Scottish Court of Session Decisions

Subject_1 RANKING and SALE.
Subject_2 SECT. VII.

Purchasers must find caution for the price. - Purchasers' right to the rents. - Effect of a judicial sale as to payment of the price. - Is the purchaser obliged to pay before a scheme of division is made?

William Syme, Merchant in Banff, Supplicant,
v.
The Creditors of the deceased Patrick Syme, Merchant there, his Father

Date: 10 November 1713
Case No. No 32.

Purchaser must find caution for the price.

Click here to view a pdf copy of this documet : PDF Copy

William Syme represented by bill, that in an action of sale and roup of a tenement of land in the town of Banff, belonging to the deceased Patrick Syme, his father, raised at the petitioner's instance as apparent heir, upon the act of Parliament in favour of apparent heirs, the whole supposed creditors of the defunct being cited, the term was circumduced against all except two, whose debts exceeded the value of the rouped tenement; and, in respect the land was adjudged to the petitioner, as highest offerer at the roup, and he had got assignation to the two exhausting debts aforesaid, he craved to be free of his enactment to find caution.

The Lords Ordained the purchaser to find caution to make the price forthcoming to the creditors, who shall affect the subject sold by real diligence.—Nota, That no real diligence had followed upon the debts acquired by the purchaser.

Fol. Dic. v. 2. p. 312. Forbes, MS. p. 1.