Reports of Cases Adjudged in the Court of Chancery of Upper Canada Volume 20

Reports of Cases Adjudged in the Court of Chancery of Upper Canada Volume 20

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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. 1874 edition. Excerpt: ...referred to for satisfaction of his debt alone, but that they must be realized for payment of all the creditors pro rata. Thereupon the present bill is filed, throughout the forty paragraphs of which several serious charges of actual fraud and misrepresentation are made against the defendant M acdonald. As to these it is only necessary to state that they were entirely unsupported by the evidence; and that they were abandoned as grounds for relief by the counsel for the plaintiffs, who rested his clients' right to a decree merely on the question of law, whether or not, if it should be found that Jllacdonald did not inform the creditors that he held the aforesaid mortgage and policies when the agreement for extension was executed, he can now hold them until his debt he paid in full. The plaintifis urge that the effect of the arrange " ment is that lljfacdonald came into the agreement in Henderson v. Mmcdonald. Judgment. question, abandoning any preference to which he might have been theretofore entitled, and agreed to share with them all the property of the debtor. It is evident that Macdonald had no such intention when he signed the paper of the 14th of June. Then he was amply protected. His securities covered him fully whether the property remained or was destroyed by fire--at any moment he could have proceeded to realise his debt. To the other unsecured creditors, however, it was a matter of moment to obtain for their debtor a period within which these proceedings could not be taken in order that their claims might be worked out in the meantime. Those who come here, to complain of the conduct of this defendant, may well consider how far it would-be fair to take this advantage of an instrument executed under such...show more

Product details

  • Paperback | 214 pages
  • 189 x 246 x 11mm | 390g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236772091
  • 9781236772091