the-ordinances-of-the-legislative-counci-1890 — Page 654

618 ORDINANCE No. 5 OF 1864.


Bankruptcy and Insolvency.

Sureties and 127. Any person who at the time of filing a petition for adjudica
persons liable
for the debts tion, shall be surety or liable for any debt or demand of the bankrupt ,
of a bankrupt
may prove provable under this Ordinance , or bail for the bankrupt, either to the
after having
paid such sheriff or to the action , if he shall have paid the debt or demand or any
debt.
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 .

Obligees in 128. The obligee in any bottomry or respondentia bond , and the
bottomry or
respondentia assured in any policy of insurance made upon good and valuable consid
bonds, and
assured in eration , shall be admitted to claim, and , after the loss or contingency
policy of
assurance shall have happened , to prove his debt or demand in respect thereof and
admitted to
claim and, receive dividends with the other creditors, as if the loss or contingency
after loss to
prove. 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
ing insurance
admitted to any ship or goods with any person , ( as a subscriber or underwriter )
prove loss.
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.

Annuity 129. Any annuity creditor of any bankrupt by whatever assurance
creditors
admitted to his annuity be secured , and whether there be or be not any arrears of such
prove.
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