PUBLIC LAW 87-681-SEPT. 25, 1962
Public Law 87-681 September 25, 1962 [H. R. 5393]
Bankruptcy Act, amendment. 66 Stat. 420. Bankruptcy courts. Jurisdiction.
52 Stat. 844; 66 Stat. 421.
52 Stat. 853. Evidence. Certified c o p i e s of proceedings, etc.
74 Stat. 198. Trustees, con^ pensation.
11 USC 68. 52 Stat. 866. Secured claims, settlement provisions.
AN ACT To amend the Bankruptcy Act, as amen(le<l.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That clause (1) of subsection a of section 2 of the Bankruptcy Act approved July 1, 1898, as amended (11 U.S.C. 1 1 (a)(1)), is amended to read as follows: "(1) Adjudge persons bankrupt who have had their principal place of business, resided, or had their domicile within their respective territorial jurisdictions for the preceding six months, or for a longer portion of the preceding six months than in any other jurisdiction, or who do not have their principal place of business, reside, or have their domicile within the United States, but have property within their jurisdiction, or in any cases transferred to them pursuant to this Act;". SEC. 2. Subsection a of section 2 of the Bankruptcy Act (11 U.S.C. 11 (a)) is amended (1) by deleting the word "and" at the end of clause (20); (2) by striking out the period at the end of clause (21) and inserting "; and"; and (3) by adding the following new paragraph: " (22) Exercise, withhold, or suspend the exercise of jurisdiction, having regard to the rights or convenience of local creditors and to all other relevant circumstances, where a bankrupt has been adjudged bankrupt by a court of competent jurisdiction without the United States." SEC. 3. Subsection d of section 21 of the Bankruptcy Act (11 U.S.C. 44d) is amended to read as follows: "d. Certified copies of proceedings before a referee, or of papers, when issued by the clerk, referee, or an employee of the referee designated by his order, which shall be filed in the office of the clerk, shall be admitted as evidence with like force and effect as certified copies of the records of district courts of the United States are now or may hereafter be admitted as evidence." SEC. 4. The first paragraph of subsection c of section 48 of the Bankruptcy Act (11 U.S.C. 76c) is amended to read as follows: "c. Trustees. The compensation of trustees for their services, payable after they are rendered, shall be a fee of $10 for each estate, deposited with the clerk at the time the petition is filed in each case, except where installment payments may be authorized pursuant to section 40 of this Act, and such further sum as the court may allow, as follows:" SEC. 5. Subsection i of section 57 of the Bankruptcy Act (11 U.S.C. 1)3(i)) is amended to read as follows: "i. Whenever a creditor whose claim against a bankrupt estate is secured, in whole or in part, by the individual undertaking of a person, fails.to prove and file that claim, that person may do so in the creditor's name, and he shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by him in the creditor's name, to the extent that he discharges the undertaking except that in absence of an agreement to the contrary, he shall not be entitled to any dividend until the amount paid to the creditor on the undertaking plus the dividends paid to the creditor from the bankrupt estate on the claim equal the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him in trust for such person." SEC. 6. Clause (6) of subsection a of section 68 of the Bankruptcy Act (11 U.S.C. 94(a)(6)) is amended to read as follows: "(6) the proposed compromise of a controversy unless the court, for cause shown, directs that notice be not sent;".