Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-28
THE BANKRUPTCY BILL.

ono viii be az liberty to call the i'm
portant measure now soon to become a
law bankruptcy law" or bankrupt
law" There is ample authority for
both terms; but TO cur mind the latter
Is suggestive OF the insolvency Of the act
itself. Yet Il is the one most generally
used, In this country, at least. However,
II is not the name Of the thing that is
Of so much Importance; but its pro-
visions, for these open a way to thou
sands 20 rid themselves Of all their
debts, and enable them to start lille
anew. Hence the law that is to be Is
OF much consequence to insolyent debt
ors. as well as 10 the world Of creditors,
10 say nothing of the world of lawyers.
And so. from a long article in the New
York Journal of Commerce, we have con-
densed the synopsis following,
What may be called the fundamental
definition Of the act is that "a person
shall be deemed insolvent within the pro-
visions of this act whenever the aggre-
gate of his property, exclusive Of any pro-
perty which he may have conveyed, trans
ferred concealed, or removed. or per-
mitted TO be concealed or removed, with
intent TO defraud. hinder, or delay his
creditors. shall not at q fair valuation
be sufficient i'm amount to pay his debts
There were i'm preceding bills eight or nine
specified acts of bankruptcy, on any one
of which a petition could be fled against
the person committing such act. These
are reduced in the present bill TO three,
and are held to consist of. a person
having % conveyed transferred, con-
cealed. or removed, or permitted to be
concealed or removed, any part of his
property with intent TO hinder. delay, or
defraud his creditors, or any of them;
or 90 transferred, while insolvent, any
portion Of his property to one or more
of his creditors with intent to prefer such
creditors over his other creditors, or (D
suffered. or permitted, while insolvent,
any creditor to obtain a preference
through legal proceedings, and not having
at least five days before a sale or final
disposition of any property affected by
such preference, vacated or discharged
such preference" The other enumerated
acts of bankruptcy belong to purely vol
untary proceedings, as they consist of the
making of a general assignment for the
benefit of creditors, or the admission In
writing of inability to pay debts, and
Willingness to be adjudged bankrupt on
that ground.
Stringent provisions are made against
persons who wrongfully attempt to throw
a creditor into involuntary bankruptcy.
such petitioners much give bond and Sc
curity for all costs and damages grow
ing out Of such proceedings.
The penal offences under this new bill
are reduced, substantially, 10 two. Inn
prisonment for a period not to exceed
two years is to be imposed OH conviction
Of having knowingly and fraudulently
"O concealed while a bankrupt, or after
his discharge, from his trustee any of the
property belonging to his estate in bank
ruptcv; 90 made a false oath or account
in. or in relation to, any proceeding In
bankruptcy"
The bill allows 90 bankrupts the ex-
emptions which are prescribed by the
State laws in force at the time of the
filing of the petition in the State where
i'm they have had their domicile for the
six months or the greater portion there
of Immediately preceding the filing of
the petition.