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BankruptcyAct-June28-1934

BankruptcyAct-June28-1934

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T3d
CONGRESS.
SESS.
I.
C
S.
868, 869.
JUNE
27,
28,
1934.
1289
ingly
makeanyfalseor
fraudulent
statementor
report
required
for
False
statement
the
purpose
of
thisAct,
or
who
shall knowingly
make oraid
in
making
any
false or
fraudulent
statement
or
claim
for
the purpose
of
receiving
any
awardor
paymentunder
this
Act shall
be
punishedby
a
fine
of
not
less
than
$100
nor
more
than
$10,000
or
by
impris-
onment
not
exceeding
one
year.
SEPARABILITY
SEc.
14.
If
any provision
of
this
Act,
or
the application
thereof
savingclause.
to any
personor
circumstances,
is
held
invalid,theremainder
of
the
Act
or
application
of such
provision
to
otherpersons
or cir-
cumstances
shall not
beaffected
thereby.
Approved,
June
27,
1934.
[CHAPTER
869.]
AN
ACT
June
28,
1934.
To
amend
an
Act
entitled
"An
Act
to
establisha uniform system
of
bankruptcy
Is.3550.1
throughout the
United
States",
approved
July
1,
1898,
and
Acts
amendatory
[Public,
No.
486.]
thereof
and
supplementary
thereto.
Be
it
enacted
by
the
Senate
and House
ofRepresentatives
of
the
Bankruptcy;
agricul-
United States
of Americain
Congressassembled,
That
section
75
ofextensions.s
and
theAct
of
July
1,
1898,
entitled"AnAct
to
establish
a
uniform
sys-
Ve.
47,
p.
1473,
tem
of
bankruptcythroughout
the
UnitedStates
",
as
amended,
is
amended
as
follows:
In
section
75,
entitled
"Agricultural
Composi-
tionsand Extensions
",
after
subsection
(r)
add
a new subsection(s),
to
read
as
follows:
"(s)
Anyfarmer
failing
toobtainthe
acceptance
of
a
majorityin
Farmer;petition
in
numberandamountofallcreditors
whose
claimsare
affected
by
a
bankuptcy.
compositionor extension
proposal,
or
if
he
feels
aggrieved
by
the
compositionor extension, may
amend his
petition
or
answerasking
to
be
adjudged
a
bankrupt.
Such
farmer
may,
at
thetime
of
the
first
Apprailoiprerty.
hearing, petition
the court
that
all
of
his
property,
whether
pledged,encumbered,orunencumbered,
by
liens
or
otherwise,
be
appraised,
and
that
his
exemptions
as
prescribedby
the
State
law,
subject
to
Exemptions.
any
liens
thereon,
be
set
aside
and
that
he be
allowed
to
retain
posses-
sion
of
any
part
or
parcel or all of
the remainderof his
propertyand
pay
for
same
under
the
terms and
conditionsset
forth in
this
subsection
(s).
"(1)
Upon
sucha
requestbeing
madein
thepetition
or
answer,
at
Appraisers,
appoint-
thetime of thefirst
hearing,
appraisers shall
be
designatedand
ment,
appointed.
Such
appraisers
shall
appraise
all
the
property
of
the
debtor
at
its
then
fair
and
reasonable value,
not
necessarily
the
market
value
at
the time
of
such
appraisal.
The
appraisals
shall
be
made
in
all
other
respects,
with
right
of objections,
exceptions,
and
appeal,in
accordance
with
this Act:
Provided,
That
in
case
of
real
Proiso.
estate
either
party
may
file
objections,
exceptions,
andappeals
within
Filing
objections.
one
year
from
date
of
orderapprovingtheappraisal.
"(2)
After
the
value
of thedebtor's
property
shall
have
been
fixed
Exemptions
of
debtor-
order
setting
by
the
appraisal
as
hereinprovided,the
referee
shall
issue
anorder
aside.'
setting
aside
to
such
debtor
his exemptions
as
prescribed by
the
State
law,
subject
to anyexisting
mortgages or liens upon
anysuchexemp-
tions
to
an
amount
equal
tothe
value,
as
fixed
by
the
appraisal,
of
the
value
of suchexempt
property
as
is covered
by any
mortgageor
Possession
of
remain-
lien,
and
shall
further
order
that
the
possession,
under
thecontrolof
lug
property.
the
court,of any
part
or parcel orall
of
the remainder
of
the
debtor's
property,
shall remain
in
thedebtor
subjectto
a
general
lien,
as
security
for
the payment
of
the
value
thereof
to
the trustee
of
the
creditors,
if
a
trustee
is
appointed,
such
a
lien
to
be
subject
to
and
HeinOnline -- 48 Stat. 1289 1928-1934
 
Prior
liens,
etcremain
effective.Liens on
livestocl
Sale
of
bankru
estate to
debtor.
Payments.Interest.
Proceeds,
etc.,
credit
of
lien
holder
Disposal
of
propeby
debtor,paymerequired.
Bond.
Enforcemen
t
pledge
in
case
of
fault
of
payment.
Discharge
upon
co
pleting
obligation.
73d
CONGRESS.
SESS.
II.
CH.
69.
JUNE
28,
1934.
to
inferior
to
all
prior
liens,
pledges,or
encumbrances.
Such
prior
liens,pledges,or
encumbrances
shallremain
in
full
force
and
effect,
and
the
property
covered
by
such
prior
liens,
pledges,
or
encum-
brances
shall
be
subject
to
the payment
of
the
claims
of
the
secured
creditorsholding
such
prior
liens,
pledges,
or
encumbrancesup
to
the actual
valueof
such
property
as
fixed
by
the
appraisal
provided
'.
for
herein.
All
liens
herein
on
livestockshall
cover
all
increase,
and
all
liens
on
real
property
shall
cover
all
rental
received
or
cropsgrownthereon
by
the
debtor,
as
security
for
thepaymentof
anysum
that
may
be
due or
past
due
under
the termsandprovisions
of
the
next
paragraph,
until
the
full
value
of
any
such
particular
prop-erty
has
been
paid.
apt
"
(3)
Upon
request
of
the debtor,
and
with
the
consent
of
the
lien
holderor
lien
holders,the
trustee,
after
the order
is
made
setting
aside
to
the
debtor his
exemptions,
shall
agree
to
sell
to
the
debtor
any
part,
parcel,or
all
of
the
remainder
of
the
bankrupt
estate
at
theappraised
value
upon
the
followingterms andconditions,
and
upon
such
other conditions
as
in
the
judgment
of
the
trusteeshall
be
fair
and
equitable:
"a.
Payment
of
1
per
centum
interest
uponthe
appraised
price
within
one
year
fromthedate
of
saidagreement.
"b.
Payment
of
21/2
per
centum
of the
appraised
price
within two
yearsfromthe date
of
saidagreement.
"e
Payment
of
an
additional
21/
per
centum
of
theappraised
price
within
threeyearsfromthe
date
ofsaidagreement.
"d.
Payment
of
an
additional
5
per
centum
of the
appraised
price
within
four
yearsfrom
the
date
of
saidagreement.
"e.
Payment
ofan
additional
5
per
centumof
theappraisedpricewithin
five
years fromthedateof
said
agreement.
"f.
Payment
of
the
remaining
unpaid
balance
of
the
appraised
price
within
six
years
fromthe
date of said agreement.
"Interest
shall
be
paid
on
the
appraised
priceand
unpaid
balances
of
the appraised
price
yearly
as
it
accrues
at the
rate
of
1
per
centum
per
annumandalltaxesshall
be
paid
by
the
debtor.
to
"
The
proceeds
of
such
payments
on
the
appraised
price
and
interest
shall
be
paid
to
the
lien
holders
as
their
interests
may
appear,
and to
thetrustee
of
the
unsecured
creditors,
as
theirinterests
may
appear,
if
a
trustee
is
appointed.
rty
"
(4)
An agreement
having
been
reached
as
provided
in
subsection
nts
(3),
the
debtor
may
consume
or
dispose
of
any
part
orparcelor
allof
said
property
whether
covered
by
thegeneral
lien
to the
trustee,
if
a
trustee
is
appointed,
or
subjectto
pledgesor
prior
liens
or
encumbrances
heldby
secured
creditors,
provided
he
pays
the
appraised
valueof
such
part
orparcelorall,
as
the
case
may
be,
to
the
secured
creditors,
as
their
interests
may
appear,
and
the
trustee
of
the
unsecured
creditors,
as
his
interests
may
appear,
if
a
trustee
is
appointed,
or
he
may
put
up
a
bond
approved
by
thereferee
in
bankruptcy
that
hewill
make
payments,
as
provided
for
herein,
of
any
property
so
consumed
or disposed of.
od
"(5)
Incase
thedebtor
fails
tomake
any
payments,
as
herein
provided,
to
any
or
all
of
the
secured
creditors
or to
the
trustee
of
the
unsecured
creditors,
then
suchsecured
creditorsor
the
trustee
may
proceed
to
enforce
their
pledge,
lien, or
encumbrancesin accord-
ance
with
law.
It
shall
be
the duty
of
the
secured
creditors
and
of
the
trustee
of
the
unsecured
creditorsto dischargeall
liensof recordin
accordance
with
law,whenever
thedebtor
has
paid the
appraised
value of
any
part,
parcel,or
all
ofhis
property
as
hereinprovided.
M.
"(6)
Having
complied
withthe
provisions
of
subsection
(3),
the
debtor
may
apply
for
his
discharge
as
provided
in
this
Act.
HeinOnline -- 48 Stat. 1290 1928-1934

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