San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-01-03
TORREY BANKRUPT BILL.
One of the Most Important Meas
ures Likely to become
Law this Session.
Special TO the LIGHT.

The Torrey Bankrupt bill passed
by the house in July, has been re-
ported fayorably by the Judiciary
committee of the senate, and will
very likely be adopted at the present
session. The following is full text
of the bill:
Omitted States District Courts have
original jurisdiction, but State Courts
may try controversies involving prop.
erty rights.
"Referees are to be appointed and
their territories assigned by Circuit
Courts at time when the district
Judge is on the bench.
Trustees will be appointed by the
creditors
"The referee shall cause an expe-
ditious administration of the estate,
and return the records into the court.
1.-THE trustees shall reduce the es-
tate to cash and distributor IL I'm divi-
bends to the creditors as soon as pos
sible.
IA $40 fee shall be paid to the clerk
when the petition Is filed as his entire
compensation In the case.
1.-The government shall receive one
per cent on dividends paid by estates
and half that amount on dividends
paid in composition.
1.-THE trustee shall receive from the
estate five per centum on the first
$4,000 paid out In dividends, two per
centum on the second SIS 600, and one
per centum on additional amounts.
"The referee shall receive not to eX-
coed 81 900 per anpum and a $40 fee in
each case. Both amounts together
with his expenses are to be paid by
the government.
1.-THE number of referees shall be
one for each judicial district, and such
additional number as may be neces-
sary to expeditiously transact the
business OF the court, not to exceed
$50.
"Acts of bankruptcy shall consist
of within six months before the filing
of q petition In bankruptcy conceal
ment to avoid the service of civil
process, removal of property to pre-
vent its being levied upon, departure
or absence with intent to delay or de-
fraud creditors, failure for thirty days
to secure the release of property
levied upon, making o conveyan
with intent to defraud or delay cred
itors, making q written declaration of
insolvency, making an assignment.
procuring Judgment, or suf.
fering q Judgment with in
tent to defraud or delay cred
itors, suffering an execution to he
returned unsatisfied. suspending and
not resumipg payment of commercial
paper for thirty days, voluntarily
peGitioning to be adjudged bankrupt,
making conveyance or suffering
property to be taken while insoivenG
for the purpose of giving a preference,
or dealing in option while insOlveut.
"a person VINO owes $780, except
National Bank or a municipal cOrpor-
alton, may become voluntary bank
rupt.
"a person who owes $500, excerpts
National Bank, farmer, a munich
pal or religious association, or a wage
worker, may become an involuntary
bankrupt.
Compositions may be confirmed
after, not before, tho bankrupt has
been examined in open court or at
meeting of creditors. and after the
filing of the schedule of ass 3 and list
firm the composition unless it is for
the best interest of all the creditors,
and unless the bankrupt has not been
guilty of any acts which would pre-
vent his discharge. They will set
aside within six months after being
made, in the event fraud was prac-
tised, upon the hearing for confir-
nation.
a. d;,abar III ha 0eopfaI IN q
person, not q corporation, when APP
piled for after two and within six
months after the adjudication, unless
it appears that the bankrupt has
tailed to keep proper books of &C.
count, committed felony, commit
ed perjury, JAILED to act in good faith, |
given g pre- ference which has not |
been sure ndered, knowingly made a |
false statement 10 secure credit, brib- |
G d any officer or creditor, fraudulent |
ly tran sferred property which has |
not been surrendered, or neglected |
his duties as a bankrupt. The dis I
charge will be set aside within two |
years after being granted upon proof
that il was fraudulently obtained.
1.-THE exemptions of a bankrupt
shall be the same as are provided by
the laws of the State In which the
are pending at the time
OF the filing of the petition.
preferred creditors are those who
have, within four months before the
filing of petition, procured property
from an insolvent with intent to de-
feat the operations of this act, to OBJ
tain greater percentage than other
creditors, or to prevent the property
from coming to the trustee In bank
ruprcy. II a preference has been