The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-04-27
THE BILL.
Synopsis of the Nelson Bill Passed by the
Senate Yesterday.

Washington, April 22.-The bank
ruptcy bill passed by the senate today
was framed by Senator Nelson, of Min
nesota, and is comparatively brief and
simple, compared with the bill reported
from the judiciary committee and
known as the Torrey bill. The Nelson
bill provides that any debtor, other
than a corporation, owing 5000 or more
who is unable to pay his debts. may
file his petition in the district court of
the United States for the district or di-
vision thereof in which he resides, ask
ing for a discharge from his debts, and
offering to surrender all his property
for the of his debts, except
such as is exempt by the law of his
dOmicile from execution and liability
for debts. The petitioner shall attach
to his petition a schedule and list of
all his property, exempt and unexempt,
and a schedule and list of all his cred
itors and the amount and nature of the
debts due each, and shall offer to sur
render all his exempt property for the
payment of his debts, and shall con
clude with a prayer for a full discharge
from his debts and liabilities. The pc
titiOn shall be heard by the court not
less than thirty or more than ninety
days from the time it is fled. # the
court uphOlds the petition the estate Of
the bankrupt is transferred to an AS
Signee' for settlement.
Creditors can resist the proceedings
before the court on certain enumerated
grounds, of fraud. preference to cred
TORS etc. Preferences four months prior
to filing bankruptcy petitions are null
| and void and transfers of property
within six months are void. Provision
is made for distributing the estate
among creditors. After the settlement
the court gives a final hearing and
when all proceedings have been regu-
lar, a final decree is given, ''discharg-
ing and acquitting the bankrupt from
all his debts and liabilities due any of
the creditors described in the schedule
| attached to his petition, or to any of
| the creditors who may at any time sub
| seuuent thereto become a party to the
proceedings. But such discharge shall
not include any debts or obligations
| which shall have been created in con-
| sequence of his defalcation as a public
| officer. or as an executor, adminiStra-
| tor, guardian or trustee or while acting
in any other fiduciary capacity; nor
| any deb or obligation to any surety
of the bankrupt who has paid or may
| pay any such %fiduciary debt or any part
| of it, nor any debt or obligation created
| by the obtaining Of moneys or property
under false pretenses."
The provision as to involuntary bank
| ruptcy is as follows:
That if any debtor being a banker,
broker, merchant, trader or manufac-
turer, who yves $500 or over, and who
is unable to pay his debts. shall at
any time within four months Of the
time of the filing of the petition here
| matter mentioned, assign. transfer.
| convey. or in any manner voluntarily
| any of his property with the
actual intent and purpose on his part
to prefer or defraud any of his credi-
tors, he shall be deemed a bankrupt
| and may be proceeded agains in a
court of bankruptcy as hereinafter pro-
vided. a creditor or creditors having
debts against such a bankrupt to he
amount of $500 or more may, within four
months after the act of bankruptcy has
[ been committed. file in the court of
bankruptcy in the district in which the
bankrupt is, a petition, under oath, set
ting forth. among other things, the
acts of bankruptcy aforesaid. and pray
ing for an adjudication Of bankruptcy
against the bankrupt n the distribu-
ton of his estate among his creditors
The court then proceeds within thir-
ty days to hear the case. The accused
may demand a jury. On the hearing
the court or jury holds whether the ac-
cused is or is not a bankrupt. The
other proceedings are as in the case of
voluntary bankruptcy. Fees in both
classes Of bankruptcy are provided, VIZ,
attorneys fees not above 800; assignee
not above 50 per day. Appeals are al
lowed except when entire bankrupt es-
: tate is under s., 200.