The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-01-13

WEI No powers OF assiYuofs bfe tubsifu-
uhIy we snme D. uaaef The old lnWs, wbSsh
work well IN this aspect. In addition 10 iha
accountability 70 which they wero held be-
1919 they will now be unGer The directions oi
sniHrlod regilter and superyisors, who will
nayo no possible interest in encouraging de.
lay or .expense.in litigation, or other weys.
section 80 (Debts). ProvabIe debts are
SUBSTANTIALLY the Same IS under tho old law,
except that II judgment is obtained, pend
ing tbs proceedings, It is O proyable debt,
when was difficult and debated point ua-
der the old law
Section 81 lLeases Rents) Under the form
or isW there was great difficulty in errangiag
the rights OF landlords and teuenls, because
future rents are not provable debts, and
tne owner OF the estate could hold the
bankrupt, upon his covenants, to pay rent
ever, after his discharge By this section
tne lease Is to DO considered surrendered,
uniess me assignee chooses to adopt it, and,
II the landlord suffers by The surrender, he
may prove his debt and take a dividend. and
the bankrupt will be discharged from iur
ther liability fer rent.
Section 81 preferred Crsd:ters). A pre-
ierrsd creditor by this section can prove no
debt until he has surrendered his preferences
Under the former law he could prove any
other debt except the one upon which he
received preference
| Sections % TO " (Sureties, Sc.) are sub
stantiallT like the former law, except thai
The modes of proceeding ere somewhat sira-
plliisd, and. it is supposed, improved.
Section 70 privileged Debts). Priyi-
legged debts are the same as under the for
mer law, except that one per cent.
IS to DO paid. the government, to
| meet the salaries of the officers, and
other expenses Of bankruptcy in addition 10
the money paid In in the first instance.
Section "A privileged Debts) Expense
may be saved by ordering payment Of the
privileged debts without going through the
form of drawing dividend sheet and do
claring dividend.
Section IS (Accounts of Assgnees). Econ
omy and dispatch are provided for by dis
penshg With oil meetings after the first, I'M
loss there is some occasion for them.
Section 76 (Acceunts of Assignees). 1t is
provided that the compensation of assipnees
should be left TO vote OF the creditors, sub
ject to the supervision Of the register, OF
Judge, or both.
Section 70 (Unciaimed Dividends) is rev
provision for paying over to the United States
dividends which remain unclaimed for six
years. There. are small suns now in ths
registry of most of the courts, remaining al
unclaimed dividends under the act of 1841,
which must remain there forever unless
soma act of congress is passed upon the
subject.
Section 70 preferences and Frauds on the
sct) is substantially like tho former lar, ex-
cept that if a creditor who has received
preference, shall afterwards extend furthar
credit to the debtor, without security, he
may set off tho amount of that credit agsi.s
the former preference.
Sections 50 aud IS (Discbargs). The law
differs from the act of 1867 in not requiring
the payment Of any dividend, or the assent
of creditors, If the bankrupt has been hcRes.
and fair in his dealings. THE exp9aisney Of
his IS an open question:. II il found TIA,
in May cases, the assent of tho largest credi-
tors, which virtuslly controls the action Of
the rest, Is procured by promise Of future
advantage; this lesds to the purchase
Of those creditors who are tbs least
scrupulous, and least deserving at
the expense of the rest. This law
IS based upon the theory that an honest
debtor, who has surrendered all bis property
and faithfully assisted in the settlement of
his estate, should not be subject 10 the ca.
n
is not to have his discharge who has com
mit.ed any frauds which are r,-de criminsl
in this set tsse section 1927, who has failed
to obey any lawful order Of tho court; who,
being ader 10 any considerable amount,
hAs failed TO keep proper books of account,
or who has given suy preferences which
have not been surrendered by the preferred
creditor (see ssction79).
Section SO (Discharge). Creditors who's.
debts ara not on the schedule are not 70 hayo
their debt wholly discharged unless they re-
coiyc actual notice or knowledge of the
bankruptcy in .e-son TO avail themselves OF
its benefits, but.ihsy nsy recover q diSdond |
as if they had pSsSsd. }f
sec,isn 81 (NsY EOmlss) is uev, ard i,
iutend6 TO prevent N9e numerous frauds |
WHICH, are .perpetrated unssr tho guie Of new |
PROMISES, creditors taking lose prdnlies 90
consideration for indulgenycin ~ bank
rpPicy, and pretending that they 'geIs given
afterwards.
ny sections 80 TO 10l (compssilpl9 com
position Is put upon an entirely Y nerent
fsoiing from thrt ~hich :. hal ns AANe old
act. The purpose Of both Is the same : aaely,
70 enable blsneleu debtor 10 a,rangeHo
tho satisfaction Of his creditors wthost 40
expense and delay Of proceedings d the psosN
isrmal character, and thereby n save the Y
coed will Of his business while IL givs, his |
creditors as much, and Usually 4 little more.
tnsn they could possibly sbtzin under The
delays OF bankruptcy. To guard the rjohts
Of crditor', IT is provided thst, at least one
third OF the composition is 10 be paid IN ca,h
and That tho rest skonld be hslly and smnlv
secsred TO the satisfaction of the creditor
and the court; and when thi, is accomplished
the debtor retum.s his fulirights as trader
without further embarrassment, aud received !
a regular discharge as If be had gone tbrouxh
bankruptcy. In deserving cases he ia allorsd
TO manages hii estate, under the diroctisn Of s
the court, until the opposition Is sprssd n :
Ct fsscte3 (see rsciis, 65) III
Section 102 (Crire). The Law IL somevs, :
charged hs-. 10 giv the courts " the uri,sS =
States inrisdictie7 Which Il was decided 49, D.
they could not bfrs under The former Les >,
because several Q the frauds that were men !,
.ionrd IN that w no special refsfe,cs 4, :.
bsakr1p,cy. sDt'all this jurisdiction 81 ~ u
United S,stes/ turt could ua5sr fha ssc.i,S b
n tsa constiblon which gives conr-a.t ~ /,
tight 70 pssssslfsrm lsws q tbs rnb,sct n 4,
bsnkrapicy,kll these crimes. thsref,rs az "
brought iy,srsciion with bsnkrrptcv or IN 81
IspiiOn t. tcoms bankrupt. q
S-ciin f0s (Crimesl. Thisfs 49, ~