Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-11

months of the eb.or's bankruptcy had
as condition precedent to proving the
balance Of his debt. or other claims
which he might have against the bank
rrpt. to surrender the payments made
to him The practical result OF this rul-
Ing was that the creditor recognized
the wisdom Of the homely old phrase "a
bird in hand Is worth two In a bush
and RETAINED from proving the remain
der Of his claim. It was, however. a
hardship upon the alert and energetic
creditor and put him on the same foot
ms with the less active merchant who
had collected nothing on his account. In
other words this decision really placed
q premium upon sloth.
All Payments VIII Be Valid
When these amendments take effect.
any payments made to creditors, as wei
as transfers OF property to them. when
made In good faith. and the creditors NOT
| having reasonable cause to believe that
pi eferencss were Intended thereby. will
be valid that Is. such payments and
transfers viii stand. and the creditors
may prove the remainder Of their debts
against the bankrupt's estate OF course
it must be understood that all convey
ances, transfers. assignments or incum-
brances Of his property by a bankrupt
within four months Of his adjudication
a s such. when made with intent to de-
fraud creditors, or, as above stated. She
creditors having reasonable cause to be-
lieye preferences were intended to -bt
given them. are void. and the trustee IN
bankruptcy may recover the same either
| in State court or the court Of bank
ruptcy. which are given concurrent juris
diction Of such matters.
The amendments touching the fore
going while important. are not more SC
than some of the following-viz.:
Making the appointment OF receiver
| for an insolvent person (Which includes
| partnerships and corporations) by a State
court an act:of bankruptcy: allowing cor
| poratIons, engaged principally in manu-
featuring, trading. printing, publishing
mining, or mercantile pursuits. to tax.
advantage of the benefits of the bank.
| ruptcy act as a voluntary bankrupt on
| petition of an officer or stakeholder OF
such corporation, duly authorized at a
meeting of stockholders held for tina
| purnose by vote OF majority In
! amount Of the total stock of the cor
| roration; not allowing the release in
bankruptcy Of officers. directors. o,
| stockholders, as such. from any liability
! under the laws Of State or Territory OF
! the United Stotes: making the obtaining
| OF money or property on credit upon
materially false statement In writing
| for the purpose OF obtaining credit or Of
being communicated to the trade or &c
| the person from whom such property
was obtained on credit. bar to dis
J charge In bankruptcy, as does also e
fraudulent transfer Of any portion of the
bankrupt's property. OF. the fact that he
| has been granted or denied discharge
within six years: allowing the following
| debts to stand and not be affected by dis
I cEarge-lia hilities for fraud. or obta lining
| rooney by false pretenses. etc. alin,ony
due or to become due. and maintenance
or support OF wife or child: allowing
counsel fees and other expenses which
have been Incurred by creditors in re-
covering property transferred or conceal
ed by the bankrupt: raising the fling fec
Of the referee to $50, and that OF the
trustee to SO. which will make the total
filing feel dncIudins the clerks s1o) $40
| instead OF SIS as at the present time.
Waving Exemption.
Section q is added to the law. It