, 1880-04-12
A NEW BANKRUPT LAW.

prca,c,,o, ~ ~. .,r-,,,
Fasr Way 10 ne VcrsHcs-zn@rs % nn =
,,.om.s.,,, aows,rs New Iall-s0mo OF II" Com.
~ cnrrtseosatnes xs's ' Fork Tribune.
NAsnfS0vos, y. c., April 8.-Two years
Dankrupt law was nimost mniveraas mi . ouna W s..o
businessmen tbn T-n.'. "'..ssisa. a.,.. a.'onN
t..i, H., ~ y .lo 1Itun"e s"egestea edls
nn,n;n,, vdny aat i would not be strange II public
Of new barlkrupt law NJ stronulv a. ~
then called for rcnco,. e''' ~ ~
The lime Ina mt .,o+ ,o,, .,,
opinion demands the enactment oo MeH ~ PUBLIC
bankrupt law "a strongly as 1t called for the
rcpcnl Of the old one tw,, vcars oro Ncrar.
theess movement has a,rnad" ey. hnon sesets' W.
~, ,o"' lot nc" iee's'atton on this subject. 4.
ht was introduced In the Senate Inst week.
b. Mr. ConklsHg prepared by Judge Lowell.
Of Massachusetts. Tho bin hos been exam
inea. inca md % approved BY many Of the prom,
.lten. meicnanis ami manufacturers in tha
country. as we'll rs by cmtneut Iurtsts ard :,
ct;Id rfne;Itclng & lawyers who: almost without or
sion OF CotiErcss.! e' ~ ''0 pi'ss''s scs-
Jmdgn Lowell has attempted to retatn
those portions OF the former act which m =:
wisely conceived, Wills flo has trfed to e,Im.
statute. ",r[lc old system ~ nnv1r~ }3ntto.
issers, Asslgnces, and clerks according to
ycxatinUs, and any schc.inio il tIks1y tIk"
to prove So" by TIC terms OF lie n new lf Jill
Of s3oO cacit; and 10 ink meet ct % nii nter sa'a, ar1
penses except the fccs of tho cIrrks fwbtch
4 Is proposed to regulate by law at rnasoi,a.
bic rntesl eertnln round sums arc to bo paid
amount In every case tlepcndinr srmcshni. @
upon tho assets Of tho insolvcnt estate.
Il tcw feature OF The bili'is the ,ronozed
creation OF new officer in ench circntt, r.
lie Is to he paid regular salary Of s3M1Ga
year md necessary travelling cxpefscs. ITis
dulles Will be somewhat siniiIar 10 those Of
lie Circuit, ysiinr Tia cn If cvnrv eGs s;aoisn IL
ntlt clerk ut least 0ncn fl thrre tnSnths "nd
taking such measures rs nrp necessary Tor
bankrupt estates, ~Ae1'e VI
The puwcrs Of tho Registers ara 3ncrcaaca
by The BILL so that they may act rs Masters ia
Gihaneery to whom cui,sss have boon referred
bers al aamfstttva saesa soaestg IN en hs
ness Sna,Ss4 sl%Scis!Iy y committed . them. 4s
limit Of time ~ Within ip"''Ss|hs wh|nhs banRs 1ho
rMptcy proceedings shull not anmmi
preferences and Transfers of or aliach-
Is fixed at three months from and aitsr tiis I
dectl. writing, trnnsfer, udHmcnt. n1 attachs t %
eeorihs ifcs weSys1 n By law such
quired Of permitted. 81. wI,en not reGnircd IL
then from the noarons TX" exclusIye G 'SMSG, n1 con.
tinuous posse.sIon BY tte creditor or or other
nrupcrtv whici, is tfa snh{nct ~ N.Y. no
Ter Ut such alleged act nj hanErnnfSv ''''
In the matter OF. exemptions tflc amount OF
property cxeinp,et! from ti!e operation Of lie
trn,lers, bit uniform only a. to tradeTs. M .'1 "A
In a,,other section it is - nrovi.ie1i m lint tha
creditors may elect committee Of thrro ncr. @
Assignee in the dsposaI uf t1e nssets ~ M th @
of the estate In nj frst,acta Win
view to the best Interests OF The cTcdJtors.
The pay of tho Assignee is to be- n reasonn-
@ be allowed In addtfon is nscsssnrv .,T ~ liz -
ourseu,ents, Unreasonnbje nay1nrnts hv y
,a,nkrupt %, m to his attorney are 70 BE- rcadjuskd
ows: Xii such M ayenta | ahnii HI cnnsiIcros ,1
preferences and ffn Nssinmra W NAV rccouas
.he amount by summary nrocess. ''"' 1eeo'os'
In regard to tic disch,ree u tin bankrunt- i
or discharEo less tian IT. nar W. mnpc gc tR.
Eighteen mouths altar tha a,,indtcnt,on .''"it
VI his debts do not exceed 5000. or II M
na 'sht has , heen M proved aEsiast his estate ho
;alfd objection to Tie 6ankruns,s dischnrr~
nado criminal 'S by ts tho '' act, "sef or has ~
,ns not becn snrranderpi. nr thnt Tni1,1 hninm
i Trader whnge nnnMni 1enT1aocttnMs' ~ o1cnnA
i, 900, he has failed to keen pronsr 6ooks ~
cconi,t, OF TINT lie has without YNjj,l exnnsa ~
mon tho hcur[no md tTiol It sllnll be fSunfi
llat tEe bnnkru1,t his con nfnrn".i r. III iut1
nicT hIs act Ind las s done % notiing III ~ yie @