have any insurance policy which has a cash surrender value payable to himself, his estate, or personal representatives, he may, within thirty days after the cash surrender value has been ascertained and stated to the trustee by the company issuing the same, pay or secure to the trustee the sum so ascertained and stated, and continue to hold, own, and carry such policy free from the claims of the creditors participating in the distribution of his estate under the bankruptcy proceedings, otherwise the policy shall pass to the trustee as assets; and (6) rights of action arising upon contracts or from the unlawful taking or detention of, or injury to, his property.

b. All real and personal property belonging to bankrupt estates shall be appraised by three disinterested appraisers; they shall be appointed by, and report to, the court. Real and personal property shall, when practicable, be sold subject to the approval of the court; it shall not be sold otherwise than subject to the approval of the court for less than seventy-five per centum of its appraised value.

c. The title to property of a bankrupt estate which has been sold, as herein provided, shall be conveyed to the purchaser by the trustee.

d. Whenever a composition shall be set aside, or discharge revoked, the trustee shall, upon his appointment and qualification, be vested as herein provided with the title to all of the property of the bankrupt as of the date of the final decree setting aside the composition or revoking the discharge.

e. The trustee may avoid any transfer by the bankrupt of his property which any creditor of such bankrupt might have avoided, and may recover the property so transferred, or its value, from the person to whom it was transferred, unless he was a bona fide holder for value prior to the date of the adjudication. Such property may be recovered or its value collected from whoever may have received it, except a bona fide holder for value.

f. Upon the confirmation of a composition offered by a bankrupt, the title to his property shall thereupon revest in him.

THE TIME WHEN THIS ACT SHALL GO INTO EFFECT.

a. This Act shall go into full force and effect upon its passage: Provided, however, That no petition for voluntary bankruptcy shall be filed within one month of the passage thereof, and no petition for involuntary bankruptcy shall be filed within four months of the passage thereof.

b. Proceedings commenced under State insolvency laws before the passage of this Act shall not be affected by it.

Approved, July 1, 1898.

TITLE V.

STATE EXEMPTION LAWS.

ALABAMA.

Residents of this state are entitled to have exempt from levy and sale a homestead not exceeding one hundred and sixty acres, together with improvements thereon of the value not to exceed $2,000; a burial place, a church pew, and $1,000 of personal property, to be selected by the debtor; wages and salary to the amount of $25 per month are exempt from levy under a writ of garnishment or other process. No partnership property, however, is exempt against copartners or partnership creditors. A provision is made whereby the homestead exemption does not apply so as to defeat the liens of laborers, mechanics or material-men for work done or material furnished. Crops while growing or gathering are exempt from levy and sale except in actions for the enforcement of rent and the labor furnished as described by the statutes of the state.

It is permissible for a husband or wife to insure their lives for the benefit of each other or of their children, and such insurance money will be exempt from execution. The debtor may waive his right to exemption as to personal property, either by a separate instrument in writing or by incorporating it in any bond, bill or note. If, however, such waiver relates to real property, it must be by separate instrument; and if the person be a married man, the waiver must be acknowledged by the wife.

The homestead exemption may be claimed in the fee simple of the land or any lesser estate, even though it be a term of years or a tenancy at will.

If goods levied upon be subsequently claimed by the defendant under the exemption laws of the state, the plaintiff may contest the same. If the defendant give bond within five days after notice of contest, he may take the property; and if he do not do so, the plaintiff may give such bond within five days thereafter and receive the property. If no bond is given within ten days after notice of contest, the property will be delivered to the defendant without bond. This digest includes changes in code which went into effect September 17, 1898

ALASKA.

It is provided by the act of congress of May 17, 1884, that the general laws of the state of Oregon, now in force, are hereby declared to be the law of said District of Alaska so far as the same may be applicable and not in conflict with the provisions of this act or the laws of the United States. For exemptions, see Oregon.

ARIZONA.

By the laws of this state the following property is exempt from execution against every head of a family: Personal property of not more than $1,000, which may be selected by the debtor; a homestead which shall not exceed in value the sum of $4,000; the earnings of a judgment debtor for his personal services for thirty days next preceding the date of the levy. It will be observed that by the laws of this state these exemptions are only given to the heads of families, and it would appear therefrom that a person not the head of a family, or unless he has some one dependent upon him, is not entitled to the benefit of these provisions.

ARKANSAS.

The exemption laws of this state are contained in its constitution. Unmarried persons, residents of the state, who are not heads of families, are given exemptions in specific articles to be selected by such a resident not exceeding in value the sum of $200 in addition to his or her wearing apparel, but such exemption does not extend to the purchasemoney for the articles selected while in the hands of the vendee. If the person is married or is the head of a family, exemption is given in personal property in specific articles to be selected by such person, not exceeding in value the sum of $500, in addition to his wearing apparel. By section 3 it is provided that the homestead of any resident of this state who is married or the head of a family shall not be subject to any judgment or decree of any court or sale under execution or other process thereon, except such as may be rendered for the purchase-money or for specific liens, laborers' or mechanics' liens for improving the same, or for taxes, or against executors, administrators, guardians, receivers, attorneys for moneys collected by him, and other trustees of an expressed trust for moneys due from them in their fiduciary capacity. The homestead outside of any town or village owned and kept as a residence shall not exceed one hundred and sixty acres of land with the improvements thereon, to be selected by the owner, provided the same shall not exceed in value the sum of $2,500, and in no event shall the homestead be reduced to less than eighty acres without regard to value. The homestead in any city, town or village owned and kept as a residence shall not exceed one acre of land with the improvements thereon and shall not be valued at more than $2,500, and in no event shall the homestead

be reduced to less than a quarter of an acre of land independently of its value. The homestead cannot be sold or mortgaged without the wife joining and releasing the same, but if the husband fails to claim it, it may be claimed by the wife; and if the estate of a decedent is less than $300, it is all turned over to the widow and children.

CALIFORNIA.

Except on an execution issued upon a judgment for the purchase price of an article, or a judgment in foreclosure upon a mortgage of the article, the following property is exempt from execution: (1) Chairs, tables, desks and books to the value of $200. (2) Necessary household, table and kitchen furniture belonging to the judgment debtor, including one sewing machine, stoves, stove-pipes and furniture, wearing apparel, beds, bedding and bedsteads, hanging pictures, oil paintings and drawings drawn or painted by any member of the family, and family portraits in their necessary frames, provisions actually provided for individual or family use sufficient for three months, and three cows with their sucking calves, four hogs with their sucking pigs, and food for such cows and hogs for one month; also one piano, one shot-gun and one rifle. (3) The farming utensils or implements of husbandry not exceeding in value the sum of $1,000; also two oxen, or two horses or two mules and their harness, one cart or wagon, and food for such oxen, horses or mules for one month; also all seed grain or vegetables actually provided, reserved or on hand for the purpose of planting or sowing at any time within the ensuing six months, not exceeding in value the sum of $200, and seventy-five bee hives, and one horse and vehicle belonging to any person who is maimed or crippled and the same is necessary in his business. (4) The tools or implements of a mechanic or artisan necessary to carry on his trade, the notarial seal, records and office furniture of a notary public, the instruments and chests of a surgeon, physician or surveyor or dentist necessary to the exercise of their profession, with their professional library and their necessary office furniture, the professional libraries of attorneys, judges, ministers of the gospel, editors, teachers and music teachers and their necessary office furniture; also the musical instruments of music teachers actually used by them in giving instructions, and all indexes, abstracts, books, papers, maps and office furniture of a searcher of records necessary to be used in his profession; also the typewriters actually used by the owner thereof for making his living; also one bicycle when the same is used in carrying on his business or in transporting the owner to and from his place of business. (5) The cabin or dwelling of a miner not exceeding in value the sum of $500; also his sluices, pipes, hose, windlass, derrick, cars, pumps, tools, implements and appliances necessary for carrying on any mining operations, not exceeding in value the aggregate sum of $500, and two horses, mules or oxen with their harness and food for same for