New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-03-07
A NATIONAL BANKRUPTCY Bur,

OF the chairman. " '"' '1"
A NATIONAL BANKRUPTCY BILL.
WASHINGTON, March 6.-The following "A
the full text ofthe Bankruptcy bill areedup by the SEN
He Judiciary Committee, and to-day reported 70 the
Senate:
A Bill to establish an uniform system Of Bankruptcy
throughout the United states BE 1t enacted etc that
whenever any person. without fraud shall have become
involved In debts and liabilities beyond his OF
payment and amounting to $500 or upwards he may
apply by petition in equity, setting fOrth his insolvency
and the cause thereof, with schedules Of his liabilities
and assets duly verified the District Court Of ths
United states for the district in which he may reside
which Jurisdiction hereby conferred TO surrender his
estate for the benefit OF his creditors except much as
shall he exempt from execution under and by tho
laws of the state where he resides and thereupon IL
good cause appear the Court shall adudge the petitioner
TO he bankrupt appoint receiver OF such estate and
cause reasonable notice by service mail, publication
otherwise TO be given TO all persons interested shall
proceed 10 hear and dispose of TIE upon t merits
the peading and proofs may require, and to marshal
and distribute said estate among the creditors tho
petitioner according the rules and practice OF equity
And if shall appear that such debts and liabilities
incurred without fraud, and that the inability Of the
debtor to make payment has arisen from accident and
misfortune and without fraud the Court shall grant him
discharge a bankrupt from all such debts and la
bilcs. This act shall also apply to corporations.
SEC q That whenever any person residing and owing
debts aforesaid after the passage Of this act de- arts
from the state District Territory Of which he is In
habitan with intent to defaud his creditors b.
ing absent, remains with like intent, c)nceas him
self to avoid arrest The service Oflega process issued
feared, makes fraudulent transfer Of his property,
"onceals removes the some to avoid process,
with intent to deraud his creditors, prOcuTes suffers
Judgment against him, or gives warrant to confess
Judgment or Judgment note with Ike intent,
who having been arrested in civil action fails
nezccts to give bail in other mode 10 procure
his discharge for twenty days falls to dissolve at
tachment Laid upon his property in civil action for
like period, fails for sixty days to satisfy final Judg
men decree rendered against him for the payment OF
money unless superscdeas stay Of execution has been
effected In respect thereto who, being trader has
suspended and not resumed payment Of his commercial
paper open accounts made passed or contracted IN the
course Of his business for period Of thirty days after
the payable, who, being nsolyent, makes
preference to any creditor makes an assignment for
the benefit Of existing creditors with without prefer
ence, any credOror creditors may de such petition
in behalf Of all persons interested, and thereupon tho
like proceedings shall be had a. IN the case OF pettoh
by tie debtor Insolvency in this act shall be deemed 70
exist only the debtors liabilities exceed in amount
the value OF his property liable TO execution ana the
| available debts due him.
tensions OF time for payment and 70 reduce the amount
Of indebtedness pro rata FOR the purpose 81 GLOWING the
T1oirf IN ai6oiin and number of his creditors may
! be carried into effect il approved by the Court.
| sEC T. That the Court may al any time during the
nrnrcjinp order that all or auy other PROCEEDINGS 10
stayed dismissed and may require all or any claims
20 presented to il for determination, or may allow
any other proceeding 10 De prosecuted 70 final Judgment
and such Judgment be filed in the bankruptcy. Any
claim not due may be matured by rebate under an Or
having taFn security in good faith ana without notice
OF impending bankruptcy, but securities otherwise
! taken NAV be set aside.
SIC. > That any interocutory matter in
| the course Of the proceedings may be heard
| before any standing or special Master in
CAanceE and under standing or special orter % reg
ercuce and at any place designated ia rucL Ofier; Dut
summary and informal supervision and control If tho
Court The Circuit judge and the Associate Justice Of
the supreme gne1 10 the circuit shall nave
aud exercise like sup y0n ami control over all mo
proceedings Of the District Court I'm bdukuptcy an at
The request Of any person agsicyed by any decision OF
with certify the questions involved in such decision 10
the Circuit Judge Tor summary review ant redeternin
alton; and any OF the Circuit Judge may be in
Ike manner reviewed by said Justice OF The supreme
Court, ana the parry asgrleNed may seek reAtI Dy a-
| peal rs In other cases.
sec. g. That any conveyance, transfer or payment
made and received ia view of bankruptcy may be set
aside found be contrary TO the just rights OF other
creditors; bar money OJtIiuCd and used IN good iE
though unsuccrssIully, to avert IN Impending bank
rptcy or to save threatened sacrifice OF property
for sickness other ike ssty, may be preferred IN
payment or in security BY the Court
SEC 7. That IL 1t snail appear mat any creditor has
wiuly and Oppressyeiy sought To brnB ABOUT mo
bankruptcy Of the debtor or To obtain any iauiuent
other dtors, tue Court may deny such
WTOnsiOcr any participation III TIC estate, or only u
! partial benefit Of his clam, ar may seem just.
The discharge of the bankrupt shall not operate against
liability fraud, uC,pass o. othcr WlNU tort; but
the VsIi;y oil ans discharge in bankruptcy shall
be contested after tue expiration u Two years from ~
SFc g That the District Courts shall be considered as
always open reception aud cOn,d ration OT th3
business under this act, and a their reg llar terms me
bankruptcy business SHAH nave precedence over al
sec O. That it snail be tie duty of the supreme Courc
to make ,uch additional rules equity II any may
be required 10 clIfy this act into ful elect ana Tx
al fees and costs fOr services IL bankruptcy undr this
act.