The times., 1898-02-20
A National Bankruptcy Bill
Passed by the lleuSe.
CONFEREES ARE APPOINTED
A General Opinion Prevails to the
Effect That No Common Ground
Can BE Reached 10y the Two
Houses During This Session
Points of Difference

who introduced the measure offered 4
motion. which prevailed. that the Senate
be requested To appoint conference
committee TO confer with a committee
from the House for the purpose OF try
ing to arrange the differences between the
two biIIs. The Speaker appointed Gen.
Henderson Mr.. Ray of New York. and
Mr.. Terry OF Arkansas as the House
committee
The prevailing impression in the House
is that the Senate viii not consent to the
provisions in the Henderson substitute,
and that the bin will not become a law
during the present Congress. The details
OF the Senate bin have been published in
The Times. Some of the items in the
House bill are as follows:
Acts OF bankruptcy by a person shall
consist Of his having concealed himself
departed or remained away from his
place of business, residence or domiciIe
with intent To avoid the service of civil
process and TO defeat his creditors and
shall not have returned at least forty
eight hours before the filing of a petition
in bankruptcy, and before the rights OF
creditors shall have been impaired. alter
ed or inteffered with: failed for thirty
days and until a petition is 1iled while
insolvent to secure the release of any
property levied upon under process of
law Tor five hundred dollars or over. or
ii such property is to be sold within sllch
time under such process then until three
DAYS before the time fixed for such sale;
made a transfer of any of his property
with intent 10 defeat his creditors and
has not fegained the ownership and pos
session Of such property before the rights
of creditors have been altered impaired
%" changed by reason of such transfer
and at least ten days before the COM
mencement of proceeding in bank
ruptcy; made an assignment for the
benefit OF his creditors or filed in court a
written statement admitting his inability
10 pay his debts: made. while insolvent
a transfer of any of his property or sllf-
fered any OF il to be taken or levied upon
by process of law or otherwise for the
purpose of giving "A preference and has
not reeaiued the ownership of such prom
ertY or released same from such levy be-
fore the rights of creditors shall have
been altered. changed. or impaired by
reason Of such transfer. taking. or levy
and at least ten days before the COM
mence of a proceeding in bankruptcy
procured or suffered a Judgment to be
entered against himself with intent to
defeat his creditors. and suffered same to
remain unpaid until ten days before the
filing Of petition in bankruptcy pro-
vided that a payment or satisfaction of
such a judgment by sale of any of the
debtors property or from the proceeds
OF such sale shall not be deemed pay
mept Of such judgment under the provi-
Sions of this section: secreted any of his
property to avoid its being levied upon
under legal process against himself and
to defeat his creditors. and has not sur
rendered such property TO such legal pro-
cess at least ten days before the filing
Of q petition in bankruptcy suffered
while insOlVent an execution from a court
OF record for fiVe hundred dollars or over
or a number of executions aggregating
such amount. against himself to be re- |
turned no property found" unless the |
amount shown 10 be due by such eXecu- |
tions shall he paid before a petition is |
filed
Any person who owes debts. except a |
corporation. shall be entitled to the l1ene- /
tits of this act as a voluntary bankrupt.
Any person owing debts to the amount |
Of $l,0aO or over, if adjudged an involun
tary bankrupt upon an impartial trial, |
shall be subject to the provisions of this /
act except national bank; a person en-
gagged chiefly in farming or the tillage of |
the soil, or a wage Garner.
A partnership. during the continuation /
of the partnership business, or after its /
dissolution and before the final settle
ment thereof may be adjudged a bank
upt.
The creditors of the partnership shall /
appoint the trustee; in other respects so
far a. possible the estate shall be admin
istered as herein provided for other es-
tates.
The court Of bankruptcy which has jur-
isdiCtion OF one of the partners may have
jurisdiction of all the partners and Of the
OF the partnership and in
dividual property.
The trustee shall keep separate accounts |
of the partnership property and of the |
property belonging to the individual part
ners.
The expenses shall be paid from the
partnership property and the individual
property in such proportions as the court
shall determine.
The net proceeds of the partnership
property shall be appropriated to the pay
ment of the partnership debts and the
net proceeds of the individual estate of
each partner to the payment of his indi-
viduaI debts. Should any surplus re, |
main of the property of any partner after
paving his individual debts, such surplus
shall be added to the partnership assets
and be applied to the payment of the |
debts. Should any surplus |
OF the partnership property remain after
l.aying the partnership debts such sur
plus shall be added to the assets of the |
individual partners in the proportion of
their respective interests in the partner
ship.
The court may permit the proof of the
claim of the partnership estate against |
the individual estates, and vice versa
and may marshal the assets of the part
nership estate and individual estates SO |
as to prevent preferences and secure the |
equitable distribution of the property of |
the several estates.
I'm the event of one or more but not ali !
Of the members Of partnership being |
adjudged bankrupt, the partnership prop
erty shall not be administered in bank |
ruptcy. unless by consent of the partner |
Or partners not adjudged bankrupt: but |
SUCH partner or partners not adiudged !
shall settle the partnership bus
mess as eXpeditiously as its nature will !
permit, and account for The interest of
The partner or partners adjudged bank |
-upt
A bankrupt shall be exempt from ap-
srehension upon civil process. except up-
pn warrant from a court of bank |
'uptcy, unless the same is founded upon |
some debt or claim from which his dis |
'haree in bankruptcy would not be re-
ease: and when in attendance upon such |
; court,or al the first meeting Of his cred
tors, or when actually engaged in the
performance of duty enjoined hy this / .
lct or prescribed by order of court.
The judge may, at any time after tke .
Hing of, a petition by or against pers0a. !
md bef0, . the expiration Of four months | !
lfter he has been adjudged banlSrupt .