ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
the lapse of time since the grant thereof to the time of the filing of the petition for adjudication.
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Sureties for payment of annuities granted by what manner to come under the bankruptcy.
130. No person entitled to any annuity granted by any bankrupt, shall sue any person who may be collateral surety for the payment of such annuity, until such annuitant shall have proved against such bankrupt's estate for the value of such annuity and for the arrears thereof; and if such surety, after such proof, pay the amount proved, he shall thereby be discharged from all claims in respect of such annuity; and if such surety shall not (before any payment of the annuity shall have become due after the bankruptcy) pay the sum so proved, he may be sued for the accruing payments of such annuity until the annuitant shall have been paid or satisfied, the amount so proved, with interest thereon at the rate of twelve per centum per annum from the time of notice of such proof, and of the amount thereof, being given to such surety; and after such payment or satisfaction, such surety shall stand in the place of such annuitant, in respect of such proof, to the amount so paid or satisfied by such surety, and the discharge of such bankrupt, shall be a release to him, from all claims of such annuitant, or of such surety in respect of such annuity; provided that such surety shall be entitled to credit, in account with such annuitant, for any dividends received by such annuitant under the bankruptcy, before the surety shall have fully paid or satisfied the amount so proved.
131. If any bankrupt shall, before the filing of a petition for adjudication, have contracted any debt payable upon a contingency which shall not have happened before the filing of such petition, the person with whom such debt has been contracted may, if he think fit, apply to the Court to set a value upon such debt, and the Court is hereby required to ascertain the value thereof, and to admit such person to prove the amount so ascertained, and to receive dividends thereon; or if such value shall not be so ascertained before the contingency shall have happened, then such person may, after such contingency shall have happened, prove in respect of such debt, and receive dividends with the other creditors not disturbing any former dividends: provided such person had not, when such debt was contracted, notice of any act of bankruptcy by such bankrupt committed.
132. If any bankrupt shall have incurred or become liable to, or bound by either absolute or upon a contingency respectively, and either present or Debt contingent at the time of the filing petition to be provable for the value thereof ascertained by the Court, or if value not ascertained before the contingency has happened, then, after the contingency has happened the amount of debt may be proved.
tingent at the filing of the petition may be admitted to
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