Real security remains till the last shilling be paid.
Earls of Loudon and Glasgow v. Lord Ross
Date: 16 February 1734 Case No. No 23.
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An adjudger upon a bankrupt estate having obtained payment of part of his accumulate sum out of the debtor's other effects, in a competition betwixt him and the other adjudgers, who were ranked pari passu with him upon the price of a remaining part of the estate, the question occurred, whether he was entitled to draw in proportion to his accumulate sum till he was fully paid up, or only in proportion to the sum that remained due? It was contended for him, That his real security was not diminished, though the sum secured was; that his security remained the same till the last shilling was paid, and that it was his real security which entitled him to draw not the sum that was secured. The Lords accordingly found, That the adjudger, who had recovered the partial payment out of the debtor's separate funds, ought to be ranked for the whole sum in his adjudication pari passu with the other adjudgers, in order to recover payment of what remained due after the said partial payment. See Appendix.
