The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1898-07-03
SYNOPSIS OF BANKRUPTCY LAW,
To the Ardmoreite.

been clamoring for a bankruptcy
law under which they could be dis
charged from their overwhelming
liabilities, and at the same time,
there has been quite large percent
age, of what is known, as the cred
itor class urging the adoption of an
involuntary bankruptcy law, SO that
estates of insolvents could be fairly
administered without preference or
favoritism to any creditor or class of
creditors. 1t has also been believed |
by the larger part of the people en-
gagged in mercantile pursuits that a
law of this kind would operate BEN
eficially upon the hol est debtor
who is unable to meet his obligations
promptly, as the prohibition of pref
erence would have tendency to
check certain creditors who would
insist upon getting their money in a
preference under some kind of an
instrument, or force the debtor to
go out of business.
The senate of the United States
favored both the voluntary and the
involuntary features of the law. The
house opposed the involuntary fea-
ture. and many of the senate leaders
opposed the bill on the ground that
it took all jurisdiction over estates
of insolvents out of the state courts
and gave jurisdiction to administer
them in the United States court.
However, upon a final vote, the bill
was adopted in both the house and
the senate by an overwhelming ma
jority.
Under the head of "Who May Be-
come a Bankrupt" section reads
as follows:
"(a) Any person who owes debts,
except a corporation, shall be entitl-
ed to the benefit of this act as a vol
untary bankrupt.
"(b) Any natural person, except
wage-earner, OF person engaged
chiefly in farming or the tillage of
the soil, any unincorporated com
pany, and any incorporation engag-
ed principally in manufacturing
trading, printing, publishing, or mer-
! camille pursuits, owing debts to the
amount of one thousand dollars OF
over may be adjudged an involun'
tary bankrupt upon default or an i'm
partial trial and shall be subject
to the provisions and entitled to the
henefita of this actD
A partnership may also be adIudg
ed to be bankrupt,
A voluntary bankrupt is the ont
who seeks the benefit of the bank
ruptcy act himself in order to Obtain
a discharge of his liabilities; and 81
e involuntary bankrupt is one who l
no declared at the instance of hi
creditors. Any person who has re
sided in the Indian Territory tor 81:
y months or more prior to making ap
,s plication may be adjudged bank
o rupt.
The petition should cortain Lis
- of all of his property of every kin
r and nature, together with a state
ment of what he desires to reserv
nm as exempt; also, full and complet
70 list of his creditors, the resldenc
of each, the amount due each an
y the security held by each. If, upo
- a hearing, the court should be OF tt
- ooinion that the person desiring
4 take the benefit of the bankruptC
4 law has made a full and compile
disclosure Of all of his property, ar
" has furnished a complete list OF b
creditors. the court may order So
render of the property to the ban
Il rupt to the trustee with the dIrectl'
u that the same be sold and appli
pro rata upon the indebtedness d.
the various creditors, and that t.
petitioner be adiudged discharg
from all other or further liability
- against any debts provable und
this act. In this connection it mig
be well to mention that the pc
TONER is subject to the most str
gent and thorough examination,
is compelled to make full! and co
plete disclosure to any and all
ouiries touching his property, or
interest in any property. or his
position, concealment or incu
- brance of his property, and hes
penalty is attached to his conce
ing, removing Or disposing of any
his property to evade its being g
iected to theiprovisions of this a
and any person aiding, abettinG
assisting him in doing any such
hibited acts is likewise subject to
same penalty. If the court is sa
fed that the petitioner has MT I
closed all his property, the appli
own ha doriad. or 10 0ran