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supreme court; or the party aggrieved may seek such relief by appeal, as in other cases.

[Provided, such appeal shall be allowed by the judge of the appellate court.]

Sec. 6. That any conveyance, transfer, or payment made and received in view of bankruptcy may be set aside if found to be contrary to the just rights of other creditors. But money obtained and used in good faith, though unsuccessfully, to avert an impending bankruptcy, or to save a threatened sacrifice of property, or for sickness or other like necessity, may be preferred in payment or in security by the court.

Sec. 7. That if it shall appear that any creditor has willfully and oppressively sought to bring about the bankruptcy of the debtor, or to obtain any fraudulent advantage over other creditors, the court may deny such wrongdoer any participation in the estate, or only a partial benefit of his claim, as may seem just. The discharge of the bankrupt shall not operate against any liability for fraud, trespass, or other willful tort; but the validity of any discharge in bankruptcy shall not be contested after the expiration of two years from its date.

Sec. 8. That the district courts shall be considered as always open for the reception and consideration of business under this act, and at their regular terms the bankruptcy business shall have precedence over all other kinds,

[Except criminal cases in which the defendant is in custody.]

Sec. 9. That it shall be the duty of the Supreme Court to make such additional rules in equity, if any, as may be required to [facilitate and simplify the proceedings and] carry this act into full effect, and to fix all fees and costs for servires in bankruptcy under this act, (Provided, that until the Supreme Court shall have made and published a schedule of such fees and costs, the respective district and circuit courts shall allow such as they may deem reasonable.]

INTERSTATE DEBTS, CREDITS, AND COLLECTIONS.

This part of the proposed system of commercial regulation by Act of Congress, consists of a bill for an act to protect manufacturers and merchants, as far as justly may be, against the fraud of appropriating their property when not paid for, to satisfy debts due to other parties; also to prevent unjust discriminations in the application of the proceeds of the estates of insolvent debtors to the payment of claims against them.

The bill to regulate debts, credits, and collections is as follows: A Bill for an act to further regulate commerce among the

several States, and particularly to regulate the relations of creditor and debtor, and the collection of debts:

Be it enacted, etc. SECTION 1. That debts and credits, and the rights, liabilities, and relations of creditors and debtors, in all cases arising out of any transaction, matter, or thing belonging to commerce among the several States shall be subject to and governed by the following rules and regulations, unless otherwise, in a particular case or class of cases, expressly provided by some other statute of the United States.

SEC. 2. That the vendor of any goods, wares, and merchandise, or any security, evidence of indebtedness, or other personal property, shall have, against the purchaser thereof, and all persons holding under him, except as hereinafter specified, a lien and equitable mortgage on the same, for the purchase price thereof, or so much of the same as may at any time be unpaid ; and such lien and mortgage shall extend to the proceeds of the property, so far as the same can be clearly traced, identified, and separated ; and particularly to any unpaid notes, bills, or accounts receivable, taken and held for the same. Such lien shall be enforceable by a short bill in equity.

SEC. 3. Such lien and mortgage shall not be of any validity, force, or effect as against any third person who shall in good

faith have paid or loaned any money for or upon such property, , or shall have become bound so to do; nor shall such lien in any manner interfere with or hinder the free sale and disposition of any such property, according to the usual course of trade and commerce, but every such sale and disposition shall be wholly free from such lien.

SEC. 4. In case any debtor shall become bankrupt or insolvent, or shall fail and suspend payment of his commercial debts and liabilities, the seller of any such property as is above enumerated, for which payment has not been made or secured, may rescind such sale, in the whole or for any divisible part; and may thereupon proceed in any lawful manner to regain the possession of the property covered by such rescission : Provided, That such course shall not be taken in any case where any third person has in good faith acquired any right to or interest in the property by any payment, loan, or contract made according to the usual course of busi

ness.

SEC. 5. That in case of the bankruptcy, insolvency, failure, and suspension of payment aforesaid, of any debtor, the creditor holding any claim or demand against such debtor, which has arisen in the course or from transactions belonging to commerce among the several States, shall be entitled to share in the proceeds of the estate, and to receive payment to the same extent in all respects as the most favored creditor who resides in the same State as that of which the debtor is an inhabitant, any mortgage, pledge, judgment, or other security or proceeding to the contrary notwithstanding, except securities and transactions for actual money or its equivalent advanced by third persons to the debtor in good faith upon property set apart and pledged for its repayment.

Sec. 6. In case of the bankruptcy or insolvency, failure, or suspension of payment of any merchant or trader, who is then owing any debt created in the course of commerce among the several States, whether such debt shall have matured

or not, the holder thereof, or his agent or attorney, may apply to any court having equity jurisdiction, to take charge of the assets and place of business of the debtor, and preserve the same from destruction and loss, and cause all the liabilities of the debtor to be ascertained and fixed, the credits to be collected or sold, the assets to be converted into money either in due course of trade or by forced sale, and either for cash or on credit, as may seem best, and out of the proceeds thereof to pay or permit the debtor to pay to every creditor not a resident of the State in which the debtor resides his proper share and proportion of the assets of the debtor, in case there shall not be enough to make payment in full of all the debts and liabilities.

Sec. 7. The homestead and household effects of any debtor, provided the same shall have been acquired and paid for in good faith, and shall be reasonably suited to his condition in life, shall not be deemed a basis of credit in any case under this act, but shall be exempt from process for the collection of debts, whether legal or equitable. In case any creditor shall charge on oath that the homestead or household effects of any debtor exceed in value what is reasonably suited to his condition in life, or that the same, in whole or in any specific part, were not acquired and paid for in good faith, but were acquired and are held in fraud of creditors, such charge shall be tried and determined, under the direction of the court, in as speedy and summary a way as the nature of the case may allow, and such order, judgment, or decree be entered as equity and justice may require. No other or greater exemption shall be allowed in any case arising under this act,

A BILL

To regulate commerce among the several States, and to codify

the law relating to bills of exchange and other commercial paper.

ARRANGEMENT OF SECTIONS.

1 SEC.

SEC.

PART I.-PRELIMINARY,

30. Presumption of value and good

faith. 1. Regulations of commerce. 2. Short title and interpretation of

Negotiation of bills. terms.

31. Negotiatii n of bill. PART II.-BILLS OF EXCHANGE. 32. Requisites of a valid indorsement.

33. Conditional indorsement. Form and interpretation.

34. Indorsement in blank and special 3. Bill of exchange defined.

indorsement. 4. Inland and foreign bills.

35. Restrictive indorsement. 5. Effect where different parties to 36. Negotiation of over-due or disbill are the same person.

honored bill. 6. Address to drawee.

37. Negotiation of bill to party al7 Certainty required as to payee.

ready liable thereon. 8. What bills are negotiable. 38. Rights of the holder. 9. Sum payable. 10. Bill payable on demand.

General duties of the holder. 11. Bill payable at a future time. 39. When presentment for acceptance 12. Omission of date in bill payable is necessary. after date.

40. Time for presenting bill payable 13. Ante-dating and post-dating.

after sight. 14. Computation of time of payment. 41. Rules as to presentment for ac15. Case of need.

ceptance, and excuses for non16. Optional stipulations by drawer

presentment. or indorser.

42. Non-acceptance. 17. Definition and requisites of ac- 43. Dishonor' by non-acceptance and ceptance.

its consequences. 18. Time for acceptance.

44. Duties as to qualified acceptances. 19. General and qualified acceptances. 45. Rules as to presentment for pay20. Inchoate instruments.

ment. 21. Delivery

46. Excuses for delay or non-presentCapacity and authority of parties.

ment for payment.

47. Dishonor by non-payment. 22. Capacity of parties.

48. Notice of dishonor and effect of 23. Signature essential to liability.

non-notice. 24. Forged or unauthorized signature. 49. Rules as to notice of dishonor. 25. Procuration signatures. 26. Persons signing as agent or in 50. Excuses for non-notice and delay. representative capacity.

51. Noting or protest of bill.

52. Duties of holder as regards drawee The consideration for a bill.

or acceptor. 27. Value, and holder for value.

Liabilities of parties. 28. Accommodation bill or party, 29. Holder in due course.

53. Funds in hands of drawee.

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