73d CONGRESS . SESS. II. CHS . 868, 869. JUNE 27, 28, 1934.
1289 ingly make any false or fraudulent statement or report required for the purpose of this Act, or who shall knowingly make or aid in makina nfalse or fr audul ent st atemen t or c laim for th e purp ose of rece'iving' any award or payment under this Act shall be punished by a fine of not less than 5100 nor more than $10,000 or by impris- onm ent not excee ding one year . SEPARABILITY SEc . 14 . If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act or application of such provision to other persons or cir- cumstances shall not be affected thereby . Approve d, June 27, 1 934 . [CHAPTER 869 .] False statements. Saving clause . AN ACT June 28, 1934 . To a mend an Act entitled "An Act to establis h a uniform system o f bankruptcy 13 .358 0 .1 throughout the United States", approved July 1, 1898, and Acts amendatory [Puhlic, No. 486 .] thereof and suppl ementary thereto . Be it enacted by the Senate and House o f Representatives Of the Bankruptey agricul United States o f America in Congress assembled, That sec tion
ex 5of t el ions. compositions and the Act of July 1, 1898, entitled "An Act to estalish a uniform sys- Vol . 47, p . 1473, tem of bankruty thrughout the United States ", as amended, is amended . amended as follows : In section 75, entitled "Agricultural Composi- tions and Extensions ", after subsection (r) add a new subsection (s), to read as follows : "(s) Any farmer failing to obtain the acceptance of a majority in h g aptpetition in number and amount of all creditors whose claims are affected by a composition or extension proposal, or if he feels aggrieved by the composition or extension, may amend his petition or answer asking to be adjudged a bankrupt . Such farmer may, at the time of the first Appraisal ofproperty . hearing, petition the court that all of his property, whether pledged, encumbered, or unencumbered, by liens or otherwise, be appraised, and that his exemptions as prescribed by 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 remainder of his property and pay for same under the terms and conditions set forth in this subsection (s) . "(1) Upon such a request being made in the petition or answer, at Appraisers, appoint- the time of the first hearing, appraisers shall be designated and me nt, 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 Proviso . es tate e ither p arty ma y file object ions, e xcepti ons, an d appea ls wit hin Filing objections, one year from date of order approving the appraisal . ~~ (2) After the value of the debtor's property shall have been fixed Exemptions . o k by the appraisal as herein provided, the referee shall issue an order debtor- order setting setting aside to such debtor his exemptions as prescribed by the State law, subject to any existing mortgages or liens upon any such exemp- tions to an amount equal to the value, as fixed by the appraisal, of the value of such exempt property as is covered by any mortgage or . P osses sion of re main- lien, a nd shal l furth er ord er that the po ssessi on, und er the contro l of mg property. the court, of any part or parcel or all of the remainder of the debtor's property, shall remain in the debtor subject to a general lien, as secu rity for the pay ment of the valu e th ereo f to the tru stee of the creditors, if a trustee is appointed, such a lien to be subject to and
