The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1898-11-10
Inform alton Anent a measure OF VITAL iu-
iarsst TO tho Public Who May Be
Forced Iuto Bankruntcy.

and, as is the case with all laws gov
erning 50 great subject, its pi DIVISIONS
are SO many and So interdepeudcnt
that the average citizen will do well
to let lawyer read and interpret IT,
for him and even then, the chances
are ABOUT even hat be MAJ not under
stand u, for scar ely was the law
printed and in the hands of the people
before lawyers were contending over
1t, differing materially regarding its
force aud effect Hud the practice under
10. InCet u, there is every reason TO
expect chat long and bit controver-
sizes in the cOu u will eusue before the
practice is settled and the lawyer and
his client may feel the ground under
them SECURE
1t is desirable that the classes of
persons whom the iaw was intended
to benefit should be distinctly pointed
out II has beer held by some that
the law is creditors law, intended TO
benefit first and most of all the cred.
itor class. BY others IL is asserted TO
be a debtors law. and for that great
mum Der OF citizens who, since the last
bankruptcy act was annplled, la lsIs,
have been unfortunate and need the
d of legislation 10 enable them 10
shake off the load that oppresses them
and TO start afresh.
We shall, in this article, lookl upon
the law os intended for the unfortu-
nate debtor, ana seek 10 determine
whom the law looks upon as such, and
therefore seeks to relieve. The law
says, section 5, chapter O. ANY person
who owes debts, except a corpoi alton,
may become voluntary bankrupt
By voluntary bankrupt Is meant one
who becomes such by virtue OF his own
conscious act Bat, hrst, what is meant
by bankrupt? This term is not synouy.
nous with insolvent. An insolvent is
one who is unable to pay his debts a
bankrupt Is one who has been declared
bv q court to be unable to pay his
debts. bankrupt Is an insolvent,
but an insolvent is not necessarily a
bankrupt.
Hence, the law means 10 say that
any person who owes q debt Except a
corporal Joni may apply 30 court TO
have himself Rdjudged a bankrupt
Corporations are, in the eyes Of the
law, persons" hence, as congress
wished to take it out Of the power Of
corporations TO 20 into court. and ask
to be adjudged bankrupl and relieved
of their d BITS, it is nece sary 10 specific
ally except them Under some state
insolvency laws, which This national
ankruptcy law has nov superseded
q corporation could file petition Of
insolvency.
Under the provisions of the new
Jaw, certain classes of corporations,
as those engaged principally in mau-
ufacturing, trading, printing, publish
ing, or mercantile pursuits, may, II
ey owe debts OF 81 900 or more, be
proceeded against by creditors IN
bankruptcy proceedings; but no pri-
vate corpora icn OF any kind can go
into court and ask 10 be declared a
bankrupt; and this applies TO incorpo
rated banks, insurance companies,
fraternal societies, etc, as well a.
limited or other partnership associs-
tions organized under laws making
the capital subscribed alone respon-
sible Tor the debts OF the association.
One need not be citizen OF the
United States in order 10 take adyan-
tage of the law. An alien owing
debts here may file his own petition in
bankruptcy as soon as he has acquir, d
the necessary residence In the United
States.
The better opinion is that an infant
THAT Is, one under legal age,l cannot
be adjudged bankrupt, though q
case In the federal courts under for
mer law, and reported as In re Book,
Mclean, Sl7, holds TO the contrary.
A unatic or insane person cannot
be adjudged bankrupt.
As TO married women, it may be said
that the court VII regard the laws o
| the state wnere the woman has hel
legal residence If by the law Of thai
state a woman may make valid con
| tracts i'm trade, she may file her peti
tion in bankruptcy; otherwise not.
Section Of hapter III provides
"A partnership during the continua
| tion OF the partnership business, o
after its dissolution aud before it's hna
settlement thereof, may be adjudse'
bankrupt"
One or more OF the partners may al
the petition
After a firm Is dissolved, any one o
the partners may petition the court 4
have thei firm declared bankrupt s.
long as any unfinished business, debt
credits or assets remain. II on pet
ton ia bankruptcy by one Or NOR
partners, one or more OF the partner
j. rot adjudged bankrupt the partne
iship proper will not be administers
ia bankruptcy, unless by consent O
the partner or partners not adjudge
bankrupt; in such a case the partne
or partners not adjudged bankruE
settle the partnership as expeditions
as it's nature will permit and acooun
for the interest Of be partner or par
ners adjudged bankrupt.
As TO the cost OF The procedure J ma
say that the great expense entailed b
the old laws was what brought abou
their repeal. Under the new law
fees are moderate.
The petitioner must deposit with III
clerk the sum Of twenty five dollar
(s25), except 10 the case Of a petition,
" Of a prop sed voluntary bankrup
which Is accompanied by afidaV
stating that the petitioner 10 withos
and cannot obtain the money wit
I which 10 pay such fees Ia such
: case 10 deposit is req uired. OF I'll
' teenty-hve dollars (s25), ten dolla
4 (slOl Is for clerks fee, ten dollar
/ $50 for referees fee, and five dolla
n 1881 for trustees fee The trustee,
: addition, receives such com mission
q Iuay be allowed by the court, not
8 exceed three per eentum on the AZ
a five thousa d dollars, s. OOOl 20
4 oaid as dividends knd commission
! two per centum on the second d
e tho isand dollars sa,0O0l and one .
/ lcentum on the balance. The refer
will receive Ia add tion &c the ten d
la fsi0i depcsssee with she 1le2h,