois,
Iowa, Minnesota and Nebraska.
On thc other hand, the law in Wis
consin and Michigan discharges q
debtor from ali his debts upon MS
assigning all his property. except
when fraud IS discovered. In Kan
sas, Indiana, Oregon, Maryland and
Mississippi an assignment does not
discharge the debtor unless all the
creditors consent In Missouri an
assignment by debtor does not
release him from his debts uniess
they are paid in full, OF all the cred
itors consent to thedebt0r's discharge
In North Carolina a debtor VINO
makes an ASSIGNMENT without fraud
being shown can be discharged
from Imprisonment, but his debts
remain IN full force In South Car
olina an assignment secures the
debtors release from imprisonment,
but only the claims Of those credit
ors who accept dividend from the
debtors estate are discharged. The
law in Louisiana permits a debtor
to surrender his property and OBTAIN
a adischarge from ali bis Liabilities
upon the consent OF q majority Of
his creditors in number ana amount.
The Massachusetts, iusoIvent act is
similar to the national bankrupt
law. except that the discharge does
not exempt the debtor, a. did the
United States law, from liability to
civil process and arrest in those
States where debts may be due
The Vermont law IS modelled on
that Of Massachusetts. The Maine
statue IS also ike the bankrupt act
Of 1867 in lis leading provisions. +
In CoEnecticgi. upon petition OF O T.
creditor, foreign or domestic, whose F..
claim Is mo-e than Sl03. a trustee /.
Is appointed 10 take charge of the
debtors estate. who sells the prop
ertv paving eoca creditor pro rata,
but the estate mast pay 20 per cent. /.
to entitle the debtor to q discharge.
In New Hampshire debtor may
assign for tac benef. OF his creditors
but such assignment does not anuul
any prior mortgage or sale, dissolve .
anv attachment or bind g creditor
who. within thirty days signifies
his dissent to-any such assignment F.
The law IS in such shape. h0weFcg,
as to he Of very little advantage 10 +
either creditor or debtor Under the
Rhode Island law any debtor whose
property has been attached or lev.
led upon may, before the sale Of the
same, dissolve such attachment CT
levy bv making an assignment T
within sixty DAYS thereafter for the .
coal benefit OF all his creditors In
New York q sworn inventory OF his T
property must be fled by the debt
or in order TO obtain the benefit of
the insolvent law. and his assign
ment must be recorded al credit
ors are privileged TO examine the
books and papers; assignees must
give bond and are subject TO remov-
al for cause upon the petition Of
creditors. and citation may be issued
to all parties interested. The County
Court Is empowered TO examine al
parties, to require accounts from as
signees, to adjudieate payment OF
pro rata, to discharge the
assignor and MS surety from liabili-
tv on proctor a compromise between (
the debtor and his creditors, and to
authorize the assignees, upon such I
70 release the assets To
the debtor
A very considerable diversity viii
be discovered in this summary Of
the ins0lvent acts Of the various
States, and the points OF divergence f
arc more numerous than those oi
similarity Without expressing any
opinion as to their relative wisdom
and justice, tits manifest that the
convenience Of thc business c0mmu-
nity would be materially advanced +
bv q substitution in their stead OF
single Congressional act, uniform
and certain in operation, covering
the whole ground of insolvency and
Observation-Disclosures Record.