Commentaries on the Law of Scotland, and on the Principles of Mercantile Jurisprudence Volume 2

Commentaries on the Law of Scotland, and on the Principles of Mercantile Jurisprudence Volume 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1870 edition. Excerpt: ... means of a reduction. A question was formerly much discussed, whether, if a creditor spontaneously concur in a discharge of a debtor with whom co-obligants are bound, he must be held to free the co-obligants. But the creditor, if he do not take his share of a composition, may frequently have no chance of payment; and where the co-obligants have been required to pay, and have refused or failed, leaving the creditor to make the best of it, they seem to have no good ground for objecting that the creditor, in taking such measures as remain within his reach for his own benefit, has discharged them. No doubt, where the composition is extrajudicial, there may be danger of advantage being taken of the co-obligants without due notice. But this is scarcely to be dreaded, with all the precautions which are by law enjoined in a composition under the Sequestration Act. It has accordingly been held, that it is no discharge of the co-obligants if the creditor take the composition, when the concurrence is complete, without his consent; and that even the active concurrence of the creditor in the composition will not free them.' But this has not been left to rest on the common law. By sec. 56 it is enacted, that when a creditor has an obligant bound to him along with the bankrupt for the whole or part of the debt, such obligant shall not be freed from his liability for such debt in respect of any vote given or dividend drawn by the creditor, or of his assenting to the discharge of the bankrupt, or to any composition. The obligant may, however, require and obtain, at his own expense, from the creditor an assignation to the 1 Saunders v Renfrewshire Banking 00., 1827, 5 S. 531. effect of concealment by a creditor of his refusal to accede to In more

Product details

  • Paperback | 622 pages
  • 189 x 246 x 32mm | 1,093g
  • United States
  • English
  • black & white illustrations
  • 1236763025
  • 9781236763020