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Section 45 – The Provincial Insolvency Act,1920

The Provincial Insolvency Act,1920

Section 45. Debt payable at a future time

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 there form only a rebate of interest at the rate of six per centum per annum computed from the application of a dividend to the time when the debt would have become payable, according to the terms on which it was contracted.

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The Provincial Insolvency Act,1920

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