pences, fhall be confidered as belonging to the Creditors who have produced their Claims and Grounds of Debt, and Oaths of Verity, Faft Dividend, prior to the Date of the faid Minute; and the Trustee fhall be obliged, within the Space of One Calendar Month after the Expiration of the faid Ten Months, to make up a State of the Debts entitled as before to a Share of the faid First Dividend, calculating Intereft on each up to the Date of the First Deliverance on the Petition for Sequeftration, with a Scheme or Caft apportioning the Fund of Divifion among them, with the Deduction already mentioned, according to their due Order of Ranking; and the Trustee fhall also, at the fame time, make up a State of the Funds belonging to the Bankrupt ftill unrecovered, and of the Money remaining in Bank, after Deduction of the Sum fo to be divided, which Scheme and State fhall lie open for the Infpection of the Creditors, or their Agents, in the Trustee's Hands, for the Space of One Month longer, at the ufual Place where the Truftee's Bufinefs is carried on; and on the first lawful Day after the Expiration of One complete Year from the Date of the First Deliverance on the Petition for Sequeftration, the Dividend fhall be paid, and the Trustee fhall give One Month's to be advertifed previous Notice thereof, by Advertifement in the Newfpaper aforefaid; and by putting into the Poft Office of the Place where he refides, printed Notices addreffed to each Creditor claiming on the Eftate, which Advertisement and printed Notice fhall also bear, that the State and Scheme lie in his Hands for the Infpection of the Creditors; and in cafe any of the Debts claimed upon shall be objected to in Whole or in Part, or their Place in the Ranking difputed, or any other Objection fhall be made to the Scheme, as drawn out by the Trustee, a Share of the Fund, correfponding to the utmost Amount of the Sums or Dividends to which the difputed Articles may be entitled, and to any contingent Expences which the Truftee, with Depofition to be Confent of a Majority of the Commiffioners named by the Creditors if Objections made, made in Bank. Court of Seffion, to determine Questions rela tive to objected Claims, &c. Shares not called for depolited. Second Division, &c. as aforefaid, may think reasonable, fhall be left in the Bank or Banking Houfe where the Monies were depofited as aforefaid, till all fuch Queflions are determined, either by Arbitration or Compromife, or by the Court of Seffion; and the faid Court is hereby authorized and required to determine the fame fummarily, upon the Application of the Trustee, or of any other Party interested; and when any fuch Application is made, it fhall be competent for any Creditor to produce his Intereft, and to have his Debt proved and conftituted, if neceflary, without raifing a feparate Action for the Purpose; and if, in the Event of fuch Question, the faid Sum, or any Part of it, fhall remain unapplied to the Debt or Debts for which it was claimed, the fame fhall go into the Fund for fubfequent Diftribution; and the Shares of Creditors not called for at the time of Distribution fhall again be forthwith depolited as before, on their Rifk, at fuch Intereft as can be got for the fame. XLVI. And be it enacted, That within Ten Days after the Expi ration of Sixteen Calendar Months from the Date of the First Deliver. ance on the Petition for Sequestration, the Commiffioners, or the Majority of them fhall in like manner audit the Trustee's Accounts with the Bankrupt's Eftate, and by a Minute under their Hands in the Book of Sederunt fhall afcertain the Truftee's Commiffion; and the Truftee fhall, within One Calendar Month after the faid Sixteen Months, make up another Scheme of Divifion of the Sums recovered among among the Creditors who fhall then have produced their Interefts and Oaths of Verity as before, with new States of the Bankrupt's Outftanding Funds, and of the Sum remaining in the Bank, if any be, which fhall in like manner remain open for Inspection during One Month longer, at the Expiration whereof, or on the firft lawful Day thereafter, the Dividend fhall be paid, after the like previous Advertisement and printed Notices, being exactly at the Diftance of Eighteen Calendar Months from the Date of the First Deliverance aforefaid and if any of the Debts are objected to, the Procedure above mentioned fhall be followed out, and the like Procedure shall be followed out at fimilar Intervals of time thereafter, to the Effect that a Dividend may be made at the End of every Six Months, until the whole Funds of the Bankrupt are collected and diftributed among his Creditors: Provided always, that after the Second Dividend is made, a Majority of the Creditors in Value, at any General Meeting called for the Purpose in manner before specified, may determine that future Dividends fhall be made after a shorter Interval, and the Affairs of the Truft brought to a more fpeedy Clofe; and even before the Period affigned for the First Dividend as aforefaid, it shall be competent to Four Fifths of the Creditors in Number and Value prefent at the Meeting after the laft Diet of the Bankrupt's Examination, or at any After Meeting called for the Purpose, to direct the Truftee to apply for the Authority of the Court of Seffion to make the First Dividend at an earlier Period than the End of the First Year, but not earlier than Six Months from the Date of the First Deliverance aforefaid, if upon Caufe fhewn it shall be found expedient fo to do, and alfo to accelerate the time for making the Second and other Dividends; and in cafe there be any Failure to make fuch Dividends in the manner hereby directed, it shall be competent for any One Creditor either to apply by Petition to the Court of Seffion to have the Trustee removed, or to require him to call a General Meeting of the Creditors to deliberate what Course shall be taken; and no Creditor fhall draw any Share of the different Diftributions, unless his Grounds of Debt, and Oath on the Verity thereof, fhall have been lodged with the Trustee previous to the refpective times before mentioned when the Dividends are ascertained by the Commiffioners, but he fhall be entitled in the next Distribution which happens after the Grounds of Debt are fo produced and proved, to draw out of the firft of the remaining Fund of the Bankrupt Eftate, a Sum equal to the former Dividend or Dividends on his Debt, with Deduction of the Interest obtained on the faid Dividends, which is to be retained by the Truftee for the common Behoof, on account of the Creditors Delay, unless there fhall be fufficient Funds for the Payment of all the Creditors, in which Event the faid Creditor fhall alfo ultimately receive full Payment of his Debt; and in Preferences to making up the faid Schemes of Divifion, all Debts claimed on, which continue as beare entitled to a Preference by the Law of Scotland, not altered by this Act, fhall be preferred accordingly. XLVII. And be it enacted, That in all Queftions upon this A&t, Perfons to whom the Debtor is under Obligation to pay Money at a certain future time, fhall be accounted Creditors de prefenti for the Amount of the Money, discounting the Intereft to the Term of Payment specified in the Obligation, and may prove their Debts in the 54 GRO. III. 3 A fame No Share of &c. fore. Debts claimed on or before Term of Pay ment. fame way as other Creditors, and fhall be entitled to their rateable Dividends accordingly. XLVIII. And be it enacted, That where a Claim is entered by a Creditor upon any Obligation, the Existence or Amount of which depends upon a Contingency which is ftill unafcertained at the Period of lodging the Claim, the Trustee shall rank the Claimant as if the Condition were purified; but the Dividend or Sum which the Claimant would be entitled in that cafe to draw, fhall again be depofited in the Bank or Banking House appointed by the Creditors as before, or lent out on Heritable Security by the Trustee at the Sight of the Claimant, at fuch Rate of Intereft as can be got for the fame, and the Interest thereupon arising shall belong to the Creditors and be included in the Fund for their Dividends, until the Contingency upon which the Obligation depends shall be declared, when the Dividend fo depofited fhall belong to the Claimant, or the other Creditors, according to the Terms of the Obligation. XLIX. And be it enacted, That the Mode of fettling Intereft upon Claims fhall be as follows; namely, the Principal Sum of each Debt on which Intereft is chargeable, together with the bygone Intereft due upon it, if there be any, fhall be accumulated as at the Date of the faid Firft Deliverance, for the Purpose of the Claimant being ranked and receiving his Share of the First Dividend correfponding to fuch accumulated Sum, along with the Principal Sums of fuch Debts as do not bear Intereft, or from which there may be a Difcount of Intereft, as not being exigible till an after Period; and the Second and other Dividends fhall in like manner be applied in Extinction pro tanto of the Sums then ranked, without counting Interest upon them, from the Date of the faid First Deliverance; but if there be any Refidue left of the fequeftrated Funds, after discharging the whole of fuch Claims, the Creditors fhall also be entitled to claim out of fuch Refidue any Arrear of Intereft which may ftill be due to them, as arifing fince the Date of the faid First Deliverance, upon the refpective Sums ranked and stated as before mentioned, L. And be it enacted, That in cafe any of the Creditors shall hold any preferable Security or Lien for Payment of his Debt, obtained prior to the Date of the First Deliverance on the Petition for Sequeftration, and not fet afide by this Act, upon any Part of the Bankrupt's Eftate or Effects, the Amount or Value of fuch Security or Lien fhall be deducted from his Debt, and he shall be only ranked and draw a Dividend for the Balance after fuch Deduction; and if any Difpute fhall arife about the Value of fuch Security, the Creditor or Claimant fhall upon Oath put a Value upon it, and the Truftee with Concurrence of a Majority of the Commiffioners fhall then have an Option either of taking an Affignment to the Security for the Benefit of the Creditors at large, on Payment of the Value fo eftimated, out of the firft of the Common Fund, or of referving the full Effect of it to the Creditor or Claimant himself; and in either cafe the Creditor or Claimant fhall be ranked on the divifible Fund for the Balance of his Debt so ascertained alongst with the other Creditors, fuch Creditor or Claimant being in no Event entitled to draw more than his full Payment. LI. And be it enacted, That in cafe any Creditor fhall, after the First Deliverance on the Petition for Sequeftration, obtain any legal or voluntary Preference or Payment on or out of any Eftate or Sub ject belonging to the Bankrupt, directly or indirectly fituated with- liverance, to out the Jurifdiction of the Court, he fhall be obliged to communi- affign fame to cate and affign the same to the Trustee for Behoof of the Creditors, Trustee, &c. before he can draw any Dividend out of the Fund in the Hands of the Trustee; and he fhall in all Events be liable to an Action before the Court of Seffion, at the Inftance of the Trustee, to communicate the faid Security or Payment in fo far as the Jurifdiction of the Court can reach him; he being always entitled to Indemnification of his neceffary Expences, and to an Allowance of Five per Centum on the Sum recovered to the fequeftrated Estate. Production of Grounds of Debt to inter rupt Pre scription. LII. And be it enacted, That the making Production of the Ground of Debt or certified Account, with the Oath of Verity aforefaid, in the Hands of the Interim Factor, Sheriff Clerk or Trustee or in the Court of Seffion, fhall have the fame Effect as to interrupting Prescription of every Kind, from the Period of fuch Production, as if a proper Action had been raised on the faid Grounds of Debt against the Bankrupt, and against the Trustee. LIII. And be it enacted, That in every fuch Oath the Creditor Oath of Verity. deponing fhall specify every Security he holds for his Debt, whether on the Eftate of the Debtor or other Obligants, and shall swear that he holds no other Security than is mentioned in his Oath, otherwise his Oath fhall not be received by the Trustee as fufficient, nor his Claim be fustained; and the Oaths of Verity upon Debts required by before whom this A&t may be taken before any Judge Ordinary or Juftice of the taken. Peace; and where any Creditor is out of the Kingdom of Great Britain and Ireland, or is under Age, or incapable to give an Oath, in all fuch cases an Oath of Credulity by the Agent, Factor, Guardian or other Manager, taken in the fame manner, fhall be sufficient; but which Oaths, either by the Party himself, or any other Perfon acting for him, fhall not fuperfede the Neceffity of bringing legal Evidence of the Debt, if the fame is objected to as unliquidated, or where Evidence appears to be neceffary in the circumstances of the cafe; and further declaring, that no Fee fhall be paid by any Creditor to the Clerk of Court, or any Perfon whatsoever, for an Oath of Verity or Credulity as to the Debt claimed being due, or for Production of the Intereft or Ground of Debt of any Creditor, unless the Debt claimed on exceeds the Sum of Ten Pounds lawful Money of Great Britain. LIV. And be it enacted, That in case any Creditor shall be guilty Falfe Swearing. of falfe Swearing in any Oath to be emitted in pursuance of this Act, he fhall be liable to a Prosecution at the Inftance of a Trustee, or any of the Creditors and of His Majesty's Advocate, for Perjury, and Perjury. fhall alfo forfeit to the Trustee, for Behoof of the Creditors, the whole Dividends on his Debt. fion or Com promises. LV. And be it enacted, That the Trustee may, on Behalf of the Trustee may enCreditors at large, with Confent of a Majority of the Commiffioners ter into Submifnamed as aforefaid, compound and tranfact, either by Submiffion or by private Compromife, all doubtful Claims which the Bankrupt may have against others, or all Debts due to the Eftate out of other Bankrupt Subjects, and likewife all doubtful Claims or Demands made against the Estate or Queftions of Ranking and Preference, and all contingent Debts and Annuities due to or by the Estate, the Value of which it may be expedient to settle in that manner, in order that a final Distribution may fooner take place. 3 A 2 LVI. And After a Year and Half, outftanding Debts &c fold by Auction. Surplus of Bankrupt may get perfonal Pro tection for limited time; But not after dend, unless upon In what cafe Compofition with Creditors allowed. LVI. And be it enacted, That if, at the Expiration of One Year and an Half from the Date of the Sequeftration, any of the perfonal Effects of the Bankrupt, or any Debts, whether heritable or moveable, due to him, remain ftill unrecovered, it shall be in the Power of Four Fifths of the Creditors in Number and Value, convened at any General Meeting called for the Purpose, after One Advertisement Two Weeks previous to the Meeting, in the Edinburgh and London Gazettes, to direct that such remaining Debts and Effects, and also any contingent or future Interest which the Creditors at large may have in Dividends depofited in Bank, or lent out as aforefaid, be fold off by Public Auction upon Two Months' previous Notice published in the Edinburgh and London Gazettes, the Sale either to be in Whole or in Lots, as a Majority in Value of the Creditors fhall direct. LVII. And be it enacted, That the Surplus of the Bankrupt's Eftate and Effects that may remain after Payments of his Debts, computing Intereft thereon as aforefaid, and the Charges of recovering the Eftate, and diftributing the fame, fhall be paid or made over to him, or to his Affignees or Succeffors. LVIII. And be it enacted, That at or after the First General Meeting of the Creditors, and at any time before the Period affigned for the Second Dividend, it fhall be competent for the Bankrupt, with Concurrence of the Interim Manager or Truftee, and of Four Fifths of the Creditors in Number and Value, who have produced their Grounds of Debt, or certified Copies of their Accounts and Oaths of Verity as before mentioned, to apply to the Court of Seffion for a perfonal Protection from Diligence for fuch time as the Court fhall think reasonable; and the fame being once obtained may be renewed within the fame Period, if applied for in Name of the Bankrupt, with Confent of the Truftec alone, unless any of the Creditors oppose it, in which case the Confent of Four Fifths in Number and Value fhall be required as before; Providing always, that, from and after the Period affigned for the Second Dividend, the Power of granting Perfonal Protections under this Statute fhall ceafe, unless upon Caufe fhewn to the Court, and Oath made, both by the Bankrupt and by the Truftee, that the Delays which have happened in making a final Distribution were unavoidable, and that every proper Step has been taken, and will continue on their Part to be taken, for winding up the Affairs of the Bankrupt, and bring. ing the Truft to a final Clofe; and also providing, that after the Period of the Third Dividend, or Two Years fubfequent to the First Deliverance aforefaid, the Power of granting Perfonal Protections under this A&t fhall entirely cease, without Prejudice to a final Discharge, either upon full Payment, or as hereinafter directed. LIX. And be it enacted, That in cafe at the Meeting held immediately after the Second Examination of the Bankrupt, or at any fubfequent Meeting called by the Truftee with Confent of a Majority of the Commiffioners, the Bankrupt or his Friends fhall make a Propofal of Compofition to the Creditors, and fhall offer Caution to the Satisfaction of Nine Tenths of them, both in Number and Value, affembled at the faid Meeting, for fuch Compofition upon his whole Debts, as the faid Nine Tenths in Number and Value fo affembled fhall think juft and reasonable, the Trustee fhall appoint another Meeting for the Purpose of deciding upon fuch Offer or Propofal |