Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1898-07-19
BANKRUPTCY MATTERS.

To the Democrat:
The National Bankruptcy Law and d
War Revenue Law, recently passed b.
Congress, offer new privileges and im
pose new duties upon our citizens, an'
Il may be interesting to many Of you
readers TO note some Of the changes
more especially those that occur 10 tn
procedure Of the losolveut and Probat
Courts.
BY the passage Of the National Bank
ruptcy Law, the functions Of our state
Insolvent Courts cease, except 90 far q
may be necessary TO complete case
pending. The bankruptcy Law tool
effect on It's passage, July LIST, but NJ
application can be 6led under It unit
Aug. 1st, and the Massachusetts, Insol
vent Courts have decided to receive ap
plea lions under the state laws up Il
August LIST. While II IL difficult tn sex
anything In the new Law that permits
this, our own IusOlvent Courts will IN
doubtedly receive new petitions to tina,
date also. Under the Bankruptcy Law
all petitions will have TO be filed with
the District Court 10 Portland, but about
all the subsequent proceedings will bt
before the referees to be appointed 10
the several counties. Meetings Of the
creditors are to be held ut the county
seat. The amount Of deposit required
with the petition IL only S25 and even
this Is dispensed with Ia case the applE
cant makes affidavit that he IL withou,
money and cannot obtain Il. No amount
OF debts is required, as the act specifies
that "any person who owes debts, ex.
cept corporation, shall be entitled to
the benefits Of this act "a voluntary
b,nkrupt." II the bankrupt Is sum-
moned In for examination he must be
paid his actual expenses. Application
for discharge can be made at the end OF
one month aud will be granted, unless
he has committed an offence punish
able by Imprisonment" by the Bank
ruptcy Law, "or with fraudulent intent
to conceal his true financial condition,
and In contemplation Of bankruptcy,
destroy ed, concealed, or failed to keep
books Of account or records from which
his true condition might be sscertsined.' y
Any person extorting or attempting TO
extort any money or property from any
bankrupt as consideration for acting
or forbearing to act In his bankruptcy
proceedings Is liable to imprisonment for
two years.
II will be seen that the provisions of
the Law are much more favorable TO the
bankrupt than those Of our state insol-
vent law.
In our Probate Courts the chief point
Of interest IL to know what stamps will
be required. While there has not been
to my knowledge any concerted action
by the Judges OF the Probate Court a.
vet, Il IL safe TO say that all petitions for
administration. for the probite Of Wills
and letters testxmentsry will have to
have 10 cents 10 stamps affixed; all
bonds OF executors, administrators,
guardisns and trustees, 30 cent stamp,
and powers Of attorney - cent stamp.
A stamp will be required on all attest
ed copies issued by the Register and on
all certificates issued by him. II Il quite
probable that stamps will be required on
other papers that partSke Of the nature
Of certificate. such IA petitions for
sale Of real estate, certificates OF sale,
return Of directions, &c, but those must
await the decision OF the proper off,
Ger. This mstter Of stamps Is i'm
portsnt, IA no papers can be- received by
the judge unless properly stamped.
Ggo. A. WILSON.
South Paris, July Is, lS9S.