Execution Act 1844

XXV Sums payable by way of Annuity to be deemed Debts, and the Annuitants to be Creditors for the Value thereof.

And be it enacted, That every Sum of Money which shall be payable, by way of Annuity or otherwise, at any future Time or Times, by virtue of any Bond, Covenant, or other Securities of any Nature whatsoever, shall be deemed and taken to be Debts within the Meaning of the said recited Act and of this Act: Provided always, that every Person who would be a Creditor of any Petitioner for Protection from Process for such Sum or Sums of Money, if the same were presently due, shall be admissible as a Creditor of such Petitioner for the Value, and no more, of such Sum or Sums of Money so payable as aforesaid, which Value the Commissioner authorized to act in the Matter of the Petition shall, upon Application at any Time made in that Behalf, ascertain, regard being had to the original Price given for such Sum or Sums of Money, deducting therefrom such Diminution in the Value thereof as shall have been caused by the Lapse of Time since the Grant thereof to the- Time of filing such Petition ; and such Creditor shall be entitled in respect of such Value to the Benefit of all the Provisions made for Creditors by the said recited Act or by this Act, without Prejudice nevertheless to the respective Securities of such Creditor, excepting as respects the Effect of the Final Order which shall be obtained by such Petitioner under the Provisions of the said recited Act and of this Act.