itors over his other creditors, or suffered or permitted while insolvent any creditor to obtain a preference through legal proceedings and not having at least five days before a sale or final disposition of any property affected by such preference vacated or discharged such preference, or made a general assignment for the benefit of his creditors, or admitted in writing his inability to pay his debts and his willingness to be adjudged a bankrupt on that ground. A petition may be filed against a person who is insolvent and who has committed an act of bankruptcy within four months after the commission of such act, but such time shall not expire until four months after the date of the recording or registering of the transfer or assignment when the act consists in having made a transfer of any of his property with intent to hinder, delay or defraud his creditors, or for the purpose of giving a preference or a general assignment for the benefit of his creditors if by law such recording or registering is required or permitted, or if it is not, from the date when the beneficiary takes notorious, exclusive or continuous possession of the property, unless the petitioning creditors have received actual notice of such transfer or assignment. It is made a complete defense to proceedings 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 who owes debts except a corporation is entitled to the benefits of the measure as a voluntary bankrupt, and any natural person except a wage-earner or a person engaged chiefly in farming or the tillage of the soil, any unincorporated company and any corporation engaged principally in manufacturing, trading, printing, publishing or mercantile pursuits, owing debts to the amount of $1,000 or over, may be adjudged an involuntary bankrupt upon default or an impartial trial. A partnership may be adjudged a bankrupt during the continuance of the partnership business or after its dissolution and before the final settlement thereof. The creditors of the partnership are to appoint a trustee, but in other respects so far as possible the estate is to be administered as are others. The trustee is to keep separate accounts of the partnership property and of the property belonging to the individual partners, and the expenses are to be paid from the different kinds of property respectively in such proportions as shall be determined by the court. The act will not affect the allowance to bankrupts of the exemptions which are prescribed by the state laws 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 immediately preceding the filing of the petition. It is made the duty of a bankrupt, among other things, to examine the correctness of all proofs of claims filed against his estate, to execute and deliver such papers as may be required by the court, and execute to his trustee transfers of all his property in foreign countries, immediately inform the trustees of any attempt by his creditors or other persons to evade the provisions of the act, disclose the fact that any person has proved a false claim against the estate and prepare to make oath to and file within ten days after adjudication if an involuntary bankrupt, or with the petition if a voluntary bankrupt, a schedule of his property, showing the amount, kind and location thereof, its money value in detail, and a list of his creditors, the amounts due each of them, the consideration therefor, the security held by them, if any, and a claim for such exemptions as he may be entitled to. Finally, the bankrupt is required, at such times as the court shall order, to submit to an examination concerning the conduct of his business, the cause of his bankruptcy, his dealings with his creditors and other persons, the amount, kind and whereabouts of his property, and, in addition, all matters which may affect the administration of his estate. Terms of composition may be offered by a bankrupt to 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 the schedule of his property and list of his creditors required to be filed by bankrupts. Compositions may be confirmed where the court is satisfied that they are for the best interests of the creditors; that the bankrupt has not been guilty of any of the acts or failed to perform any of the duties which would be a bar to his discharge, and that the offer and its acceptance are made in good faith, and have not been made or procured except as provided in the act, or by any means, promises or acts therein forbidden. Compositions may be set aside on the ground of fraud. Applications for discharge may be filed after the expiration of one month and within the next twelve months subsequent to adjudication of bankruptcy, or in case the bankrupt is unavoidably prevented from filing it within that time, then within the next six months. Applications for discharges are to be heard by the court, which will receive such proofs and pleas as may be made in opposition thereto by parties in interest at such time as will give them a reasonable opportunity to be fully heard. Applicants are to be discharged unless they have committed offenses punishable by imprisonment, as provided in the act, or with fraudulent intent to conceal their true financial condition, and in contemplation of bankruptcy destroyed, concealed or failed to keep books of account or records from which their condition might be ascertained. The confirmation of a composition will discharge the bankrupt from his debts, other than those agreed to be paid by the terms of the composition, and those not affected by a discharge. Discharges may be revoked on the ground of fraud. The liability of persons who are co-debtors with, or guarantors, or in any manner sureties for bankrupts, is not to be altered by the discharge of the latter. Regarding the operation of the discharge itself, it is provided that it will release a bankrupt from all of his provable debts except such as (1) are due as a tax levied by the United States, the state, county, district or municipality in which he resides; (2) judgments in actions for frauds or obtaining property by false pretenses or false representa tions, or for willful and malicious injuries to the person or property of another; (3) have not been duly scheduled in time for proof and allowance, with the name of the creditor if known to the bankrupt, unless such creditor had notice or actual knowledge of the proceedings in bankruptcy; or (4) were created by his fraud, embezzlement, misappropriation or defalcation while acting as an officer or in any fidu ciary capacity. EPITOME OF WAR REVENUE BILL, EFFECTIVE JULY 1, 1898. LEADING FEATURES. (1) Stamps to the values indicated must be affixed on or after July 1, 1898, either by the makers, signers or issuers of the instruments enumerated, or by those for whose use they are made, signed or issued. (2) Instrument without stamp not competent evidence in any court; penalty for failure to comply, a fine of not more than $100 at discretion of court. (3) A penalty not exceeding $1,000, or imprisonment at hard labor not exceeding 5 years, or both at the discretion of court for counterfeiting, erasing or removing stamps, washing stamps for re-use, or having same in possession. (4) Stamp must be canceled by writing or stamping initials of parties affixing a date of such use. For failure to cancel a penalty of not less than $50, or more than $100. (5) Section 10 provides that evasion of the stamp duties by either party to the transaction makes them liable to a fine of not exceeding $200, at the discretion of court. (6) Acceptors of foreign exchange payable in this country, must affix stamp same as required on domestic bills, etc., before accepting or paying, under similar penalties. (7) Section 13, while providing how errors in stamping may be corrected, provides that any person who registers, issues, sells, or transfers any instrument not stamped as required, is subject to fine and imprisonment. (8) Section 15 provides that documents not stamped as required by law, or whose stamps have not been affixed or canceled, shall not be recorded or admitted as evidence. (9) Section 16, provides that a document shall not be invalid for want of any particular kind of stamps, if stamps of equal value have been affixed. (10) The following documents are exempt from stamp duties: "Bonds, debentures or certificates of indebtedness issued by officers of the U. S. government, or by officers of any state, county, town, municipal corporation, or other corporation exercising taxing powers, also stocks and bonds of co-operative building societies whose capital does not exceed $10,000, or Building and Loan Associations making loans only to shareholders." AGREEMENT TO SELL for future delivery at any exchange or board of trade or BILL OF EXCHANGE, inland, other than at sight drawing interest for each .$ 0.01 .02 .02 BILL OF EXCHANGE, foreign, drawn in the U. S., payable outside, if drawn singly, for each $100 or less... .04 BILL OF EXCHANGE, foreign, drawn in sets, each bill of each set for each $100 or less.... .02 BILLS OF LADING, foreign, for export other than Charter party. .10 .01 BONDS, issued by any company or corporation, on each $100 or fraction, face value..... .05 BOND except as otherwise specified... .50 BROKER'S NOTE or memorandum of sale of any goods or merchandise, CERTIFICATE OF STOCK, original issue by any company or corporation, on CERTIFICATE OF DEPOSIT not drawing interest... CERTIFICATE OF DEPOSIT other than at sight drawing interest, for each CERTIFICATE OF PROFITS, or any certificate or memorandum showing CONVEYANCE-Deed, instrument, or writing whereby any lands, tenements or other realty sold shall be granted, assigned, transferred or otherwise conveyed to or vested in the purchaser or purchasers or any other person or persons by his or her direction, $100 to $500.... Each additional $500 or fraction..... .50 CUSTOM HOUSE-Entry for consumption or warehousing not exceeding $100 $100 to $500.... .25 .50 Exceeding $500... 1.00 CUSTOM HOUSE-Entry for withdrawal.. .50 DEED See Conveyance. DEBENTURES issued by any company or corporation, on each $100 or frac tion of face value.... .05 |