Uniform System of Bankruptcy: Hearing ... on S. 5699 ... Mar. 2, 19331933 - 46 pages |
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50 per cent adjustment plan amend banking situation bankruptcy act bankruptcy law BARKER bonded indebtedness bondholders CHAIRMAN city of Detroit committee Constitution Coral Gables creditors debtor default dollar due or payable economical operating expenses effect enacted Federal courts filed gentlemen go into court Government holders impairing the obligation insolvency laws insolvent municipal insurance companies interlocutory decree legislation legislature levy mandamus Mayor Murphy moratorium Motors Corporation municipal bonds municipal corporation necessary objection obligation of contracts opinion petition postponed power of Congress proceedings proposed bill purpose question reason Reconstruction Finance Corporation require ROBINSON of Indiana scheme of arrangement securities Senator BLACK Senator BRATTON Senator Couzens Senator HASTINGS Senator HEBERT Senator KING Senator ROBINSON Senator SCHUYLER Senator VANDENBERG Shelby County sinking fund statute street railway tax delinquency taxing district thing tion unfunded indebtedness United welfare relief welfare roll ZIMMERMAN
Popular passages
Page 39 - States, which, although prohibiting states from passing laws impairing the obligation of contracts, allows congress "to establish . . . uniform laws on the subject of bankruptcy throughout the United States.
Page 39 - The confirmation and legalization of "a scheme of arrangement" under such circumstances is no more than is done in bankruptcy when a "composition" agreement with the bankrupt debtor, if assented to by the required majority of creditors, is made binding on the non-assenting minority. In no just sense do such governmental regulations deprive a person of his property without due process of law. They simply require each individual to so conduct himself for the general good as not unnecessarily to injure...
Page 38 - What sound reason," said the Court, "can be given why Congress should have the power to interfere in the case of the State, and yet have none in the case of the individual? Commerce is the important subject of consideration, and anything which directly obstructs and thus regulates that commerce which is carried on among the States, whether it is state legislation or private contracts between individuals or corporations, should be subject to the power of Congress in the regulation of that commerce.
Page 40 - ... a petition stating that such corporation is insolvent or unable to meet its debts as they mature and, if a prior proceeding in bankruptcy or equity receivership is not pending, that it has committed an act of bankruptcy within four months...
Page 38 - It is no answer to this to say that it interferes with the validity of contracts, for no provision of the Constitution prohibits Congress from doing this, as it does the States; and where the question of the power of Congress arises, as in the legal tender cases, and in bankruptcy cases, it does not depend upon the incidental effect of its exercise on contracts, but on the existence of the power itself.
Page 3 - An Act to establish a uniform system of bankruptcy throughout the United States...
Page 38 - State and the bank, within the meaning of that clause of the Constitution of the United States which provides that "no State shall pass any law impairing the obligation of contracts...
Page 40 - ... shall require the debtor, or such trustee or trustees, if appointed, to give such notice as the order may direct to creditors and stockholders and to cause publication thereof to be made at least once a week for two successive weeks of a hearing to be held within thirty days after such appointment, or, if no such appointment, within thirty days after the approval of the petition or answer...
Page 41 - The debtor shall have the right to be heard on all questions. Any creditor or stockholder shall have the right to be heard on the question of the permanent appointment of any trustee or trustees, and on the proposed confirmation of any reorganization plan, and upon filing a petition for leave to intervene, on such other questions arising in the proceeding as the judge shall determine.
Page 40 - ... the division of creditors and stockholders into classes according to the nature of their respective claims and interests.