The times. [volume] (Richmond, Va.) 1890-1903, 1897-04-23

Substance Of Nelson's Measure Passed by
tI1n eDnnfn Nc.lnrhAr.

Substance Of Nelson's Measure Ias,eu Dy
the senate Yesterday.
WASHINGTON, D. c., April 22-The
bankruptcy bill passed by the Senate to-
day was framed by Senator Nelson, Of
Minnesota, and Is comparatively brief
and simple. compared with the bill report
ed by the Judiciary Committee. and known
as the TOrrey bill. The Nelson bill pro-
vides that any debtor. other than a cor
pOratiOn owing 500 or more who IS un-
ablo to pay his debts, may file HIS peti-
ton in the District Court Of the United
States for the district or division there
OF i'm which he resides; asking for q dis
charge from his debts and Offering to
surrender all Of his property Tor the pay
mcut Of his debts except such as Is ex-
empt by the law Of his domicile from exc
cution and liability for debts. The petit
toner shah attach TO HIS petition a he'd
uo and list of all his property, exempt
and unexempt. and schedule and list
OF an his creditors and the amount and
nature OF tie debts due each and shall
offer TO surrender all his unexempt prop
eriy for the payment OF his debts ana
shall conclude with q prayer for a run
discharge from his debts and liabilities
Tho petition shall be heard by the court
not less than thirty or more than ninety
davs from the time II is fled. II the
court upholds the petition the estate OF
the bankrupt IS transferred 90 an "as-
signee" for settlement
CHANCE FOR CREDITORS.
Creditors can resist the proceedings be-
fore the court on certain enumerated
grounds OF fraud or reference 20 credi-
tors. etc. Preferences four months prior
10 filing bankruptcy petitions are nun
and void. and transfers OF property with
81 NNHnFf.Inm
made for distributing the estate among
creditors. After the settlement the
court gives a final hearing and when all
procodings have been regular. nnal de-
cree Is given" discharging and acquittins
the bankrupt from all his debts ana ila-
bilities due any OF the creditors described
in the schedule attached 10 his petition
or TO any OF the cree tors Gho may at
any time subsequently thereto become Il
party to the proceedings. But such dls-
charge shall not include any debts or OBJ
Ueatons which shall have been created
I'm consequence of his defalcation as
public officer or as an executor, admin
istrator. guardian. or trustee or while
acting in any fduciary capacity; nor any
debtor obligation 20 any surety or the
bankrupt who has paid or may pay any
such nduciary debt or any part OF IL. nor
anv debt or obligation created by the OBJ
taining OF moneys or property under false
pretences."
INVOLUNTARY BANKRUPTCY.
The provision as 70 involuntary bank
ruptcy IS as follows:
THAT II any debtor being a banker.
broker. merchant, trader or manufacturer
who owes $500 OF over and who IS unable
to pay his debts shall at any time with
I'm four months OF the time Of the filing
Of the petition hereinafter mentioned as
sign, transfer convey. or IN any manner
voluntarily lncumber any OF his property
with the actual intent and purpose on
his part 20 prefer or defraud any OF his
creditors he shall be deemed a bankrupt
and may be proceeded against IN a
court Of bankruptcy as hereafter pro-
ylded. A creditor or creditors having
debts against such a bankrupt TO the
amount Of $500 or more may within four
months after the act the bankruptcy file
IN the court OF bankruptcy IN the district
in which tho bankrupt resides petition.
under oath setting forth among
other things. the acts Of bank
ruptcy aforesaid and praying for
an adjudication OF bankruptcy against
the bankrupt, and the distribution OF his
estate among his creditors"
The court then proceeds within thirty
days 70 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 The other pro-
ceedlngs are as IN the case Of voluntary
bankruptcy. fees in both classes Of bank
ruptcy are provided. viz: attorneys fees
not above 500; assignee not above 50 per
day.
Appeals are allowed except when entire
bankrupt estate IS under 5000.