The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1897-04-29
THE BANKRUPTCY BILL.
The Measure Provides That Any Debt.
or, Other Than a Corporation,
Owing Over $500. May File His Petition
Offering to Surrender All His Property
for the Payment of His Debts, Ex-
cept Such - 10 Exempt.


day was framed by Senator Nelson, of
Minnesota, and Is simple compared
with the Torrey bill The bill pro.
vides that any debtor other than
corporation owing 5000 or more who is
unable to pay his debts may file his
petition in the district court of the
United States offering to surrender all
his property for the payment of his
debts except such as is exempt by the
law of his domicile.
The petition shall give schedule of
all property, exempt and unexempt,
and of all creditors and the amount
and nature of the debts, and the peti.
toner shall offer to surrender all his
unexempt property for full discharge
from his debts and liabilities. The
petition shall be heard by the court in
not less than 80 or more than 80 days
If the court upholds the petition
the estate is transferred to an
"assignee" for settlement, creditors
can resist the proceedings before
the court on certain enumerated
grounds of fraud, preference to cred
itors, ETC. Preferences four months
prior to fling bankruptcy petitions
are void and transfers of property
within six months are void Provision
is made for distributing the estate
among creditors. After the settle
ment, the court gives final decree,
discharging the bankrupt from all
liabilities to any of the creditors de-
scribed in the schedule who may be-
come party to the proceedings. But
such discharges shall not in.
clude any obligations which shall have
defalcation as public officer, or as an
executor, administrator, guardian or
trustee, or while acting in any other
hduciary capacity; nor any debtor OBJ
legation to any surety of the bankrupt
who has paid or may pay any such
fiduciary debtor any part of it, nor
any debtor obligation created by the
obtaining of moneys or property under
false pretenses. The provision as to
involuntary bankruptcy is that if any
debtor being a banker, broker,
merchant, trader or manufacturer
who owes $500 or over, shall, at any
time within four months of the time of
the fling of the petition, convey or
voluntarily encum Der any of his prop
erty with the purpose to prefer or de.
fraud any of his creditors, he shall be
deemed bankrupt Creditors having
debts against such a bankrupt to the
amount of $500 may, within four
months after the act of bankruptcy
has been admitted. file in the court q
petition for an adjudication of bank
ruptcy.
The court then proceeds within 80
days to hear the case. The accused
may demand a jury. On the hearing
the court or jury holds whether the
accused Is or is not bankrupt Fees
in both classes Of bankruptcy are pro-
vided, viz: Attorney fees not above
800; assignee not above SO per day.
Appeals are allowed except when en-.
tire bankrupt estate is under s., 900.
WASHINGTON, April 23.-The presi.
dent Thursday sent to the senate the
following nominations:
Harold M. Sewall, of Maine, to be
envoy extraordinary and minister
plenipotentiary OF the United States
to Hawaii; Thomas d. Phair, of Maine,
collector of customs, district of Aris.
took, Maine; James s. Hartman, of
Maine, collector of customs, district of
Belfast, Maine.
WASHINGTON, April Ex-senator Al
len, of Nebraska, has introduced res
olution in the senate directing the
president to express the sympathy of
the American people with Greece in
its struggle with Turkey. Mr.. Allen
spoke in favor of its adoption. The
resolution was referred to the foreign
relations committee.
The senate committee ON Indian af.
fairs Thursday reported favorably the
nomination of VIM. A. Jones, of Wis
consin, to be commissioner of Indian
affairs
WASHINGTON, April 23.-Fire has
broken out In store houses Nos one
and two in the Washington navy yard,
and has already Quilted No. Q The
latter building is used by the naval ex.
amining and retiring board and was
filed with a large quantity Of mer.
chandise. Loss can not be estimated
yet.
Hanged to q LAnu POst.