The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1898-07-23
NE " BANKRUPTCY Law.


The new bankruptcy law recently
passed by congress and signed by the
president on July l. Is the outcome of
years Of discussion in congress and
the expenditure OF vass amount of
thoug ht, still as Senator Hoar, chairman
of the senate Judiciary committee. says
it is imperfect,and will have to amend
during future sessions. However it
will enable q large number Of bank
rnprs to get on their feet, and will also
allow creditors to get an adjustment
Of their accounts.
By the terms of the bill the district
courts of the United States in the
several states, the supreme court OF
the District of Columbia, the district
courts of several territories and the
District OF Alaska, are made courts OF
bankruptcy, and are invested within
their respective territorial limits as
now established, or az they may be
hereafter changed, with such jurisdic-
tion at law and in equity as will en-
able them to exercises original jur-
isdiction in bankruptcy proceedings.
The New York Journal of Commerce
explains the principal features of the
new law as follows:
"What may be called the fundameut.
al definition of the act is that a per-
son shall be deemed insolvent within
the provisions of this act whenever
the aggregate of his property, exclu-
sive OF any property which he may have
conveyed, transferred, concealed, or
removed, with intent to defrsud. hinder
or delay his creditors, shall not at q
fair valuation be sufficient in amount
to pay his debts There were in pre-
ceedine bills eight or nine specified
acts OF bankruptcy, On any one OF
which a petition could be filed against
the person committing such act. These
are reduced in the present bill to
three, and are held to consist OF per.
son having ~ conveyed, transferred,
concealed, or removed, or permitted
TO be concealed or removed, any part
Of his properly with intent to hinder,
delay, or defraud his creditors or any
of them; or ~ transferred, while in
solvent, any portion OF his property to
one or more of his creditors over his
other creditors, or ~ suffered or
permitted, while insolvent, any
creditor to obtain preference
through legsl proceedings, and NOT
having at least five days before sale
or final disposition of any property
affected by such preference, vacated
or discharged such perference.' The
other enumerated acts OF bankruptcy
belong purely voluntary proceedings,
as they consist Of the making Of q gen.
oral assignment for the benifit OF
creditors, or the admission in writing
of inability to pay debts and willing.
ness to be adjudged a bankrupt on
that ground.
"Any person who owes debts. ex-
cept corporation, is entitled to the
benefit Of the act as volup tsry bank
rupt. Any natural person may be ad-
judged an involuntary bankrupt upon
default or after an impartial trial, ex-
cept q wage Garner or q person en-.
gagged chiefly in farming or the tillage
of the soil, or an incorporated eo:i.
pany or 3 corporstien, provided the
amount of debts owing be $1,000 or
over. The bill provides that q peti- \
tion may be filed against person who
is insolvent, and who has committed an
act of bankruptcy, within tour months
after the commission of such an act.
It Is, however, stipulated that the
petitioner or applicant shall Hle in the
same court . bond. with at least two
good and sufficient suretiee, in such
sum as the court shall Direct .con-
ditioned for the payment, in case such
petition 10 dismissed, to the respond
ent, his or her personal representa-
tives. all costs, expenses, and damages
occssioned by such seizure, taking, and
detention OF the property OF the al.
legged bankrupt Threeor more credi-
tors who have provable claims against
any person which amount in the sggre-
gate to $500 or over, or if all the credit
ors are less than IL in number. one Of |
them whose claims equals this;ampunt !
may file . petition to have q person |
declared bankrupt. The penal Of
lenses under this new: bill are reduced,
substantially, to two. Imprisonment
'or period not to exceed two years is
20 be imposed on conviction Of having
knowingly and frsudulently..(ll con.
,eslsd while bankrupt, or after bis
discharge, from his trustee any of the
belonginging to hissstate in
t2l made q false oath or
'ccount In, or in relation tocany pru-
,eeding in bankruptcy