The age-herald., 1898-08-03
BANKRUPTCY BILL.
sucrinct Synopsis of the Main Features It Contains.

A. w. Stockell, in a communication to the Nashville American, gives the follow
 ing main features of the bankruptcy bill recently passed by congress:
 l. For purposes of voluntary bank
 ruptcy the act goes into effect Aug. 1, 1898, and for purposes of involuntary bank ruptcy, Nov. 1, 1898.
 9 The petitions must be filed in the United States district court.
 3. An insolvent debtor may file petition for voluntary bankruptcy, giving up his assets and being relieved from his debts. Also insolvent debtors owing $1 000 or more, except wage earners and persons engaged in agriculture, if guilty of certain acts of bankruptcy, hereafter mentioned, may be brought before the court by creditors and required to give up their assets for pro rata distribution among all their creditors.
 4. Acts of bankruptcy are defined to be having CD Conveyed, transferred, con- cealed, or removed. or permitted to be con- cealed or removed any part of his proper ty, with intent to hinder, delay or defraud his creditors, or any of them; or @ trans ferred, while insolvent, any portion of his property to one of more of his creditors, with intent to prefer such creditors over his other creditors; or (3) suffered per- mtted, while insolvent, any creditor to obtain a preference through legal proceed
 ings, and not having at least five days
 before sale or final disposition of any
 jroperty affected by such preference, va cated or discharged such preference; or,
 (D made a general assignment for the
 benefit of his creditors; or, (5) admitted in
 writing his inability to pay his debts and
 his willingness to be adjudged bankrupt on that ground"
 D. Insolvency under the law is defined to
 De indebtedness greater than the value of
 the debtors assets. If the debtor can
 show ample assets to meet liabilities,
 though he has permitted judgments to be
 taken against him. he is not liable to be
 proceeded against in bankruptcy.
 G. If his creditors are less than twelve
 in number one creditor representing $50
 of indebtedness may file the petition: if
 there are more than twelve creditors, then
 three must join in the petition. T. The petition in involuntary bank
 ruptcy must be filed within four months
 after the commission of the act of bank
 ruptcy by the debtor
 8. Insolvent debtors who are not able to pay the costs of the proceeding may make oath to that effect, and upon doing so are relieved from costs in voluntary bank ruptcy Other petitioners are required to deposit with the petition $25 to cover csr- tain fees, put a creullOr WHO pays lnlS
 may have it refunded to him out of the assets.
 a referee is appointed to look after the claims of creditors. supervising the proving of claims, calling meetings of creditors, etc, and a trustee is selected by creditors CT by the court to take charge of and collect in and distribute the as sets
 10 Subpoenas to answer issued under the petition are returnable in fifteen days, and ten days more is allowed in which to | answer and after the expiration of this | twenty-five days, if no resistance is made. the case is ready for the court to pass up- on the question of bankruptcy, and the act l says the judge shall determine this ques- tion, ''the next day, if present. or as soon thereafter as practicable" If thu judge | is absent from the division in which the | petition Is filed and there is no resistance. | it shall be referred by the clerk to the referee.
 | Ii. After one month and within twelve l months from the time he Is adjudgsd a l bankrupt, the debtor may make apulica- 1 tion for a discharge from further liability. 1 12 A discharge will be refused if the ap- | plicant has, CD Committed an offcnse 1 punishable by imprisonment under the
 act: or (2) with fraudulent intent to con- 1 ceal his true financial condition and In 1 contemplation of bankruptcvgsd destroyed. | concealed, or failed to, keep books of ac- 1 counts or records from which his true con- 1 dition might be ascertained'
 l B. discharge does net release the fol- | lowing debts: CD a tax levied by the 1 United States. the state. county or city 1 where the bankrupt resides: (2l judgments ] in actions for frauds. or obt,ir'nr --o,"r'v Y by false pretenses or for wifnl a,d inrli-