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The Law of Bankruptcy, Insolvency, and Mercantile Sequestration, in Scotland
The Law of Bankruptcy Insolvency and Mercantile Sequestration in Scotland Author:John Hill Burton General Books publication date: 2009 Original publication date: 1845 Original Publisher: W. Tait Subjects: Bankruptcy Notes: This is a black and white OCR reprint of the original. It has no illustrations and there may be typos or missing text. When you buy the General Books edition of this book you get free trial access to Million-Books.com... more » where you can select from more than a million books for free. Excerpt: THE LAW OF BANKRUPTCY BOOK I. RANKING OF CREDITORS. When the estate of an insolvent person is collected into a fund for distribution among his creditors, according to any of the several arrangements provided by law for that purpose, the general rules of ranking constitute the elements on which those charged with the distribution have to operate, unless, as in some cases under the sequestration act, there is a special rule of ranking provided for the occasion. The ranking of creditors is a subject more or less connected with almost every branch of the law, and it is sometimes difficult to draw a satisfactory line between those parts of the subject which illustrate the law of bankruptcy, and those that more properly belong to other departments. The foundation and execution of contracts, the laws applicable to the social relations, and particularly the whole department of the mercantile law, -- all have more or less connexion with the claims of creditors, and the position in which they stand towards each other. In the present instance, however, no attempt is made to examine those laws relating to contracts and the constitution of property which form the foundations on which claims, as brought against bankrupt estates, rest. The object held in view has been simply to describe, and distinguish from each other, those classes of claimants who, on account of the special character of the rights on which they found, are not in the position of ordinary creditors, and to explain the manner in which their respective rights operate, when brought in competition wit...« less