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Newspaper
Henry Republican
Location
Henry, Illinois, United States of America
Date
Jul 02, 1874
Page
7
A June dispatch details a fatal accident during a church festival at the Central Baptist Church in Syracuse New York. The collapsed parlor floor killed thirteen and injured about one hundred as gas pipes ruptured and rescuers raced to aid victims amid a chaotic, crowded scene.
The principal points of the new Bankrupt Law include a 40 day period before a merchant is liable to bankruptcy for unpaid commercial paper. Creditor thresholds require one fourth in number and one third in value to initiate proceedings. Proceedings may be discontinued if secured debts are paid or with court consent and creditor majority. Loans to bankrupts in good faith with security may retain value if the borrower intends to recover. Voluntary bankrupts may obtain discharge with 80 percent debt payment or creditor consent. Assignees may not share fees, compromises require majority creditor support and court approval, and fees are halved under certain conditions.
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