Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1884-05-01
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THE NEW BANKRUPT LAW.

THE NEW BANKRUPT LAW.
The Bankruptcy Bill, as passed by the
Senate, constitutes the several District Courts
of the United States and of the Territories
and the Supreme Court of the District of
Columbia, courts of bankruptcy, with the
Jurisdiction of all questions ofclaims, assets,
exemptions, composition and discharge.
For the purposes of bankruptcy, the Courts
shall be always open, as we'll in vacation as
in term time, and when a District Judge,
from any cause, is unable to act, Circuit
Judge may do so on application of any par
ty interested; District Judge may certify
any question of law involved to the United
States Circuit Court, which is to have gener-
al superintendent and jurisdiction of all
bankruptcy proceedings, and the decision OF
the Circuit Court shall not be reviewed by
the Supreme Courtof the United States, ex-
cept upon certificates of disagreement be-
tween two Circuit Judges. The Circuit
Court shall appoint, within each Judicial
District, such a number Of commissioners IN
bankruptcy as may be necessary, not eX-
ceeding in any State the number of men,
bers of Congress to which the State is entl-
tied, each commissioner to give bona In the
sum of S., 900 for the faithful performance OF
his duties. He is to have all the powers OF
a master in chancery and may represent ana
act for Judge in holding meetings and con-
ducting the business specially committed to
him. The Circuit Court shall also appoint
supervisor in bankruptcy for each Judicial
Circuit, who shall personally examine into
the administration of all bankruptcy pro-
ceedings in his circuit call the attention OF
the commissioners, clerks and trustees to
matters which would facilitate speedy and
economical settlement and move action
against delinquent trustees. He shall vlslt
and inspect the Office and business OF every
commissioner and clerk in his circuit as Of
ten as once every six months and make re-
port to the Circuit Court. The supervisors
compensation is fixed at three thousand dol
lars a year. The commissioners compensa-
ton is fixed at two thousand dollars year.
The Court may, however, decree him fur-
ther allowance not exceeding ten dollars tor
each case instituted before him during the
wear, but not more than one thousand dol
lars in any one year. Supervisors and COM
missioners may be allowed reasonable sum
for disbursements, all items to be verified 6y
oath. Every party petitionlng TOR bank,
paw to the clerk of the court fifty dollars,
and every trustee shall pay one per cent. OF
the gross amount realized from the assets,
and every debtor making composition shall
nav one-half of one per cent. on the amount
Of such composition. These fees are all to
be paid by the clerk into the treasury OF the
United States. Any person owing debts eX-
ceeding three hundred dollars and unable to
paw may, by petition, apply to be adjudica-
ted bankrupt, and the filing OF such petl-
ton shall be deemed an act OF bankruptcy.
ANY person owing debts exceeding one thou,
sand dollars, who leaves his State to avoid
his creditors, or conceals himself 10 aVold
arrest or service of legal process, or makes
fraudulent transfer Of his property or sus-
pends payment of his commercial paper or
open accounts for thirty days after the same
are due and payable, or who makes fraudu-
lent preference, shall be deemed to have
committed an act of bankruptcy and may
be adiudged bankrupt on the petition OF
three or more of his creditors, whose bills
would amountin all to five hundred dollars.
The bill eXcepts and eXempts in 1.,vor OF
bankrupt the necessary and proper wearing
apparel of himself and family and such 9TH
er property as may be exempted from at
tachment by the laws of the United States
or of the State in which bankruptcy pro-
ceedings are instituted, and the Court may
from the assets allow sum not to exceed
five hundred dollars for his support pending
proceedings, if his circumstances require it,
reasonable wages for any service rendered
his estate at the request of his trustees, and
the usual fees when attending as a witness.
It is intimated that the bill will be defeat
ed in the House, as the majority of men,
bers, representing country constituencies,
will vote against the bill from fear that it
would inure more to the benefit OF lawyers
and officials than to debtors and creditors.
The present bill, however, seems to be much
more carefully framed, in the matter of eX-
penses, than the former law. 1t appears to
be well-considered measure.