1890_BANKRUPTCY_AND_INSOLVENCY_ORDINANCE — Page 39

618

Sureties and

persons liable

for the debts of a bankrupt may prove after having paid such debt,

Obligees in bottomry or respondentia bonds, and assured in policy of

assurance admitted to claim and, after loss to: prove.

ORDINANCE No. 5 OF 1864.

Bankruptcy and Insolvency,

127. Any person who at the time of filing a petition for adjudica- tion, shall be surety or liable for any debt or demand of the bankrupt, provable under this Ordinance, or bail for the bankrupt, either to the sheriff or to the action, if he shall have paid the debt or demand or any: part thereof in discharge of the whole debt or demand, (although he may have paid the same after the filing of the petition for adjudication) if the creditor shall have proved his debt or demand under the bankruptcy, shall be entitled to stand in the place of such creditor as to the dividends and all other rights under the bankruptcy which such creditor possessed or would be entitled to in respect of such proof: or if the creditor shall not have proved, such surety or person liable, or bail, shall be entitled to prove his demand in respect of such payment as a debt under the bank- ruptcy, not disturbing the former dividends, and may receive dividends with the other creditors, although he may have become surety, liable, or bail as aforesaid, after an act of bankruptcy committed by the bankrupt provided that such person had not when he became such surety or bail, or so liable as aforesaid, notice of any act of bankruptcy by such bankrupt committed.

128. The obligee in any bottomry or respondentia bond, and the assured in any policy of insurance made upon good and valuable consid- eration, shall be admitted to claim, and, after the loss or contingency shall have happened, to prove his debt or demand in respect thereof and receive dividends with the other creditors, as if the loss or contingency had happened before the filing of the petition for adjudication against the Persons effect. obligor or insurer: and the person effecting any policy of insurance upon

any ship or goods with any person, (as a subscriber or underwriter having become or becoming bankrupt shall be entitled to prove any loss- to which such bankrupt shall be liable in respect of such subscription, although the person so effecting such policy was not beneficially interested in such ship or goods, in case the person so interested is not within the- Colony.

ing insurance

admitted to prove loss.

Annuity. creditors admitted to prove.

129. Any annuity creditor of any bankrupt by whatever assurance his annuity be secured, and whether there be or be not any arrears of such annuity due at the time of the bankruptcy, shall be entitled to prove for the value of such annuity, which value the Court shall ascertain regard being had to the original price given for such annuity, deducting there- from such diminution in the value thereof as shall have been caused by