The herald., 1894-12-29
MAKING KNOWN THEIR WANTS,
How the Board of Trade Would
Amend the Laws.
Bettering the Laws for Both the
Debtor and Creditor.
Senators and Representatives Will Bo
Pleased to Father the
Amendm

PIeased to Father tho
Amendments.
A very important meeting took place
Yesterday morning in the board Of trade
rooms when members of that body met
several Of the Southern California repre-
sentatives to the coming legislature.
The object OF the meeting was to ac-
quaint the senators and assemblymen
with the conditions of several end
ments which the board OF trade desires
TO have introduced at Sacramento.
The statesmen present were Senators
Mathews. Simpson and Seymour and
Assemblyman Bulla.
Senator Mathews. on behalf Of these,
said that the members would be pleased
to do all in their power to aid the
amendme ente " hich were proposed by
Lon Angeles.
A communication was read which
came from the Trades league of Phils-
delphia, and requested the board OF
trade to use its influence with the eens
ator and members OF congress from
Southern California to vote and work
against the home bill, known % the
Bailey bankruptcy bill. This bill, the
communication sets forth. provides for
voluntary bankruptcy, but not for in.
voluntary bankruptcy.
It was stated that Senator White has
already expressed his disapproval of the
bill. and the secretary of the board Of
trade was instructed to write to each
representative from Southern California
in congress expressing the sentiment of
the body ss opposed to the bill.
The board has prepared list OF the
amendments desired, as follows:
PROPOSED AMENDMENTS.
Amend sections 1107, 1918 and 1914.
Civil code, so that unrecorded deeds
shall not prevail over judgment, attach
msnt, execution or other liens procured
without knowledge of the unrecorded
conveyance.
Amend section 3442, Civil code, so
that voluntary conveyance or gift by
party while insolvent or in contem-
plation OF insolvency, shall be deemed
prima facie fraudulent and void as to
existing creditors.
Amend the Civil code regarding %.
\ signments for the benefit of creditors go
that creditors having mortgages or
pledges of real or personal property
cannot vote their claim nor share in the
recoveries unless they surrender their
security, or the same is duly appraised,
etc., at fair valuation-the unsecured
portion to be then treated as an ordinary
demand.
This will make the act conform to the
insalvent law.
In brief. section A of the insolvent
act to be made q part of the law regu-
lating as agrs for the benefit of
creditors.
Amend section of the insolvent act
20 90 to make it read as it did prior to
the amendment of 1891, except an altera-
tion to the effect that the time in which
claims may be proven and assignees
chosen shall not be less than eight nor
more than ten days after the order of
adjudication.
This will have the effect OF placing the
assets of an insolvent in the hands of
the sheriff as mere custodian for
period OF from eight to zen days, when
creditors will meet and select an as
signee.
The sheriff to be allowed the same
fees and expenses as il he held the prop.
ertv under attachment.
This amendment will make the in
solvent act precisely the same as the as
bignment law on the same subject.
All members-elect to the legislature
from this city and county are pledged
by their platforms to the enactment of
this measure.
Re.enact section 63 OF the insolvent
act 80 that receiver may be appointed
upon the filing of either voluntary or
involuntary petition when it is made to
appear to the court that confession of
Judgment has been given by the debtor,
or that he has transferred his assets in
violation of the provisions of the in
solvent law. This will allow the re-.
ceiver to Immediately replevin the prop
erty in controversy.
adequate remedy.
If judgment has been confessed no
one can bring suit, and retake or re-
claim the assets involved until an as
signee 10 chosen, and by that time the
property is usually disposed of, and only
. simple suit against the preferred cred.
itors will lie.
Amend section s Of the insolvent act
20 as to make three days instead of
four days. attachment sufficient ground
for creditors to file on insolvency petit
tion.
In Justices oourEs suits, default, judg-
ment and execution can be had on the
sixth day after the action 10 commenced,
and ss an insolvency petition cannot be
fled until an attachment is on four full
days it frequently occurs that q justices
court execution performance is obtained
before craditors can invoke the remedy
which the law attempts to give them.
A man who will allow his property to
remain under attachment for three days
10 certainly as much OF an insolvent as
II he permitted the attachment to re-
main on for four days.
Amend. sections 10, IL, IL, l3 and Ia
10 that in involuntary proceedings the
same may be disposed expeditiously.
The insolvsnt should only have five
days in which to appear, and il he de.
murs and his demurrer is overruled he
should be required to answer within
i've days. Now he ia given 10 days in
each instance above cited.
The minimum time under the old
bankrupt act was five days in which to
appear, and on the return day this law
Was that the proceedings should be
uummarily disposed of.
The inventory and schedules should
also De required to be verified in in
voluntary as well ga voluntary proce I'D !.
ings.
Likewise, when the court adiudges a
person insolvent the sheriff or receiver
should pe required to take immediate