The drawer and the acceptor of a bill of exchange both fell bankrupt, the acceptor holding certain goods of the drawer in security of his acceptance. Held (aff. judgment of the Court of Session) that by the laws and practice of Scotland the holder of the bill must rank for the full amount of the bill on both estates to the effect of obtaining payment in full, but that the acceptor’s trustee was entitled to indemnity out of the proceeds of the goods, which had in the meantime been sold, for all payments made by him to the billholder.
Judges:
Lord Chancellor Selborne, Lords Blackburn and Watson
Citations:
[1882] UKHL 803, 19 SLR 803
Links:
Jurisdiction:
Scotland
Banking
Updated: 04 July 2022; Ref: scu.637746
