The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-07-16
spirasors? 1t Is time that the United
States government took measures to And


The new bankruptcy law Is OF such
importance that Ii viii probably be
studied by more persons than any other
law that has ever passed congress. Even
as to the provision concerning the spe-
cial business of the reader. The bank
ruptcy bill affects every man who has
dealings with his fellow. II is an ex-
ceedingiy .ong document. but the salient
features may be presented with suf-
fieient conciseness to afford a general
comprehension Of the scope OF the meas
ure.
The law provides for both voluntary
and involuntary bankruptcy and de-
fines an act Of bankruptcy with great
comprehensiveness- In consists in a
person having conveyed, transferred.
concealed or removed. or permitted 10
be concealed or removed, any part Of
his property with intent TO hinder. de-
lay or defraud his creditors, or any OF
them. or transferred while insoivent any
portion OF his property to one or more
of his creditors with intent to prefer
or suffered or permitted while insolvent
any creditor to obtain a preference
through legal proceedings and not hav-
ing, at least Ave days before a sale or
final disposition Of any property affected
by such preference. vacated or dis
charged such preference, or made
general assignment for the benefit Of his
creditors, or admitted In writing his in
ability TO pay his debts and his willing
ground.
A petition may be filed against a per-
son who Is insolvent and who has COM
mitted an act of bankruptcy within
four months after the commission Of
such act. but such time shall not ex-
pire until four months after some de-
cisive act-which Is very fully described
and is of many forms-has been done.
1t is made a complete defense TO pro-
ceedings In bankruptcy to allege and
prove that the party proceeded against
was not insolvent at the time of the
filing of the petition against him.
Any person-but not a cooperation
who owes debts is entitled To the bene-
fits OF the measure as voluntary bank
rupt, and any natural person except
wage-earner or a person engaged chiefly
In farming or the filling of the soil.
and corporations within certain limits
owing debts to the amount of 81 900 or
over. may be adjudged an involuntary
bankrupt upon default or an impartial
trial. The act will not affect the al
lowance'to bankrupts Of the exemptions
| which are prescribed by the state law
| in force at the time OF the filing Of the
! petition in the state where they have
| had their domicile for the six months, or
the greater portion thereof. Immediate
| ~ preceding the filing of the petition.
The bankrupt is required TO examine
the correctness of all proofs of claims
filed against his estate; to transfer 10
his trustee all of his property in foreign
countries: disclose any attempt by his
| creditors to evade the provisions of the
| act or an attempt to prove false claim.
! and under oath to file statement OF
all his property. Under examination
| by the court he must submit an explana-
ton concerning the conduct of his busi-
ness and the cause of his bankruptcy.
ana answer questions relating to the
administration Of his estate.
Terms of composition may be offered
| by bankrupt 10 his creditors after
| but not before--he has been examined
| in open court or at a meeting OF his
creditors. and filed In open court a
t schedule OF his property and list OF his
| creditors. The court has the power 10
| confirm composition If that seems TO
! be for the best interests Of creditors
and ii may also set one aside on the
| ground Of fraud.
Applications for discharge may be
filed after the expiration Of one month
and within the next twelve months sub
| sequent 10 adjudication Of bankruptcy.
| Applications for dis charge are - be
| heard hy the court. which Will receive
| proofs and pleas in opposition by par
tes in interest. but applicants are 10 be
discharged unless they have committed
ofrenses punishable by Imprisonment, as
provided ia the act. or with fraudulent
Intent to conceal their true financial
| condition. and III contemplation Of
bankruptcy destroyed. concealed or
failed 10 keep books of account from
which their condition might be aScer-
taincd. aud DISCHARGES may b., revoked