Telegram-herald., 1890-01-06

~ & pas-sge the f9ior - exn.at u
.ae leading provisions ~ 1le ..Iorsey
+ B4akra ley Aei moss before Coa-r
muat - of great interest,". Taey are
taken from recent discussion u tae
~. Braastsas;
As regards Iul sdiclon, tae bll coa-
-gs4te. - "egarts VI t4ukruntcy' the
( district courts " tne United States and
I ot lhe tcfr tories an8 tne SuureMe
Court 0t the District O. Coumal.
circuit coarts of the l'Itel states. tle
>lpfeme Courts Of Ile t-rrt tories and
lne supreme Court az tle United
States are made apr. late courts. Cons
ifafersle, involving lu amount $40
alIl 1ttT mas pe appeal eJ 90 Ile Aputl-
LAT, courts, bat controversies can Le
appealed uou tle appellate courts
. without the District OF Columbia, and
irOm courts of bankruptcy not within
any organized circuit within the t.u-t.d
states 20 the Supreme Court Ol lhe
United states only when the same is
allowed upon division Uf opinion he-
tween two ot the Judge III the appel
late court. Controversies between
trustees and adverse claimants concern
AK Use property and f.shts acquired by
tns trustees a.. such may, with the
approval ot the courts 0f hankruutcy.
bo htiglted lu tne state courts. Arb.tra-
uOus and compromises ot controversies
are allowed % bc made by tile trustees
under the direction OF the courts Re
tgTeCs are 20 be appointed by the appel
late courts. two Judges cOncurring, one
Ot whom, at least, shall be a Judge Of
thc count of bankruptcy. Trustees are
90 lc appointed by the courts of bank
IupiCy Ou nomination hy the creditors,
or ln ease Of the absence of such nOmln-
ton, by the courts On their own motion.
/ The trustees are 90 receive as fees com
mission ON sums paid ont As dividends
10 creditors, amounting 10 per cent.
ln cases where tire aggregate dividends
are 5000. or less, . per cent. upon sums
between 5000 and 1000, and | per
cent. on sums IN excess of the last
mentioned amount Referees are %
be reimbursed Tor actual expenses out
OF the lnted states Treasury. Their
salaries are to be allowed bv the Judges
at the rate OF not exceeding $1,000 per
annum Tor the time OF actual service.
and SIS for each case or g.nally referred
% and concluded before them. Pro
vision is made for the cxtradltiOu Of
haukrupts.
Toe following are declared by the
bill 90 be acts Of bankruptcy on the
part OF a debtor: u COnCealment to
avoid arrest or service of civil process;
~ concealment of property to avoid
levy; 81 departing or remaining away
from his residence with intent TO delay
or dctraud creditors; - failure for
thirty days, or until the return day of
the process, 10 secure the release of
property levied upon; 81 conveying
assets with intent 70 dcfraud or delay
creditors; 81 filing in court declaration
Of inability to pay debts; % making as
signment for benefit of creditors; (Sl
neglect for sixty days after written de
mand 10 pay an open account; f9l pro-
curing or suffering entry of Judgment
10 detraud creditors; 10 allowing exc
cutIOn against him to be returned un-
satisfied; III suspension of payment of
commercial paper for fifteen DAYS; -
voluntary petition u be adludged
bankrupt; (l3) conveying property or
suffering levy thereon while insOlvcnt
for the purpose OF giving preference;
II making contract while insOlYcnt
for the purchase or saleof a commodity
with intent not 10 receive or deliver the
same, but merely to pay differences
between contract price and market
price 1T q subsequent time. Persons
owing debts u the amount of $500 or
over, not National banks, NAV be aq-
judged voluntary bankrupts. Persons
owing debts 20 the same amount NAV
he adjudged involuntary bankrupts
upon the petition of their creditors or
part of them. From this provision are
excepted National banks. those engaged
exclusively % raising agricultural pro-
ducts, wage and municipal, charitable,
literary or religious corporations
or associations. Bankrupts NAV Zee ar
rested upon proof made TO a Judge that
they are about to leave the district, and
that their departure viii hinder or de-
lay the proceedings therein.
It's provided that a bankrupt NAV
offer terms of compromise TO his credi-
tors after but not before he has been ex-
amlned IN open court or ut q meeting
OF his creditors. Compromises must be
accepted by a majority of the creditor.
where the offer Is for 30 per cent. or
more, and must also bo confirmed bv
the court. Compositions may be st
aside n case OF fraud or perjury on the
part ot the bankrupt. 4 number 0f
penal provisions are directed against
fraudulent conduct ou thc part of bank
ruptS. For example. 10 is. among other
things, made felony punishable bv
lmpr sOnmeut not exceeding three
years for person in apprehension OF
bankruptcy. and within SIX months be-
fore his adjudication OF SUCH with iu-
tent 70 detr1ud nls creditors, 10 omit