The Roanoke times. (Roanoke, Va.) 1897-1977, 1897-04-24
NELSON'S SUBSTITUTE.
Full Text of the Bankruptcy Bill
Passed by the Senate.

Washington, April 23.-The bankrupt.
cy bill passed by the Senate yesterday
was framed by Senator Nelson, of Mime
sofa, and is exceptionally brief and sim
pie compared with the bill reported from
the Judiciary committee and known as
the Torrey bill. The Nelson bill pro-
vides that any debtor, other than n cor.
poration, owing 1900 or more, who is I'M
able to pay his debts, may file his petit.
tion in the district court of the United
States for the district or division Thereof
in which he resides, asking for IL dis
charge from his debts and Offering to sur.
render all his property for the payment
of his debts except such as is exempt by
the law OF his domici'e from execution
and liability for debts
The petitioner shall attach to his petit
ton schedule and list OF all his prop
erty. exempt. and uneXempt and sched-
ule and list of all his creditors and the
amount and nature or the debts due each,
and shall offer to surrender all his unex.
empt property for the payment of his
debts and shall conclude with prayer for
full discharge from his debts and Lin.
biliticS. The petitio shall he heard bv
the court not less than thirty nor more
than ninety days from the time it is filed.
If the court upholds the petition, the es.
tate of the bankrupt is transferred to an
assignee for settlement.
Creditors can resist the proceedings
before the court OH certain enumerated
grounds of fraud, preference to creditors,
etc. Preferences four months prior to
the filing OF bankruptcy petition are null!
and void and transfers of property with.
in six months are void. Provision is
made for distributing the estate among
creditors. After the settlement the court
gives 4 final hearing, and when all pro-
ceedings have been regular Il final decree
is given 'discharging and acquitting the
bankrupt from all his debts and liabili.
Ties due any of the creditors Described in
the schedule attached to his petition or
to any of the creditors who may at any
to the proceedings
But such discharge shall not include
any debts or obligations which shall have
been created in consequence of his defal-
cation as public officer or as an execu-
tor, administrator, guardian or trustee
CT while acting in any debtor obligation
TO any surety of the bankrupt who has
paid or mag pay any such fiduciary deb
tor any part OF it, nor any debtor oOliga-
ton created by the obtaining of moneys
or property under false pretenses."
The provision as to involuntary bank
rnptcy is AS follows:
Aii''e AZ "hJ NCDCOI JCiuB ~ UuUkDT,
broker, merchant. trader or manufac-
turer, who owes $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 hereinafter men
toned, assign, transfer, convey or in any
manner voluntarily encumb Der any of his
property with the actual intent and pur.
pose on his part to prefer or defraud any
OF his creditors, he shall be deemed Il
bankrupt and may be proceeded against in
court OF bankruptcy rs hereinafter pro-
vided. y creditor or creditors having
debts against such bankrupt to the
amount of $50 or more may, within four
months after the act of bankruptcy has
been committed, file in the court of bank
ruptcy in the district in which the bank
rupt resides petition, under oath, setting
forth, among other things, the acts of
bankruptcy aforesaid and praying for an
adjudication of bankruptcy against the
bankrupt and the distribution of his es-
tate among his creditors"
The court then proceeds within thirty
days to hear the case. THE accused may
demand 1t jury. On the hearing the court
or jury holds whether the accused is or
isnot bankrupt. The other proceed
ings are ms in the case of voluntary bank
ruptcy. Fees in both classes of bank
rupscy are provided, viz, attorneys fees,
not above $780, assignee, not above 81 per
day. Appeals are allowed except when