Page:United States Statutes at Large Volume 30.djvu/586

FIFTY-FIFTH CONGRESS. Sess. II. C11. 541. 1898. 547 or registering is required or permitted, or, if it is not, from the date .when the beneticiary take notorious, exclusive, or continuous possession of the property unless the petitioning creditors have received actual notice of such transfer or assignment. . ‘ cIt shall be a complete defense to any proceedings in bankruptcy Defmeofsvlvcucy. instituted under the iirst subdivision of this section to allege and prove that the party proceeded against was not insolvent as detiued in this _ Act at the time of the filing the petition against him, and if solvency at such date is proved by the alleged bankrupt the proceedings shall be dismissed, and under said subdivision one the burden of proving solvency shall be on the alleged bankrupt. dWhenever a person against whom a petition has been filed as herein- D°¤*·1°**¤·°lV¤¤¤v· before provided under the second and third subdivisions of this section takes issue with and denies the allegatiouof his insolvency, it shall be his duty to appear in court on the hearing, with his books, papers, and accounts, and submit to an examination, and give testimony as to all matters tending to establish solvency or insolvency, and in case of his failure to so attend and submit to examination the burden of proving his solvency shall rest upon him. _ eWheuever a petition is filed by any person for the purpose of having 0u*;°¤fi;$,g>¤*{;ig:,¤g another adjudged a bankrupt, and an application is made to take m£¤y ot Sin-,;,.4 charge of and hold the property of the alleged bankrupt, or any part Ph of the same, prior to the adjudication and pending a hearing on the petition, the petitioner or applicant shall file in the same court a bond with at least two good and sufficient sureties who shall reside within the jurisdiction of said court, to be approved by the court or a judge thereof; in such sum as the court shall direct, conditioned for the pay- ment, in ease such petition is dismissed, to the respondent, his or her personal representatives, all costs, expenses, and damages occasioned by such seizure, taking, and detention of the property of the alleged bankrupt. » If such petition be dismissed by the court or withdrawn by the peti- orCgj°::lQ;s;'}**;§¤'tj} tioner, the respondent or respondents shall be allowed all costs, counsel mm. p° fees, expenses, and damages occasioned by such seizure, taking, or detention of such property. Counsel fees, costs, expenses, and damages gag be tixed and allowed by the court, and paid by the obligors in such n . Sec. 4. Wno MAY BECOME BANKBUPTS.—a Any person who owes blllilrv {My b•com• debts, except a corporation, shall be entitled to the benefits of this Act ..$°¤ifiK£¥y. as a voluntary bankrupt. b Any natural person, except a wage-earner or a person engaged —*¤*°l¤¤*¤¤v· chieii y 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 one thousand dollars or over, may be adjudged an involuntary bankrupt upon default or an impartial trial, and shall be subject to the provisions and entitled to the benefits of this Act. Private bankers, but not national banks or banks incorporated under State or Territorial laws, may be adjudged invohmtaxy bankrnpts. Sec. 5. PARTN`ERS.——-3 A partnership, during the continuation of the P=¤‘¤*¤‘¤· partnership business, or after its dissolution and before the nnal settlement thereof, may be adjudged a bankrupt _ b The creditors of the partnership shall appoint the trustee; in other €sg‘Q;f‘fj’_§‘*’““°“ °f respects so far as possible the estate shall be administered as herein provided for other estates. — c The court of bankruptcy which has jurisdiction of one of the part- ·T¤ri¤•*i¤**°¤· ners may have jurisdiction of all the partners and of the administration of the partnership and individual property. d The trustee shall keep separate accounts of the partnership property A°°°“““· and of the property belonging to the individual partners. e The expenses shall be paid from the partnership property and the E"°“°°°‘ individual property in such proportions as the court shall determine.