Report of Cases Relating to Barbados to Be Found in the English Law Reports and of Certain Cases Argues and Determined in the Local Courts: Selected and Edited (Classic Reprint) - Softcover

W. Herbert Greaves

Softcover

ISBN 10: 0332493962 ISBN 13: 9780332493961

Publisher: Forgotten Books, 2018

Synopsis

Excerpt from Report of Cases Relating to Barbados to Be Found in the English Law Reports and of Certain Cases Argues and Determined in the Local Courts: Selected and Edited

The next question is, the priority to be given in this Court between a bond debt of the Testator, in which his heirs, executors, administrators and assigns are bound by himself, in his lifetime, and a judgment confessed by his executor, on a simple contract debt of the Testator. It has been already stated that the Court, in this suit, 18 to administer the assets of the Testator in precisely the same way as the executor is bound to do, that the debts respecting which the questions of priority arise on the exceptions must be paid, if at all, or in part, out of the purchase-money of the estates that that purchase-money is ap plicable to their payment 'in a due course of administration,' which the bill prays for, and it is admitted that the executor had due notice of these debts. The only point, therefore, is one of legal priority. Now, the duty of the executor in this matter is quite clear; he is bound to observe, in paying the debts of the Testator, those rules of law as to priority, according to the several degrees or nature of the debts which have been estab lished at law, although he has a right among several creditors of equal degree, to prefer and pay any one before another, even though there should remain nothing to satisfy that other. Yet here his authority ends, he has no right to pay the debts out of their legal rank nay, when sued for a debt of inferior degree he is bound to resist its payment if there be not property enough to satisfy the debt of higher degree and that if, having notice of such debt of higher degree, he does not resist, but pays it, he is personally liable for the amount so paid to the injury of the prior creditor. This is the principle which must guide the Court in this question.

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Edition details

• Publisher: Forgotten Books
• Publication date: 2018
• Language: English
• ISBN 10: 0332493962
• ISBN 13: 9780332493961
• Binding: Paperback
• Number of pages: 218