1915 (11) TMI 3

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....t this date a creditor of Kishun Benode. He had on December 14, 1900, sued for the debt, and on January 5, 1901, had presented a petition for security by way of attachment before judgment. On February 11, 1901, Kishun Benode had made an affidavit that he did not intend to transfer any of his properties, and accordingly on February 11, 1901, the petition was dismissed. 3. In this state of facts the two kobalas were executed by the debtor on September 2, 1901. 4. On December 5, 1901, the plaintiff obtained judgment in his action for Rs. 12,695.10 and costs. The defendant did not appear at the trial. On December 21, 1901, Kishun Benode applied for a rehearing, but on August 2, 1902, that application was dismissed by default. In the inter....

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.... prevent a debtor paying one creditor in full and leaving others unpaid although the result may be that the rest of his assets will be insufficient to provide for the payment of the rest of his debts. The law is, in their Lordships' opinion, rightly stated by Palles C.B. in In re Moroney (1888) L.R. 21 Ir. 27, 62, where he says : " The right of the creditors, taken as a whole, is that all the property of the debtor should be applied in payment of demands of them or some of them, without any portion of it being parted with without consideration or reserved or retained by the debtor to their prejudice. Now it follows from this, that security given by a debtor to one creditor upon a portion of or upon all his property (although the effect ....