The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-09-13
|his and Several Other Mattsrs Were Not
Considered Owing to tho Lack
Of . Quorum.

hpers. At the time he made his remarks
bfore the members of the board he had not
len a copy of tho bill. Since then Mr..
might has given the subject some study
I'D has become more familiar with the
rms of the bill. One of,his main obiec-
pms to the measure is that it goes too far
hex in its provisions in dealing with a
Ese of bankruptcy, the time extending
hex six months from the time of the filing
the petition. This Mr.. knight considers
build open large volume Of business to
Eigation.
The bill thus defines what shall be con-
|jered bankrupt: Any person shall be adj
|dged bankrupt If he has, within Six months
|onths prior to the filing of a petition in
avoid arrest under, or the service of civil
|ocess; concealed. secreted, or removed
Is property to avoid it's being levied upon
hder legal process against him; departed
remained away, from his residence or
ACE Of business, with intent to defraud
delay his creditors; made Q conveyance,
1T, or transfer of all, or any part, of his
sets with intent to defraud or delay his
EDITORS; made written declaration of his
ability to pay his debts and filed it in
|urt; made an assignment for the benefit
his creditors; procured or suffered
pigment to be entered against himself,
|th intent to delay or defraud his creditors;
|spended and not resumed, payment of his
Numerical paper for thirty days; volun-
Fily petitioned to be adjudged q bankrupt;
bile insolvent, for the purpose of giving q
|eference, made a conveyance, mortgage,
pledge of any of his property, or suffered
y of his property to be taken or levied
ION, by process of law or otherwise, or
%n@ <hn 1f lion on
his property, or while lnsolvent made q
ntract or contracts personally or by agent
broker, for the purchase or sale of COM
bdity or commodities with an intention
t to receive or deliver the same, but
erely to receive or pay difference be-
cen the contract and the market price
sreof, at time subsequent to the making
such contract or contracts.
The provisions made for voluntary and
ing debts to the amount of $500 or over,
It national bank nor a municipal cor
ration, may be adjudged voluntary
nkrupt upon his own petition and the
render of his assets. Any person owing
BITS to the amount of $500 or over may be
Judged an involuntary bankrupt upon
/, petition of his creditors or a part of
nm except national banks; those engaged
ely in raising agricultural products; mu-
XAkoAS OAA0AA c00AOS AAo0A04y Va 4OAAk1Ou0 SOI.
sations or associations or wage workers.
Q liability of person who is q o-debtor
5h, or guarantor or in any manner a
'ety for q person who has been adiudged
bankrupt, and thereafter been discharged,
ali not be abridged or altered by such
charge.
A bankrupt may offer terms of oompro-
se to his creditors after, but not before,
has been examined in open court or a
I ofsuy 0f Nro1iforS nr1 Id -
art the schedule of his assets and list of
ditors required to be filed by bankrupts.
70 death of bankrupt will not abate the
,ceedings instituted, but they are to be
lducted and concluded in the same man
+, SO far as possible. as though he had
died.
with reference to preferred creditors, a
abrupt is deemed to have given prefer
se If, being insolvent or in contemplation
Insolvency or bankruptcy, he procures or
fers judgment to be entered against
tnself in favor Of any person, or makes a
lveyance, mortgage, or pledge of any of
property, or suffers any of his property
BE- taken OF levied upon by process of
or otherwise, or permits the creation
3any lien on any of his property, with in
t to defeat, delay, evade, hinder, or inn
the operation of the act; enable any
of his creditors to obtain greater per
hGum On ulb ueNG tnAu any OG0er OF 6uCQ
ditors of the same class, or prevent his
pperty or any part thereof from coming
mis- trustee.
Whenever an estate is involved in litiga-
u which is likely to be prolonged the
&c may order the investment of the cash,
any, at interest upon approved security,
aiding such litigation. Debts which are
nave priority. are debts, taxes and as
sments due the United States and the
to and municipality in which the bank
It resides which after being proven and
owed, shall be paid in full out of the
perty liable therefor, but if there is no
perty liable for such debts, taxes and
sssments, they are are not to have prior
roceedings commenced before Novem-
l. 1880, under any state insolvent laws
not to be affected by it. but will be con-
ied according to the provisions of such
8. The bill passed the house last july,
tas been made the subject of much dis
ssion by business bodies throughout the
jntry, and is measure that concerns in
try and trade very materially. There
quite number of Helena business men
} take great interest in the subject who
lid like to have it thoroughly discussed
meeting of the board with view to-
I'D taking some united action with other
lmercial associations in the United
ties and presenting the views OF all az
ed to the senate committee which has
bill in charge.