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Section 45: Debt payable at a future time

The Provincial Insolvency Act, 1920Central Act · Act 5 of 1920

A creditor may prove for a debt not payable when the debtor is adjudged an insolvent as if it were payable presently, and may receive dividends equally with the other creditors, deducting therefrom only a rebate of interest at the rate of six per centum per annum computed

1. Subs. by Act 3 of 1950, s. 7, for "the order of adjudication shall be annulled, and the provisions of section 37 shall apply accordingly".

16 from the declaration of a dividend to the time when the debt would have become payable, according to the terms on which it was contracted.

Where this provision sits

ActThe Provincial Insolvency Act, 1920
Section45
Marginal noteDebt payable at a future time
JurisdictionCentral
StatusIn force as published by the source

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