the-ordinances-of-the-legislative-counci-1890 — Page 655

ORDINANCE No. 5 or 1864. 619


Bankruptcy and Insolvency.


the lapse of time since the grant thereof to the time of the filing of the
petition for adjudication .

130. No person entitled to any annuity granted by any bankrupt , Sureties for
payment of
shall sue any person who may be collateral surety for the payment of such annuities
granted by
annuity, until such annuitant shall have proved against such bankrupt's bankrupt, in
what manner
estate for the value of such annuity and for the arrears thereof; and if such to come under
the bankrupt
surety, after such proof, pay the amount proved , he shall thereby be dis су.
charged 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 bank
ruptcy, 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 adju Debt contin
gent at the
dication , have contracted any debt payable upon a contingency which time of the
filing of the
shall not have happened before the filing of such petition , the person with petition to be
provable for
whom such debt has been contracted may, if he think fit, apply to the the value
thereof ascer
Court to set a value upon such debt, and the Court is hereby required to tained by the
Court, or if
ascertain the value thereof, and to admit such person to prove the amount value not
ascertained
so ascertained , and to receive dividends thereon or if such value shall not before the
contingency
be so ascertained before the contingency shall have happened, then such hashappened,
then, after
person may, after such contingency shall have happened , prove in respect the contin
of such debt, and receive dividends with the other creditors not disturbing geney has
happene d the
amount of
any former dividends : provided such person had not , when such debt was debt may be
proved.
contracted , notice of any act of bankruptcy by such bankrupt committed .

132. If any bankrupt shall have incurred or become liable to, or Liability con
tingent at the
bound by any contract, covenant, or obligation , or subject to any duty, filing of the
petition may
either absolute or upon a contingency respectively, and either present or be admitted to