Subject_1 DECISIONS of the LORDS OF COUNCIL AND SESSION, reported by SIR JOHN LAUDER OF FOUNTAINHALL. Subject_2 I sat this week in the Outer-House, and so the observe are fewer.
Dewar of Lassody v. Scott of Spencerfield's Factor and Creditors
Date: 19 June 1701
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Dewar of Lassody, as a real creditor infeft in the estate of Scot of Spencerfield, applies to the Lords by bill, craving that the factor may be decerned to pay him some bygone annualrents during the dependence of the ranking of the creditors, he being preferable, and yet willing to find caution to refund, if in the event other preferable creditors should be found to exhaust the subject. The Lords hitherto had granted their bills on caution: But now, considering that so long as creditors found they got their annualrents, they neglected to bring the ranking to a close, to the general prejudice of creditors, the estates not being now exposed to roup till the ranking was finished and extracted; and to deny their annualrents (which was only hitherto allowed them ex gratia,) was the only spur to cause them insist in discussing the ranking; therefore, the Lords resolved to stop the giving any more on bills till their place and preference was known. Some argued, This would be beneficial to none but the factors, who would keep the rents in their hands, and would apply them to their own use, or cause the creditors give them considerable eases and compositions ere they paid them; and that creditors seemed to be much sibber to these annualrents than the factors. It was answered,—That factors, by Act of Sederunt I691, were liable for annualrent; and though this was not exacted, yet the reason was, because, by the frequent precepts drawn on them, and their partial payments, it was not known when the rents came into their hands, and how much; and therefore the Lords resolved to stop such summary applications in time coming. Some proposed it might be done by an Act of Sederunt.
