Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1880-10-13
INSOL VENT LAWS.

/ Union-Alabama, arkansas, Colorado
Florida, Tennessee, Texas and Wes
Virginia-taere are no insolvent laws
In California, New Jersey and Nevads
the claims of both resident and non-res
ident debtors are discharged upon the
debtor making an assignment of all his
property and giving notice thereof by
publication In Pennsylvania debtor
may make an assignment, but tie
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 the other hand, the law
in Wisconsin and Michigan discharges
debtor from all his ebts upon his
assigning all his property, except when
fraud is discovered In Kansas, Indi.
ana, 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 un-
less they are paid in full, or all the
creditors consent to the debtors dis
charge In North Carolina a debtor
who makes an assignment without
fraud being shown can be discharged
from Imprisonment, but his debts re
main in full force In South Carolina
the assignment secures the debtors re-
lease from imprisonment, but Cnly the
claims of those creditors who accept a
1.xr;Ion1 frana tha 1Ah+1rt,
discharged The law in Louisiana
permits debtor to surrender his prop
erty and obtain discharge from all his
liabilities upon the consent of major
ity of his creditors in number and
amount. The Massachusetts, insolvent
act is similar to the national bankrupt
law, except that the discharge does not
exempt the debtor, as did the United
States law. from liability to civil pro-
cess and arrest in those States where
debts NAV be due The Vermont law
is modelled on that of Massachusetts
The Maine statute is also like the bank
rupt act of 1867 in its leading provis-
ions. In Connecticut, upon petition of
a creditor, foreign or domestic, whose
claim is more than $1O0, trustee is
appointed to take charge of the debtors
estate, who sells the property, paying
each creditor pro rata, but the estate
must pay 70 per cent. to entitle the
debtor to discharge. In New Hamp-
shire debtor may assign for the bene-
fit of his creditors, but such assignment
does not annul any prior mortgage or
sale, dissolve any a tachment or bind
a creditor who, within thirty days, sig
nifes his dissent to any such assign
ment The law is in such shape, how
ever, as to be of very little advant ge
to either creditor or debtor Under
the Rhode Island law any debtor
whose property has been attached or
levied upon may, before the sale of the
same, dissolve such attachment or levy
by making an assignment within sixty
days thereafter for the equal benefit of
all his creditors. In New York a sworn
inventory of his property must be filed
by the debtor in order to obtain the
benefit of the insolvent law, and his
assignment must be recorded. All
creditors are privileged to examine the
books and papers +; assignees must give
bond and are subject to removal for
cause upon the petition of creditors,
and citation may be issued to all par
ties interested. The County Court is
empowered to examine all parties, to
require accounts from assignees, to ad
judicate payment of creditors pro rata,
to discharge the assigner and his sure
ty from liability on proof of compro-
mise between the debtor and his credi-
tors, and to authorize the assignees,
upon such composition, to release the
assets to the debtor.
A very considerable diversity will
be discovered in this summary of the
insolyent acts of the various States,
and the points of divergence are more
numerous than th ise of similarity
Without expressing any opinion as to
their relative wisdom and justice, it is
manifest that the convenince of the
business community would be materi-
ally advanced by substitution in their
stead Of single Congressional act, uni
form and certain in operation, covering
the whole ground of insolvency and
bankruptcy.-Phila. Record.
THE EFFECT OF MANUFA c.
TORIES.