Rensselaer Union, Volume 2, Number 46, Rensselaer, Jasper County, 11 August 1870 — The Amended Bankrupt Law. [ARTICLE]

The Amended Bankrupt Law.

The bankrupt law has been amended by a recent set of Congress in some few particulars which are worthy of public notice. Provision is now made that the Cirdhit Judge, in case of the sickness, absence or other disability of the District Judge, may make all necessary rules and orders preparatory to the final hearing of causes m bankruptcy. The law now provides also that the provisions of that section, known as the fifty per cent clause, shall not apply to those debts, from which the bankrupt seeks a discha’ge, which were constructed prior to the first of January, 1869. In other words a debtor, whose assets do not pay fifty cents on the dollar, must now obtain the acssnt of a majority in number and value-Of those creditors only whose debts were contracted since the first of January, 18G9. A clause of the thirty ninth section makes it an act of bankruptcy; that a person “being a banker, merchant, <?r trader, has fraudulently stopped or suspended, and not resumed payment of his commercial paper within a period of fourteen days,” . sluch ''difficulty has been found by, the courts in the construction of this clause, especially as to the meaning of the word “fraudulently.” All ambiguity has been removed by an amendment as follows: “Or who, being a banker, broker, merchant, trader, manufacturer, or miner, has fraudulently stopped payment, or who has stopped or suspended and not resumed payment of his commercial pajper within a period of fourteen days.” The bankrupt law is improved by these amendments, but it would be still further improved by an amendment to provide for the custody of the bankrupt’s property between the time of filing the petition and the ‘appointment of an assignee.— Boston Atteertiser. Noisy Xnvanthy—Babies in arms.