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1912

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A Surety's Claim Against His Bankrupt Principal Under The Present Law, Evans Holbrook Jan 1912

A Surety's Claim Against His Bankrupt Principal Under The Present Law, Evans Holbrook

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The peculiar three-sided relationship of principal, surety and creditor gives rise to many vexatious questions of law, and one of the most interesting of these vexatious questions is that of the relationship between surety and principal in the case of the latter's bankruptcy. Under such circumstances, the creditor's right is fairly simple; he may prove his debt against the principal, take such dividend as may be declared, and recover the balance of the debt from the surety, his remedy against the latter being expressly saved by Sec. 16 of the present Bankruptcy Act.1 But the position of ...