The times., 1898-06-25
The Bankruptcy Conference Re.
port Adopted.
THE VOTE SANDS 43 TO 13
Under Consideration Since Last
March, the Measure Goes Through
Finally Without Debate-Nr. Nell
son Hriefy States It's scope and
Purpose-Mr. Teller Comments.

11oaI GdltGu up lne report
diately after the opening of the session
and as an explanation was asked for Mr..
Nelson made a brief statement of it. He
said the bill had been struggled with in
the conference committee since March
last
Aside from Mr.. Nelson's brief explana-
tion there was no debate. and scarcely
any time was taken in passing this legis-
lation, which, under ordinary eircum-
stances, would have caused a long debate.
The following extract from Mr. Hoar's
printed report on the bill shows the scope
of the new law:
Ser s. Acts of Bankruptcy, Acts of bank
Tsptcy hy a person shall consist of his having
% conveyed. transferred concealed or removed,
permitted 10 he concealed or removed, any part
OF ms property with intent to hinder,
delay defraud his creditors, or any of them; or
81 transferred, while inselvent. any portion OF
his property to one of his creditors with
intent TO prefer such creditors over his Other
creditors; 80 suffered or permitted, while in
solvent, any creditor TO obtain 4 preference
through legal proceedings. and not having at
least five days before sale final dispOsiti
OF any property affected by such preference
Gated or discharged such preference; or % made
d general assignment fur the benefit OF his cred
itors; cr 90 admitted in writing his inability
TO pay his debts and his Willingness to be ad
Judged bankrupt on that ground.
b, 4 petition may he filed against person
who is insolvent and who has committed an act
Of bankruptcy within four months after the Gem
mission OF such act. Such time shall not expire
until four months after % the date Of the
recording or registering OF the transfer OF assign
ment when the act consists in having made
transfer 4 any OF his property with intent TO
hinder. delay defraud his creditors, Tor the
purpose OF giving a preference herctnbcfore
provided a general assignment for the benefit
OF his creditors, ii by law such recording
registering Is required or permitted, or, il II is
not. from the date when the beneficiary taAeS no
turous. exclusive OF continuous possession of the
property unless the petltiuning creditors have
ceived actual notice Of such transfer assign
ment.
c. 1t shall be q complete defense to any pro-
cecdings in bankruptcy instituted under the first
subdivision of this section 10 allege and prove
that the party proceeded against not in
solvent as defined in this act at the time Of
the filing the petition against him. and if vency
at such date is proved by the alleged bankrupt
the proceedings shall he dismissed and under
subdivision ] the burden of proving solvency shall
be on the alleged bankrupt.
d. Whenever a person against whom a petition
has been filed hereinbefore provided under the
second and third subdivisions of this section
takes issue with ard denies the allegation OF
his insolvency, it shall be his duty To appear in
court on the hearing, with his books, papers, and
accOunts and submit to examination. and
give testimony IS TO all matters tending to estab-
llsh s0iycncy insolvency, and in of his
failure 10 attend and submit To examination
the burden Of proving his sovency shall rest upon
him.
e Whenever a petition Is fled bv anv -,arsnn
for the purpose Of having another adiudged a
bankrupt. and application Is made tls"
charge OF and hold the property of the alleged
T bankrupt, or any part OF the same, prior To the
adjudication and pending a hearing the peti-
/ ton. The petitioner applicant snail tile tae
same court q bond with at least two good and
sufficient surcties who shall reside within the
jurisdiction OF said court. 10 he approved igy the
/ court or judge thereof. in such sum is the
court shall direct. conditioned Tor the payment
q IN case such pFtIJiOn Is dismissed to the re-
SpCndeut, his or her personal rcpses natives al.
. costs, expenses and damages occasioned by such
seizure, taking. and detention OF the property
OF the alleged bankrupt
II such petition be dismissed BIZ the court or
withdrawn by the petitioner, the respondent or
respondents shall be allowed al costs, counsel
d fees. expenses and damages occasioned hy such
seizure, taking detention Of such property.
. Counsel fees, costs, expenses and damages shall
be fixed and allowed by the court and paid bv
the 0biigars IN such bond.
Sec. i. Who May Become Bankrrpts-a 4 nv
person who owes debts, except corporation, shall
be entitled to the benefits OF this act as q vorn-
tary bankrupt
I person engaged chiefly in farming or the tillage
Of the soil, any uninc0rporatad company, and
any corporation engaged principally in manu-
tacturlng. trading, printing, publishing, or iner-
camille pursuits, owing debts to the amount OF
$1,000 or over, may be adiudged an involuntary
/ bankrupt upon default impartial trial and
? Snail DE SUBJECT 10 the provisions and entitled
/ 20 the benefits Of this act. Private bankers hut
] not national banks banks Incorporated Iinder
/ State or Territorial laws, may be adjudged in
/ voluntary hsnkrGpts
! Sec. }. Partners. A partnership during the
continuation OF the partnership business. after
4 its dissolution and before the final settlement
thereof, may be adjudged bankrupt
b, The creditors of the partnership shall ap-
point the trustee; in other respects so far as pos
1 sibe, the estate shall he administered as herein
/ provided for other estates.
C, The court of bankruptcy which has jurisdic-
ton OF one OF the partners may have jurisdiction
/ OF all the partners and of the administration OF
4 The partnership and individual property.
d. The trustees shall keep separate accounts oi
/ the partnership property and Of the property be
longing 10 the individual partners.
c. The expenses shall be paid from the partner
ship property and the individual property in such
proportions the court shall determine
/, The net proceeds of the partnership property
shah be appropriated to the payment Of the part
nership debts, and the net proceeds OF the indi-
yidual estate OF each partner to the payment OF
! his individual debts. Shonld any surplus re-
! main of the property OF any partner after r,avirg
hls individual debts such surplus shall he added
TO the partnership assets and be applied to
/ the payment OF the partnership debts Should
] any surplus OF the partnership property rerlrin
after paying the partnership debts such s'IrI lus
1 shall he added TO the assets Of the individual
I partners in the proportion of their respective
/ interests in the partnership.
/ e. The court may permit the proof of the claim
/ OF the partnership estate against The individual
I
assets OF the partnership estate and individual es
tates 50 as TO prevent preferences and secure the
equitable distribution of the property OF the sev-
/ eral estates.
h. In the event OF one or more but not all OF
the members of a partnership being adiudged
bankrupt. the partnership property shall not bt
administered in bankruptcy, unless by consent oi
: the partner or partners not adJudged BANKRUPT
! but srch partner OF partners not adjudged bank
rupt shall settle the partnership business as ex-
] Pedironsly as its nature will permit and &C.
/ count Tor the interest Of the partner partners
/ adjudged bankrupt.
! Sec. 6. Exemptions Of Bankrupts-a This act
4 Shall not affect the allowance to bankupts oi
3 the exemptions which prescribed by the State
Z laws IN force at the time OF the filing Of the
petition in the State wherein they have had their
domice for the six months or the greater portion
thereof Immediately preceding the filing of thf
/ petition.
Sec :. Duties Of Bankrupts.-a, The ban'zrrp,
SHAH (l) attend the first meeting of his creditors
4 if directed 10y the court judge thereof TO dc
So and the hearing upon his application for
discharge. II MED; % comply with all lawful or
deTs OF the court; (3) examine the CORRECTNESS,
OF all proofs OF claims fled against his estate;
4 (+1 execute and deliver such papers as shall hi
1 ordered by the court; % execute to his tru-tet
transfers of all his property in foreign countries
! t6) Immediately inform his trustee OF any at,
tempt, by his creditors other persons 10 evadt
the provisions OF this act coming to his knowl
edge; t) in case of any person having Ia n.
knowledge proved false claim against his estate
disclose that fact Immediately to his trustee.
(S) prepare make oath to- and file in court within
ten dars unless further time il granted after
the adjudication if any involuntary bankrupt
4 and with the petition OF a voluntary bankrupt
/ schedule of his property, showing the amount
/ and kind OF property, the location thereof i'll
money value in detail, and list of his creditors
/ showing their residences if known; il unknown
that fact TO be stated; the amounts due To each
OF them. the consideration thereof the security
held by them, if any. and claim for such ex
cmptlons as he may be entitled TO, all in tripli
1 cate one CODY of each for the clerk one fol