The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1890-08-02
IN CONGRESS-.
The Torrey Bankruptcy Bill
Passed by the House.
a Synopsis Of the Measures Princi'
pal Points-The Senate Passes
the Indian Appropriation Bill.
HOUSE.


WASHINGTON, July %. - After the
reading OF the journal Thursday the
House proceeded 10 vote upon the com
mittee amendments to the bankruptcy
bill. The committee amendments having
been disposed of, an amendment was
adopted enforcing the laws OF the
States giving wages for labor prefer
ence. The vote was then taken on the
minority substitute known as the ''vol-
untary bankruptcy" bill, and it was
disagreed to-yeas, "a; nays, l25. The
bill was then passed-yeas III; nays, 81.
Z THE bill creates bankrupt courts which have
Jurisdiction TO adJudge persons bankrupt, allow
or disallow. appoint receivers, appoint and re-
move trustees, distribute the bankrupts assets
and determine controversies determine or re-
ject reports OF referees, determine claims OF
bankrupts to exemption, set aside discharges
that have been fraudulenty procured,
extradite bankrupts from one district TO an
other and so on. Arbitration Of controversies
may be had between trustees ana opposing
parties, pursuant TO the direction OF the court.
Jury trials may be had upon application OF
bankrupts and in trials as now provided by law.
Acts OF bankruptcy shall consist OF conceal.
Inent 10 avoid service OF civil process within
six months before the Hing Of "A petition In
bankruptcy: removal " property to avoid its
being levied upon; departure or absence with
intent TO defraud or delay creditors; failure
for thirty days TO secure the release OF prop
erty levied upon; making conveyance with
intent TO defraud or delay creditors; making .
written declaration OF insolvency; making an
assignment; neglccting for sixty days after
written demand TO pay an open account; pro-
curing or suffering a judgment with intent TO
defraud or delay creditors: suffering an execu-
tion to be returned unsatisfed: suspending and
not resuming payment OF commercial paper for
fifteen days: voluntarily petitioning to be ad'
Judged bankrupt; making conveyance, or SUI
fering property to be taken while insolvent for
the purpose OF giving preference or dealing
In options while insolvent
The arrest OF bankrupt may be made
within six months after the adjudication, when
81 appears that he Is about 10 depart from the
Jurisdiction OF the court To the detriment Of
the creditors. Any person may become vol
untary bankrupt who owes debts to the
amount OF 500, except a National bank or q
municipal corporation. Any person may be-
come an involuntary bankrupt who owes $780,
except National bank. a farmer municipal,
charitable or religious society. or wage
worker
The co.debtors OF bankrupts shall not be af
fected by the discharge Of the bankrupts. The
ings In bankruptcy The duties OF "A bankrupt
shall be TO file a schedule OF assets and list OF
creditors, attend the first meeting OF
creditors TO submit to an examina-
tion concerning the conduct OF bust
ness prior to the commencement OF
proceedings against him, the cause OF his bank
Yuptcy and his dealings with his creditors and
other persons, the amounts and whereabouts
OF his assets, and, in addition, all matters which
h. al,. t,,f rnti md m mt
Of his estate.
The exemptions OF bankrupt shall be the
same as are provided 10y the laws Of the State
in which the proceedings are pending ut the
time OF the tling OF the petition. Suit by and
against bankrupts may be prosecuted or dc.
tended by trustees pursuant to directions OF the
courts.
Petitions in bankruptcy may be filed by three
or more creditors who have probable claims
which amount in the aggregate in excess OF
securities to 500 or over, or, II the creditors
are less than twelve in number, then one or
more Of such creditors whose claim or claims
equal such amount within six months after the
commission OF an act Of bankruptcy.
Preferred creditors are designated as those
who have within four months before the filing
OF a petition procured property from an in
solvent with intent to defeat the operations OF
the act, to obtain greater per ccntum than
other creditors, or to prevent the property from
coming to the trustee In bankruptcy.
Cash may be invested by order OF the judge
when the settlement Of an estate is prolonged
by tgation. Debts which have priority are
those due as taxes when there Is property sub
Ject thereto.
A bDnkrupt's property may be seized by the
marshal upon order OF court. The bankrupt
may retain the property upon giving bond for
its production or the payment OF its value In
the event Of adjudication.
The title to property OF the bankrupt shall
Immediately vest in the trustee upon his ap-
pontment and qualification The property OF
the bankrupt, the title to which passes to the
trustee, consists OF books, deeds or writings re
lating to the property; interest in pat
ents patent rights, copyrights and trade.
marks; powers which he might have exercised
for his own benefit: property conveyed by him
ia fraud Of has creditors and rights OF actions
arising upon contracts or from the unlawful
taking or detention of, or injury to, his prop.
ertyl