Hogg and the Other Creditors of the Earl of Buchan, v. Colonel Gairdner
Date: 7 February 1739 Case No. No 96.
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Where, in a competition of creditors, one has a preferable security over two subjects, from both of which he debars a secondary creditor till he recover his payment, not only will he be obliged to assign to the secondary creditor upon payment made to him by the secondary creditor, but he will even be obliged to assign when he debars the secondary creditor, and draws his payment out of the subject; for though that may appear an extinction of his debt, as no doubt it is in strict law, yet in practice it is considered as if the debt had been extinguished by the money of the secondary and postponed creditor.
