Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1897-05-06
BANKRUPTCY BILL
PASSES THE SENATE.
Senator Nelson's Bill rs
Brief and Simple Com
pared to What IL Known
as tho Terry Bill.

! 'p's R"f F@Tc'b
tt The Senate was framed by
Senator Nelson, of Minnesota.
and is very brief and simple,
compared with the bill reported
from the Judiciary committee,
known as the Torrey bill.
The Nelson bill provides that
any debtor other than n corpora
ton owing 300 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 division thereof
in which he resides asking for
discharge from his debts. and
offering TO surrender AL his
property for the payment of his
debts, except such as is exempt
by ;he 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, aud list of all his
creditors and the amount and I
nature of the debts due each,
and shall offer to surrender all
his unexempt property for the
payment of his debts, and shall
conclude with a prayer for full
discharge from his debts and
liabilities.
The petition shall be heard
by the court not less than thirty
nor more than ninety days IRON
the time it is fled.
If the court upholds the petit
ton the estate of the bankrupt
is transferred to an assignee
for settlement. Creditors can
resist the proceedings before
the court on certain enumerated
grounds of fraud, preference to
creditors. etc. Preference four
months prior to filing bank
ruptcy petition are null and
and void and transfers of prop
erty within six months are void
Provision is made tor distribut-
ing the estate among the credi.
tors, etc.
After the settlement the court
gives a final hearing and when
all the proceedings have been
regular, iiIal decree Is given
''discharsing and acquitting the
bankrupt from all his de hts and
liabilities due any of the c-edi-
tors described in the schedule
attached To his petition, or to
any of the creditors who may
at any time subsequent thereto
become party TO the proceed
ings.
But such discharge shall not
include any debts or obligations
which shall have been in con
se1Yencs af his dstalesstinn Is
pabllc oificer- or as an executor.
administrator. guardian or trus
tee,or while acting j. any other
judicial capacity, nor any debtor
obligation TO any surety of the
bank who has paid or may pay
any such fidueiary debtor any
part of IT, nor any debtor obliya-
ton created by the obtaining of
moneys or property under false
The provision as to invOlun-
tary bankruptcy il as follows:
That if any debtor being "A
banker, broker merchant trader
or manufacturer who owes $500
or over and who is unable to
pay his debts shall ut any time
within four months of the filing
OF the petition hereinafter men
toned assign. transfer or de-
fraud any of its creditors. he
shall be deemed bankrupt, and
may be proceeded against In a
court of bankruptcy as herein
after provided. \ creditor or
creditors having debts against
such "A bankrupt to the amount
Of 300 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 resides. petition, IN
der oath, setting forth, among
other things. the acts of bank
ruptcy aforesaid. and praying
for on adjudication of bank
ruptcy against the the bankrupt
and the distribution of his estate
among his creditors
The court then proceeds with
in thirty 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 a bankrupt. The other
proceedings are as in the case
Of voluntary bankruptcy. Fees
III both casses of bankruptcy are
viz: Attorney fees not
above 500; assignee not above
50 per day. Appeals are allow
ed, except when entire bank
rupt estate is under $4,000.