Rule 123 Debts depending on contingencyI1
Scotland
Subject to paragraph (2), the amount which a creditor is entitled to claim is not to include a debt in so far as its existence or amount depends on a contingency.
On an application by the creditor—
to the administrator, or
if there is no administrator, to the court,
the administrator or court must put a value on the debt in so far as it is contingent.
Where under paragraph (2) a value is put on the debt—
the amount in respect of which the creditor is then entitled to claim is to be that value but no more,
where the contingent debt is an annuity, a cautioner may not then be sued for more than that value.
Any interested person may appeal to the court against a valuation under paragraph (2) by the administrator, and the court may affirm or vary that valuation.
Annotations
Commencement
- I1
Rule 123 in force at 19.12.2022, see rule 2