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IRISH BANKRUPT AND INSOLVENT ACT 1857 - SECT 256 

Proceedings against sureties for payment of annuities granted by bankrupt.

256. It shall not be lawful for any person entitled to any annuity granted by
any bankrupt or insolvent to sue any person who may be collateral surety for
the payment of such annuity until such annuitant shall have proved or have
been admitted as a creditor against such bankrupt's or insolvent's estate for
the value of such annuity, and for the arrears thereof; and if such surety,
after such proof, pay the amount proved, he shall be thereby discharged from
all claims in respect of such annuity; and if such surety shall not (before
any payment of the annuity subsequent to the bankruptcy or insolvency shall
have become due) pay the sum so proved, he may be sued for the accruing
payments of such annuity, until such annuitant shall have paid or satisfied
the amount so proved, with interest thereon at the rate of five pounds per
centum per annum from the time of notice of such proof and of the amount
thereof being given to such surety; and after such payment or satisfaction
such surety shall stand in the place of such annuitant in respect of such
proof to the amount so paid or satisfied by such surety; and the certificate
of the bankrupt or the final discharge of the insolvent shall be a discharge
to him from all claims of such annuitant or of such surety in respect of such
annuity: Provided that such surety shall be entitled to credit in account with
such annuitant for any dividends received by such annuitant under the
bankruptcy or insolvency before such surety shall have fully paid or satisfied
the amount so proved.][

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© 1857 Crown Copyright

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