Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1898-08-11
THE NEW
BANKRUPTCY.
4 Synopsis of the MaiD
Features of the New
Law IL Very Tnstruc-
tive.

! y. w. Stocked. IN = cOmmuni
cation TO the Nashville Ameri.
cas gives the following main
features OF the bankruptcy bill
recently passed by Congress:
l. For purposes Of voluntary
bankruptcy the act goes into
effect August the ist. 1898. and
for the purpose Of involuntary
bankruptcy, November I. Is9S.
=. The Letitions must be filed
in the United States District
Court.
;. An insolvent debtor may
dle a petition for voluntary
bankruptcy. giving up bis as
SETS aad being relieved from
his debts. Also insolvent debt
ors owing <lWBg or NOR.
except wage farmers and per
sons engaged VA agriculture. If
guilty Of certain acts Of bank
rupicy, hereafter mentioned.
may be brought before the
court by creditors and requir.
-d to give up their assets for
pro-rsis distribution among all
their creditors.
Z. Acts OF bankruptcy are de
fined TO having l. Conveyed.
transferred. concealed or remOv-
ed, or permitted To- be concealed
or removed. anypaFt of his prop
erty. with intent to hinder. de-
lay or deiraud his creditors, or
any of them; or - transferred.
while insolyent, any creditors.
with intent to prefer snch credl-
tors. over his other CT editors or
q suffered or permitted. while
lnsolyent. any creditor to obtain
a preference through legal pro
ceedings, and not having at
least tive days before a safe or
final disposition of any prop
perty effected by such prefer.
rnce. vacated or discharged
such preference; OF, 81 admitted
in writing his inability to pay
his debts and his willingness
to be adjudged a bankrupt on
that ground
). Insolvency under the law
is defined To be Indebtedness
greater than the value of the
debtors assets Ii the debtor
can sho~ ample assets To meet
liabilities, though he has per
mltied Judgment. To be taken
against HIM. he IL not liable to
b. proceeded against IN bank
ruptcy.
d. II his creditors are less
than l. IN number, one creditor
representing $500 of indebted
ness may file the petition: if
there are more than l. creditors
then three must join In the pc
tition.
=. The petition IN Involuntary
bankruptcy must be filed with
ia four months after the com
mission 10 the act OF bankrupt
" by the debtor,
:. lnsOlyen; debtors who are
not able To- pay the costs al the
proceedings nlay make oath Ia
that effect. and upon So doing
are relieved from costs IN yolun.
tary bankruptcy. Other petit
TONERS are required to deposit
with the petition So to cover
certain fees. but a creditor who
pays this raay have II refunded
TO him out out Of the assets.
9. \ referee Is appointed Ia
loOs after the claims OF eredi.
tors. supervisor. the proving
Oi claims. calling meetings OF
creditors, ETC. and trustee
Is elected by creditors or by
the e0art 10 take charge of anu
collect IN and distribute the
assets
Ia. SEbpoenas to answer Is
sued under the petition are
returna5le in Is DAYS. and 10
days more i allowed IN which
To answer. and after the expira-
ton OF this - days. if no re
slstanee Is made. the case Is
ready for the court to pass on
the question OF bankruptcy,
ana the act says the judge shall
determine this question. -the
next day, If present, or as soon
the reaiter as praetieable-- II
the Judge Issabsent from the divi.
sionin which the petition Is Ill
ed and there Is no resistance. il
shall. be referred by tine clerk
to the referee.
| IL. After one month and
within twelve months from the
time he is adjudged a bankrupt
the debtor may make appIiea
ton for a discharge from fur,
ther liability.
| IL. A discharge will be re,
fused if the applicant has. N
Committed an oifense punish.
able by Imprisonment under
the act or, q with fraudulent
intent to conceal bis true fnan
ciai condition and in contempla
ton of bankruptcy destroyed
conceal or failed to keep book:
of accounts. or records iron
which his true condition NIGH