The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1898-11-22

Commercial Lawyer.
correspondence of the Progressive Farmer.
In a former communication l an
sWered the question ss to who may be
come a bankrupt under the ne ma
tional bank1 uptcy law, referring solely
to the voluntary features of the bill
Inow take up the question as 20 ~ho
may be forced into bankruptcy by his
creditors, and thus become IN invol
untary bankrupt.
By a provision of the law, no petit
ton for involuntary bankruptcy could
be fled prior to November 1, 1898; that
date having gone by, all provisions are
now in force.
Subdivision ''b" of Sec 4 of the law
provides:
Any natural person, except a wage
Garner or a person engaged chiehg IN
farming or the tiIlage of the soil, any
unincorporated company, and any
corporation engaged principally in
manufacturing, trading, printing, pub
fishing, or mercantile pursuits, owing
debts to the amount of one thousand
dollars or over may be sdjudRad an
Involuntary bankrupt upon deiaulr or
an impartial trial, and shall be subject
to the provisions and entitled to the
benefits OF this act. Private bankers,
but not national banks or banks incor
porated under state or territorial laws,
may be adjudged involuntary bank
rupts.
The word ''person" being a brood
one in the law, including, as it does,
corporations, officers, partnerships,
etc., the word natural" is used go as
to exclude corporations. as the law IN
tends to except from its provisions here
Rn corporations save such as are spe-
officially pointed out in this para
graph.
So that all natural persons saw Ger
tain classes may be forced into bank
ruptcy under certain conditions, and
no corporations ave certain classes
may be so forced.
The classes Of natural persons who
may not be brought into a bankruptcy
court by creditors are, under the pro
visions of the law, wage carriers and
persons engaged chief l. in farming, or
the tillage of the soil.
A wage Garner is q person who
works for wages, salary, or hire at a
rate of compensation 0 exceeding
' 81 800 per year.
One receiving compensation greater
than this may have a petition fied
against him
So that, roughly speaking, all rat
ural persons may be compelled TO go
into bankruptcy under certain condI
tio1s, excepting wage erner getting
less than 81. 500 and farmers.
But natural persons" other than
those named in the law may be said to
be excepted, for following the rules
laid down by courts under former stat
utes it will probably be held tnat in
fants cannot De proceeded against. So
the disabilities of q lunatic or insane
perso4 are such that he cannot be ad
judged 6 bankrupt for az acts or
transactions done or smmitted dur
ing his insanity, but if the acts were
committed when he vas sane and he
afterwards became insspe. he may be
Rdjudged a bankrupt. a woman may
be adjudged a bankrupt under invol
untary proceedings, If In the state OF
her domIoile the law has taken away
her common law DISABILITIES and has
permitted her to contract in the way of
trade in her own name
An alien, whether q resident of the
United States or not, may be adjudged
q bankrupt il he has properly In the
country that car be reached.
Executors and others carrying on
business in a aduciary capacity cannot
be reached under the law, probably
80 finally as to natural persons, we
may say that any natural pereon nay
be forced into b~ankrupscy excepting
wage eerners receiving less than 81 500
year as wages, salary or hire, term
err, infanEs, lunatics, women whose
common la " disabili les still remain,
and probably t~xecutors. trustees and
others Carrying IN business in a fidu
ciary C~apaclt,.
Now as 20 corporations:
Under the bankruptcy Law of 1852,
the last one previous 10 5ne one nov IN
force, any corporation mi&ht be forced
into bankruptcy under Certain condI
tions. Unoer the present law it can.
not become q voluntary bankrupt, and
In order that it may be forced into
bankruptcy by it's creditors it must be
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