Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-07-14
THE BANKRUPT LAW.
A Valuable synopsis of This I'M
portant Act of Congress.

The following synopsis of the bankrupt
law. just approved by the President, has
been prepared for us by Mr.. Z. f. Boul-
din, a well-known attorney of Danyille,
Va:
The District courts of the United States
have original jurisdiction in al matters
the Circuit courts OF the United states
have concurrent jurisdiction only in Of
fences against the law, while the Circuit
Court of Appeals Of the United states
has appellate jurisdiction in certain
cases.
2. The principal place Of business, resi-
dence. domicile, or location or property
determines where the petition must DC
filed.
g. Notices Of bankruptcy must be pup
lished in the county where the pankrupt
resides, or where the greater part Oh ms
property lies, or where for convenience
the court orders otherwise.
WHAT ARE ACTS OF BANKRUPTCY.
1. Disposition Of property with intent
TO hinder. defraud, or delay creditors
q Preference to creditor py transfer
of property while insolvent.
3. Suffering preferences through legal
proceedings, etc.
A general assignment for the benefit
of creditors.
s. The admission in writing by person
OF his inability to pay his deRis, ana Will
ingness TO be declared bankrupt.
The exemptions allowed are those no"
allowed by the State or Territory Where
they resided for the last six months
WHO MAY BE 4 BANKRUPT.
Who may become a bankrupt? Any
natural person may become voluntary
bankrupt.
? ANY natural person, except wage
Garner, or a person engaged chleny ~
farming, or the tillage of the SOIL uhlh-
corporated companies, any corporation
engaged principally in manufacturing
trading printing, publishing or mercah-
tile pursuits, owing debts to the amount
OF 81 900 or over, may be adjudged lnVoi-
untary banbrupts.
DEBTS NOT DISCHARGED.
1. Taxes owing to United States, state
county, district, or municipality
9. Judgments for frauds, obtaining
money under false pretences or repre-
sensations, malicious injury.
g. Debts not scheduled in time for al
iowance. unless the creditor had notice
or actual knowledge of the bankruptcy.
4. Debts created by his fraud, embezzIe-
ment. misrepresentation, or defalcations'
while acting as an officer, or in any hdu-
ciary capacity.
REFEREES.
They are to be appointed by the Uhlted
States District Judge, and at least one
for every county in his district, ana are
TO give bond and security. They consider
the petitions referred TO them, admins
ter oaths. examine witnesses, declare di-
yidends. make up records, &c, &c. Ihey
get $40 in each case, except when Zee Is
not required of a bankrupt, and l per
cent. commission on sums for dividends,
or IL per cent. on compositions.
Trustees are elected by creditors, who
proye their debts; corporations or indl-
viduals can act. They receive and ad-
minister the estate of the bankrupt under
the direction of the court. They get 80
i'm each case, except when the 50 IS not
required of the bankrupt, and an add
tional allowance by the court not to eX-
coed 3 per cent. on the first $500 or less,
per cent on the second 5000, or part
thereof. and / per cent. on sums over VI
900. A bond with two sureties Is required
Of them.
Clerks fees are $40 in each case. except
when the bankrupt swears he cannot get
the so to deposit.
Marshals' fees are the same as Tor ike
services in other cases.
The meeting Of creditors must be. held
at the county seat Of the county where
the bankrupt resides, or where the court
designates. The judge or referee presldes'
Attorneys can be secured in a FAR fee
for transfers of the property, but IL LOT
more the excess in the transfer VIII De set
aside by the court.
PRIORITIES.