Rensselaer Semi-Weekly Republican, Volume 36, Number 133, Rensselaer, Jasper County, 2 December 1904 — POOR PROSPECTS FOR GILMAN CREDITORS. [ARTICLE]

POOR PROSPECTS FOR GILMAN CREDITORS.

Goodland Herald, At the reoent meeting of the Gilmat creditors oalled by Referee Bowers and held at the Goodland bank some features of tbe bank rupt law were developed that are calculated to intensify bitter feelings among the losers and if the construction of the law as laid down in that meeting is oorrtct demonstrates that legalized robbery still exists in Indiana. Un der the bankmpt law of this state the wife of a bankrupt holds one fifth interest in the real estate, wbioh interest if the same is sold with clear title must be paid to her. Absolute justice and old fashioned horse sense would suggest that where a mortgage existed ou the property that claim should fi st be settled and from the balance the wife reoeive one fifth and the creditors the residue. But not so acoordiag to arguments sent forth by the ooucsel at this meeting. For instance, if Fred Gilman owned a farm that eel's f ir SIO,OOO and there is a mortgage of SB,OOO the wife gets the $2,000 and the creditors. whose money may have bought it, get nothing If this is tbe law and the referee seems to think it is, the oreditois of Gilman will reoeive comparatively little from the real estate. A gentleman who ought to know something about the matter informs ns that he will be surprised if the credi tors reoeive more than 15 oents on the dollar from tbe Home bank settlement and te is inclined to the opinion that it will not exoeed ten oents