BANKRUPT. within the jurisdiction of the states, may have all the essential operation of such a law, not being limited to a mere discharge of the person of the debtor on his surrendering his effects. This decision recognised in the states larger powers than had previously been supposed to have been retained by them. But congress alone has the power to make a bankrupt law, which shall be applicable to, and binding upon, all creditors in the U. States, and all descriptions of debts. This power was exercised by congress, in 1800, by the enactment of a bankrupt law, limited to five years, and which expired by its own limitation. This act was modelled upon the English statutes of bankruptcy existing at the time, and, like them, was applicable to no debtors except merchants. -By the French mercantile law, a bankrupt merchant must, within three days after stopping payment, give notice of it to the tribunal of commerce, which, even if the notice is not given immediately, proceeds, at the request of the creditors, or by virtue of its own authority without any petition, or on motion of the king's procureur, to put the debtor's store-house, counting-house, effects, books and papers under seal, also to appoint a commissioner from its own body, and several sworn agents, who give security for the faithful discharge of their trust, and to put the bankrupt in prison or under arrest and surveillance, from which, however, after an investigation of his affairs, he may be released, either unconditionally, or on giving bail. From the day of his failure, the bankrupt is divested of all his interest and title in his property, and, during the ten days preceding, no one can acquire any right in it, by pledge or mortgage; and any gratuitous transfer by him during that time is void, and any transfer made for consideration may be annulled, if attended with circumstances indicating fraud. And all acts done or contracts made by him, in fraud of his creditors, are void. An advertisement of the bankruptcy must be posted up in public places, and inserted in the gazette. The agents above-mentioned continue to manage the affairs of the bankrupt only 14 days, or until the appointment of the provisional syndics (trustees). The commissioner, within three days after the bankrupt's leger has been put into his hands, makes a catalogue of the creditors, and convenes them by means of letters and the public papers. The creditors assemble at the fixed time and place, in the presence of the commissioner, to whom they deliver 551 a list containing three times as many names, as, in their opinion, there should be persons appointed provisional trustees (syndics provisoires) of the property. From this list the requisite number is appointed by the tribunal of commerce. Within 24 hours after the appointment of trustees, the functions of the agents cease, and they render their account to the trustees, who, under the superintendence of the commissioner, now have the management of all the affairs of the bankrupt. They immediately remove the seals, and take an inventory of the bankrupt's effects, in the presence of a justice of the peace, with the aid of the bankrupt. Within eight days from entering upon office, they render to the king's procureur a report of the state of the bankrupt's affairs, and take charge of, and administer upon, his estate. The moneys received are placed in a chest with a double lock, of which the oldest trustee has one key, and the other is given to a creditor, selected by the commissioner. Every week, the commissioner is furnished with the cash account of the trustees, and may, upon their suggestion and that of the creditors, if he thinks it advisable, put the money already received at interest. It is the duty of the trustees to call in the debts of the bankrupt, and to have any mortgages made to him recorded, if he has not had it done himself; likewise to summon, without delay, all the creditors, by letter or the public papers, to appear before them within 40 days, personally or by attorney, to prove their claims, present their vouchers, or deposit them with the tribunal of commerce. The examination of claims is made within 14 days after the expiration of the 40 days, and every creditor, whose claims have been allowed, is at liberty to be present at the discussion of others' claims, and offer objections. After the claims have been discussed, each creditor must deliver, within eight days, an affidavit to the commissioner, that his demands are true. Whether a process shall be allowed, to establish the contested claims, rests on the decision of the tribunal of commerce. After the expiration of the time fixed for allowing claims, it is the duty of the trustees to take note of the creditors who do not appear; the commissioner gives information of them to the tribunal of commerce, which now assigns an additional period for their appearance, which, in respect to inhabitants of the kingdom, is regulated by the distance of their residence, one day being allowed for every three myria metres, about 183 English miles. In cases of foreign creditors, longer delays are allowed. After the expiration of this period, those who do not appear are excluded from a future dividend. Within three days after the period assigned for making affidavit, the creditors whose claims are allowed, are convened, and the state of the bankrupt's property is laid before them in the presence of the commissioner and the bankrupt. This is the time for the accord, which may take place if acceded to by the majority of the creditors, the sum of whose claims constitutes at least three fourths of the amount of debts to be liquidated. Creditors who hold collateral security for their debts have no voice in the decision. In case of presumption of fraud, from an examination of the bankrupt's books and papers, no accord is valid. If an accord is made, it must be signed during this sitting. Whoever is against it, is allowed a space of eight days to exhibit his objections. The accord, when legally ratified, restores the bankrupt to his former situation. If no accord is effected, the assembled creditors have to appoint definitive trustees (syndics definitifs), and a cashier to receive the moneys arising from the income or sale of the bankrupt's property. The duties of these definitive trustees are the same with those of the provisional trustees and the agents whom they succeeded; and the provisional trustees account and transfer the affairs over to the definitive, in the same manner as the agents had done to them. Monthly reports are made to the commissioner, who now has to fix the dividends. Prior to the final division, the creditors are convened, under the superintendence of the commissioner, and the final account is submitted by the trustees. The commissioner, on the suggestion of the syndics, assigns to the bankrupt's family their apparel and household furniture. Wives, married with a stipulation for separate property, or for community of goods accompanied with a separate interest in immovable property, retain the estate to which they are thus entitled, and also such as may have accrued to them by succession or donation. They are also entitled to retain personal property acquired by them, if it is the proceeds of such estate, and the right to employ such estate has been secured to them at the time when it came into their possession. Except in such cases, the presumption of law is, that property acquired by the wife has been paid for from the estate of the husband, and it is to be considered as belonging to him, unless she can substan- he is a bankrupt, and give notice thereof months before the issuing of the commisin the London Gazette. The commis- sion, though after the act of bankruptcy, sioners are invested with ample powers are valid if the other party had no notice for getting possession of the bankrupt's of the previous act of bankruptcy. Payperson and effects. They assign all his ments made at any time before the bankproperty, real and personal, to assignees ruptcy are also valid. The creditors apappointed by themselves, and these as- point a receiver of the money, the proceeds signees subsequently assign it over to of the bankrupt's property. The money other assignees, appointed at the second must be vested in exchequer bills on inmeeting of the creditors, in case of such terest, if so directed by the commissionother assignees being so appointed, and ers. The first dividend is made at the approved by the commissioners. Cred- end of 12, and the final one at the end of itors, whose debts are not due, are allow- 18 months. In case the bankrupt does ed to prove them, discounting interest. not surrender himself within 42 days after Sureties and bail for the bankrupt, when notice, or appear, as required, from time they pay the whole debt for which they to time, to be examined on oath before are bound, may represent their claims un- the commissioners, or does not discover der the commission, and receive the divi- all his property, or deliver up all his dends that would otherwise have been books and papers relating thereto, or conassigned to the party to whom they pay ceals and embezzles property to the value the debt, even if it is not paid until after of £10, or papers relating thereto, he is the commission issues. Persons holding deemed guilty of felony, and liable to be policies of insurance signed by the bank- transported for life, or for a term not less rupt, may also present their claims, and than seven years. During his examinaif the contingency, whereby they would tion, an allowance is made to him for the be entitled to a loss, happens before the support of his family. The bankrupt is commission is closed, their claims will be absolutely discharged from all his debts allowed. An annuity creditor is also ad- and liabilities subsisting at the time of his mitted to prove; likewise sureties on an becoming bankrupt, in case of his obtainannuity bond, and any creditor whose ing, and the lord chancellor's allowing, a debt depends on a contingency, if the certificate of four fifths in number and contingency take effect pending the com- value of creditors to the amount of £20 mission. The conveyance made to the as- each, or, after six months from the time signees will transfer to them, for the ben- of his last examination, of three fifths in efit of the creditors, all goods of any other number and value of such creditors, or person in the possession of the bankrupt at nine tenths in number, that he has duly the time of the failure, and, by permission surrendered, and in all things conformed of the owner, reputed to belong to the to the requisitions of the act. All conbankrupt. Conveyances and transfers tracts to induce creditors to sign the cermade by the bankrupt after he shall have tificate are void. But, if it be a second been insolvent, except upon consideration case of the debtor's bankruptcy, his cerof marriage, or other good consideration, tificate will not exempt his future propare void, and the property so transferred erty and earnings from liability to his is disposed of by the assignees for the creditors, unless the dividends amount to benefit of the creditors. The assignees 15s. in the pound. A bankrupt who obmay, at their election, assume any sub- tains his certificate, if the dividends sisting lease held by the bankrupt, or any amount to 10s. in the pound, is allowed 5 agreement by him to purchase lands. per cent. on the amount, not exceeding The bankruptcy dissolves articles of ap- €400; and if the dividends amount to prenticeship entered into with the bank- 12s. 6d. in the pound, he is allowed 71⁄2 per rupt, and if he has received any ap- cent., not exceeding £500; and if the prentice's fee, on account of taking an dividends amount to 15s. in the pound, apprentice, a part or the whole of it is he is allowed 10 per cent., not exceeding returned by the commissioners. The as- £600: but if they are less than 10s. in signees may execute any powers vested the pound, he is only allowed such sum in the bankrupt, which he might have as the assignees and commissioners may executed for his own benefit. If the think fit, not over 3 per cent., nor exceedbankrupt was trustee of property, the ing £300. But the bankrupt is not entichancellor appoints others in his stead. tled to a certificate, if he has lost, in Conveyances by, and contracts and trans- gambling, within 12 months, £200, or £20 actions by and with, the bankrupt, bona in any one day in that time; or if he has lost fide, and executions levied more than two £200 in stockjobbing, or has caused false 47 VOL. I. entries in his books, and mutilated or falsified papers to defraud his creditors, or connived at any person's proving a fictitious debt under the commission. If the bankrupt or his friends propose a composition which is accepted by nine tenths of his creditors in number and value, the commission of bankruptcy will be superseded. In Holland, there has existed, since 1643, in Amsterdam and other commercial cities, a court (Kamer van desolade Boedels), consisting of an equal number of lawyers and merchants, who assemble twice a week, to take cognizance of the bankruptcies that may occur. When a person becomes insolvent, this court appoints two commissioners (a merchant and a lawyer), to take charge of his affairs, who, with a secretary, immediately repair to the bankrupt's, seal up and make an inventory of his property, take possession of his books, &c. The following day, they assemble the creditors living in the place, and make a report; at the same time assigning certain days for the future meetings of the creditors. Two or three creditors are now appointed to take possession of the property of the bankrupt and administer it, and attend to the substantiation of claims. From this time the bankrupt has a month to propose an accord to his creditors, which the commissioners make known to creditors, abroad and at home, by public advertisements. If a creditor has any objections to it, he must urge them strenuously. To have any respect paid them, they must be made by a principal creditor, whose claims amount to one fifth or one sixth, or by two or more, whose joint claims amount to one twenty-fifth. If no accord is effected, the bankrupt is declared insolvent by the commissioners, his property is put in trust, and the former sequestrators are changed into trustees, who, with the aid of a book-keeper, proceed to the examination of claims. The insolvency is now reckoned from the sequestration, and all transfers, &c., made in the four weeks previous, are regarded as null and void. These trustees now ascertain the amount of property and debts, and make a dividend, though the last dividend must be made 18 months after the assignment. The allowance made the bankrupt is from 3 to 10 per cent., in proportion to the dividend; but it can never exceed 10,000 florins. If the bankrupt is not found chargeable with fraud, he may obtain a certificate, which must be signed by the trustees, and the creditors, at least one half in number and five eighths in value, or five eighths in number and one half in value, and which not only restores him to his former standing, but secures him from all subsequent demands of former creditors.-Denmark, also, has a distinct court of distribution (Skifteret), which appoints trustees, who divide the estate of the bankrupt among the creditors, under the approbation of the court. No creditor can be appointed a trustee.-In Sweden, the debtor, from the time of giving notice of his insolvency, must keep his house. The creditors of the place and neighborhood, are forthwith called together; the bankrupt makes oath of his property; and the estate is given, in provisional trust, to two or more men. All the creditors are now publicly invited to prove their demands at the end of six months. The creditors must appear, before 12 o'clock, on the fixed day; their information is read, and, if possible, on the same day, oath is made of the justice of their claims. Two trustees, chosen by the creditors, now take charge of the estate. Three weeks after the first meeting of the creditors, a second takes place, and, 14 days afterwards, they are again assembled, and receive a dividend. -All these laws are more judicious than the common German law on the same subject, which is, indeed, in commercial cities, frequently superseded by special law. The delays and expenses of the German bankrupt system are carried to a great extent, and even the most equitable judge is often unable to prevent fraud and abuse. The tedious public citations; the various processes of liquidation; the admission of legal measures, involving delay; the frequent disputes respecting right of priority;-all these have the effect of inspiring merchants, foreigners especially, with a dislike of the system, and inducing them, if possible, to come to a voluntary composition. More than half the estate of the bankrupt is often exhausted by the costs, or by the unavoidable delay of its conversion into money, and there are instances of 100 years having elapsed before a final settlement. The punishment of negligent and fraudulent bankrupts is usually confinement in prison or the workhouse. BANKRUPTCY, NATIONAL. (See National Bankruptcy. BANKS, Sir Joseph, baronet, born in Lincolnshire, 1743, a naturalist, sprung from a family of Swedish origin, which had settled in England a century before, and from which the attorney and tragic poet John Banks was also descended. He studied at Eton and Oxford till 1761. BANKS-BANS OF MATRIMONY. He then visited Hudson's bay, for the purpose of making researches in natural history, and, together with his friend doctor Solander, accompanied Cook on his voyage of discovery. In an expedition into the interior of the desolate Terra del Fuego, for the purpose of examining the country, the two naturalists narrowly escaped perishing with cold. B. introduced the bread-tree into the American islands, and he wrote the botanical observations in the account of Cook's voyages. In 1771, the university of Oxford conferred on him the degree of doctor of laws. In 1772, he visited Iceland, in order to make himself acquainted with its natural productions. After the resignation of sir John Pringle, in 1778, B. was chosen president of the royal society; but, in 1784, he was violently assailed by some of the most distinguished members, on account of his behavior towards doctor Hutton, and his disregard to the mathematical part of the society. In 1781, he was made a baronet. The French chose him a member of the national institute, in 1801, because to his intercession they owed the recovery of the papers of La Peyrouse, relating to his voyage, which had fallen into the hands of the English. His library, and his collections in natural history, are unequalled. Besides some essays, periodical publications, and some contributions to the transactions of learned societies, he wrote nothing but a Short Account of the Causes of the Blight, the Mildew, and the Rust in Corn, 1805. He died June 19, 1820. After the death of Mr. Brown, his librarian, his collections will be added to the British museum. BANKS, Thomas, an English sculptor, was born in 1735. He studied sculpture, with great success, in the royal academy, and was elected to be sent, as one of its students, to Italy. Here he executed several excellent pieces, particularly a basso relievo representing Caractacus brought prisoner to Rome, in the possession of the duke of Buckingham; and a Cupid catching a butterfly, which was afterwards purchased by the empress Catharine. From Italy he repaired to Russia, where he staid for two years without meeting with any adequate encouragement, when he returned to his own country. Among other works executed by him, was a colossal statue, exhibiting Achilles mourning the loss of Briseis, now in the hall of the British institution. He is also the sculptor of the admired monument of sir Eyre Coote in Westminster abbey. Mr. Banks was elected a 555 member of the royal academy not long after his return from Russia, and finished a life of arduous exertion in Feb., 1805. BANN. (See Ban.) BANNEC; an island in the English channel, near the coast of France. Lon. 4° 55′ W.; lat. 48° 25 N. BANNER; a word found in all the modern languages of western Europe, the origin of which, however, is given in many very different ways. It signifies the colors, or standard. Among the ancient Germans, if a knight was able to lead 10 helmets, i. e. 10 other knights, against the enemy, the duke (herzog) gave him a banner, and he was called a banneret (bannerherr). In some republics, banneret or standard-bearer was the title of one of the highest officers, as the gonfaloniere of Florence and other Italian republics, and the bannerherr in the Swiss republics. Banneret, in England, was a knight made in the field, with the ceremony of cutting off the point of his standard, and making it a banner-a custom which has long since ceased. Several banners are famous in history, as the Danish banner, taken from the Danes by Alfred the Great, the oriflamme (q. v.), &c. Catholic churches generally have their banners. BANNOCKBURN; a village of Scotland, in Stirlingshire, seated on the Bannock, famous for the decisive battle fought near it between king Robert Bruce of Scotland and Edward II of England, 1314 A. C., in which the English were defeated. BANQUETTE, in fortification; the elevation of earth behind a parapet, on which the garrison of a fortress may stand, on the approach of an enemy, in order to fire upon them. The height of the parapet above the banquette (the height of defence), is usually about four feet six inches; the breadth of the banquette, when it is occupied by one rank, two and a half to three feet; when it is occupied by two ranks, four to six feet. It is frequently made double, that is, a second is made still lower. BANQUO, or BANCHO; thane of Lochaber, the grandfather of Walter, the first lord high steward of Scotland, and the progenitor of the royal house of Stewart. He gained several great victories over the Highlanders and Danes, in the reign of Donald VII, but tarnished his glory by joining Macbeth in the conspiracy against that monarch. He was murdered by Macbeth, about 1046. BANS OF MATRIMONY is the giving public notice, or making proclamation, of a mat |