Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-03-21
BANKRUPTCY BILL.
Mr.. Culberson's Bill to Establish
Uniform System Of. Bankruptcy.
How the Assignment Shall be Made, and the
Privileges of Debtors and Creditors
Under the Law.

In the house of representatives, March 10,
1890, read twice. referred to the committee on
the judiciary, and ordered to be printed. Mr..
Culbefson of Texas introduced the following bill:
A bill to establish uniform system of bank
ruptcy.
Be it enacted by the senate and the house of
representatives of the United States of America
in congress assembled, that if any debtor owing
$500 or more shall make assignment Of his
property, valid by the laws of the state, terri
tory, or District of Columbia, in which he may
reside or be domiciled, or if he have property in
any other Jurisdiction n, then as to such property,
valid according to the laws thereof, and also in
accordance with the requirements of this act, 1t
shall have the effect hereinafter provided for.
Sec. 2. That such assignment shall be
to trustee named therein, and
o Of the debtor except such as is exempt BY the
law of his domiciIe from execution and liability
for his debts, and shall be for the equal benefit
as are hereinafter prohibited or may
be with preference hereinafter allowed.
dences of all his creditors and schedule of his.
property exempt and unexempt from execution,
and the amount due to each creditor. 1t shall
also coDtainEa statement of the liens or other
membranes upon his property. all of which
shall be verified by the oath OF the debtor TO be
correct.
Sec 8. That such assignment shall not con-
tain any provision for the benefit of a creditor
whose debt arose from, or is based upon in
whole or in part, any dealings in futures or
in goods, commodities or products embraced by
any trust such assignment may contain all
any of the following preferences, namely:
which any of the property of the debtor is stu
ated, or to the servants the laborers of the
debtor. The assignment shall be recorded in
full in the Office Offices wherein mortgages on
said property are, by law, recordable. The
fees of the trustees shall not exceed those al
lowed by law to administrators of the estates OF
n In fnn fat a nj fhn hnhT n.y.
esidence.
Sec. 4. That any such debtor, after the ex-
piration of six months from the date OF the exc
cution of the deed of assignment and the &C
ceptance of the trust by the trustee, may file
his petition in the district court of the United
States for the district in which he resides, if
he be a resident of the District of Columbia.
then in the supreme court of the said Dis
trict; or if he be resident OF a territory, then
in the district court of such territory of the dis
trict in which he resides, asking for discharge
from his said debts, as well as those prohibited
herein. The petition shall contain true copy
of the deed of assignment, and shall be verified
by the oath of the petitioner.
Sec. 5. That the creditors of the debtor shall
be made parties defendent and shall have thirty
days notice of the fling of the same, notice to
be given as in suits in the circuit courts of the
United States. and shall have thirty days there
hearing of the petition, if the court is satisfied
that the debtor did make an assignment as
thorized by this act, and that the same contained
a true and correct list of the names and resi-
dences of his creditors, and full and complete
conveyance of all his unexem pit property and that
for one year prior to the execution of such as
signment no creditor OF such debtor had been
preferred in any manner, except as authorized
by this act, and that no attachment within that
period had been levied upon the property of the
debtor. and during said time other act was
done, suffered to be done, by such debtor, re-
speeding his business estate, to prevent an
equal distribution of his estate among his credi-
tors, or to give to one creditor adj
vantage over another, it shall order
and adudge that such debtor be forever
discharged from the payment of the debts
mentioned and set forth in the petition, as well
those excluded by the provi sions of this act;
and such order and adjudication shall be full,
complete, and final discharge of such debtor
fro N the payment of said debts.