The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1894-12-22
The BANKRUPTCY BILL.
The Republic Bsreas.
Penua AVa and llfh q

AehhAI ave- sAu AtaA ST.
Representative Bailey is confident
that his bill providing for uni
form system Of bankruptcy will pass
the Senate at the coming session if .
vote can be taken upon it. A partic-
ularly strong effort was made At the
lsl session to get through bill of
this Kind. Il passed the House by
good majority and uas reported
In the Senate. A number OF amend
ments were offered by Senator George
OF Mississippi, aud Senator Hoar OF
Massachusetts, has one which ho In
tends to propose. A vote was not
taken directly on the bill in the Sem
ate, as Congress adjourned shortly
after the measure was reported to the
upper house. But Mr.. Bailey is in-
Glued to believe that his bill will ulti-
mately pass because ON the motion for
its consideration the vote stood 81 to
IA In its favor. Mr.. Hoar's proposed
amendment Is to prevent dishonest
creditors from taking advantage of the
act,
AS the bill stands now, with the
amendments Of Senator George, 1t
provides hat any debtor owing $500 or
more, who Is unable to pay his debts,
shall execute an assignment OF bis
property valid under the laws of his
domicile, or II ..he has property in an
other jurisdiction, valid according to
the laws Of that section, II shall have
the effect provided in the act outlined
hereafter.
This assignment, which Ia required
to be filed the same as deeds, shall
convey all of the real estate OF the
debtor except such as Is exempt by
the law of his domleile from execution
and liability for his debts, aud shall
bc for the equal benefit of all his
creditors, subject TO all valid liens ex-
cept the preferences are made for
debts due the United States or any
State or Territory, and debts due
lsborors or servants Of the debtors for
labor performed, or services rendered
within one year. Also, il the debtor
bottle head of a family, he may pre-
fer dobt which Is a lien or incum-
branco on his homestead, but no more
than 81 900 shall be used for that pur-
pose.
The assignment shall contain q list
ofthc names aud residences Of oil his
creditors, and schedule OF his prop
crty exempt and urexempt from exc
cuIion, aud the amount due TO each
creditor and statement Of the liens
or other membranes upon bis prop
srty verified by oath to bc correct a.
near rs he eau mako them.
This assignment 10 also required to
contain provision conveying all his
unexempt property, though not speci-
fled in his schedule, aud provide for
all his creditors, whether named IN
the list or NOT, and the omission Of
any property or creditor from the list
or schedule, or any misstatemont as
TO liens or membranes, shall have
no effect against debtors rights, un-
less they be fraudulent, but creditor
whose name has not been returned to
the court prior to the decree OF the
discharge of the debtor shall not be
bound by such discharge.
The property so assigned or sur
rendered shall be administered and
distributed among creditors according
to the laws of the State whore the
property is situated.
Within four months from the date
Of the assignment the debtor may Ale
his petition III the District Court of the
United States for the District In
which he resides, asking for a dis
charge from his debts. The petition
will state the debtors inability to pay
his debts and pray for a discharge
from them.
The creditors Of the petitioner are
made parties defendant and the Judge
Is required TO make an order deolar.
ing the party bankrupt, and fixing q
time and place for a hearing. The
creditors, or any Of them, may appear
and answer the petition, aud il no
answer be filed on the day fixed the
petitioner shall have the right to an
order of discharge from bis debts.
The answer may contest the petition
er's right TO discharge on various
grounds, such as Intentionally conceal
ing some of his property, giving pre-
feronocs to creditors other than those
provided for in the act, etc.
If on the hearing of the petition ii
shall appear that the assignment has
been duly made as provided for, and
no valid objection has been presented
against discharge, il shall be the
duty OF the court to grant the petit
iouer discharge from all his debts, to
the persons mentioned in bis petition,
or afterwards disclosed to tie Court,
except debts created in consequence
of the debtors defalcation as a public
officer, or as executor or administra-
tor, or in any other fiduciary capa-
city. II the petitioner shall be dis
charged, property acquired by him
after the fling of the assignment shall
not be liable for debts created before
that time, nor shall any deb's created
by him afler such filing be barred by
his discharge.