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Bankruptcy (Scotland) Act 1985 (repealed)
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- UK Public General Acts
- 1985 c. 66
- SCHEDULE 1
- Debts depending on contingency
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Changes over time for: Cross Heading: Debts depending on contingency
Version Superseded: 01/04/2008
Alternative versions:
- 01/02/1991- Amendment
- 01/04/1993
Point in time - 01/04/2008- Amendment
- 01/04/2015- Amendment
- 30/11/2016- Amendment
Status:
Point in time view as at 01/04/1993.
Changes to legislation:
Bankruptcy (Scotland) Act 1985 (repealed), Cross Heading: Debts depending on contingency is up to date with all changes known to be in force on or before 08 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Debts depending on contingencyS
3(1)Subject to sub-paragraph (2) below, the amount which a creditor shall be entitled to claim shall not include a debt in so far as its existence or amount depends upon a contingency.
(2)On an application by the creditor—
(a)to the permanent trustee; or
(b)if there is no permanent trustee, to the sheriff,
the permanent trustee or sheriff shall put a value on the debt in so far as it is contingent, and the amount in respect of which the creditor shall then be entitled to claim shall be that value but no more; and, where the contingent debt is an annuity, a cautioner may not then be sued for more than that value.
(3)Any interested person may appeal to the sheriff against a valuation under sub-paragraph (2) above by the permanent trustee, and the sheriff may affirm or vary that valuation.
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