Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1898-08-18
The Bankruptcy Bill.

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Tho bill to provide for a uniform
system of bankruptcy, which has
passed both Houses of Congress-, by
the adoption of the Conference re-
port, is very long one, and very
largely technical. In other words,
the greater part of it is intended to
provide machinery for administering
it and to prevent fraud or misunder-
standings. The essential points of
the bill as agreed on by the Confer
encc Committee may be given in
comparatively small space. Those
who desire to take advantage of it
will of course have to road it in full
or consult some one who understands
it thoroughly. Tho bill provides
for both voluntary and in, oluntary
bankruptcy, though tho l,ttcr part
of it is somewhat restricted, as COM
pared with what many persons de-
sired to see Incorporated in it. AS
to voluntary bankruptcy, the bill
provides that any person who owes
debts, except n corporation, shall be
entitled to the benfit of the act as a
voluntary bankrupt. AS to involun-
tary bankrupts, it is provided that
"any natural person except wage
Garner or q person engaged chiefly in
farming or tilling of the soil, any
unincorporated company, and any
corporation engaged principally in
manufacturing, trading, priting, pub
fishing, or mercantile pursuits, own
ing debts to tho amount of $1,000
or over, may be adjudgcd an invol-
mtary bankrupt upon default or an
impa1 1tial trial, and shall he subject
to the provisions and entitled to the
benefits of this act. Private bankers,
but not national banks or banks in
Gorporatcd under State or territorial
laws may be adjudgcd involuntary
bankrupts." The acts for which Il
person may be adjudgcd bankrupt,
when petition is filled against him
within four months, if he is insolvent,
arc as follows;
"hcts Of bankruptcy by person
shall consist of his having (1) con-
vcyed, transferred, concealed or re-
moved, or permitted TO be concealed
or removed, any part of his property
with intent to hinder, delay or dcfraud
his creditors, or any of them; or (2)
transferred, while insolvcnt, any por-
tion of his property to one or more
of his creditors with intent to prefer
such creditors over his other crcdi
tors; or (3) suffered or PERMITTED,
while insolvent, any creditors to
obtain a preference through legal
proceedings, and not having at least
five da before sale or final dispo~
sition of any property affected by
such preference vacated or discharged
such preference or (I) made a gene
raj assignment for the benefit of his
creditors or (5) admitted in writ
ing his liability to pay his debts and
his Willingness to he adiudgcd a
bankrupt on that ground"
Courts of bankruptcy are the Dis
trict Courts of the United States in
the several States and Territories
and the Supreme Court of the Dis
trict of Columbia. The exemptions
of property and those of the State
where the bankrupt has had his domi-
cilc for six months next preceding
the filing of the petition. The bank
rupt may apply for discharge after
one month, and within twelve months
of the time of his adjudication as a
bankrupt. The discharge is granted
where the bankrupt has been guilty
OF no fraud or offcnsc. The dis
charge is not against debts due the
the United States, State, county,
district or municipality for taxes, or
Judgment for fraud, malicious iniu-
rics, and the like or debts not schc-
daleA in time if known TO the bank
rupt unless tho creditor had notice,
or such as were created by fraud or
dcfalcation while the bankrupt was
acting in fiduciary capacity. Ref
crccs in bankruptcy, corresponding
TO the Registers under tho former
law, arc appointed by the Court.
Trustees, corresponding to assignees,
may be selected by the creditors at
their first meeting, but if they fail
to make selection tho court appoints
Courier journal.
Two Millions q Year.