MRL3701 - STUDY UNIT 17 CREDITORS'
CLAIMS AND THEIR RANKING - THE
DIFFERENT TYPES OF CREDITORS
CLAIM IS SECURED UP TO AN AMOUNT OF (LANDLORD'S LEGAL HYPOTHEC) - questions
and answers-1. three months rent, if the rent is payable monthly or at shorter intervals
2. six months rent, if the rent is payable at intervals exceeding one months but not more than
three months
3. nine months rent, if the rent is payable at intervals exceeding three months but not more that
6 onths
4. 15 months rent, if the rent is payable at intervals exceeding six months.
In respect of excess, landlord has a concurrent claim.
Landlord obtains no preference in relation to goods belonging to third parties that are subject to
the hypothec.
CONCURRENT CREDITS - questions and answers-- does not enjoy any advantage over other
creditors of the insolvent.
- are paid out of the free residue after any preferent creditors have been paid.
- all rank equealy
- should free residue be insufficient to meet their claims, each receives an equal proportion of
his claim by way of a dividend.
DEBTOR & CREDITOR LIEN - questions and answers-is entitled to retain the property as
against the debtor until the latter has paid him the amount due in terms of the contract.
DEFINITION OF SPECIAL MORTGAGE IN S2 - questions and answers--a mortgage bond
hypothecating immovable property
- a notarial bond hypothecating specially described movable property i.t.o. s 1 of the Security by
Means of Movalbe Property
- a notarial bond hypothecating specially described movable property registered before 7 May
1993 i.t.o. s1 of the NotarialBonds Act.
CLAIMS AND THEIR RANKING - THE
DIFFERENT TYPES OF CREDITORS
CLAIM IS SECURED UP TO AN AMOUNT OF (LANDLORD'S LEGAL HYPOTHEC) - questions
and answers-1. three months rent, if the rent is payable monthly or at shorter intervals
2. six months rent, if the rent is payable at intervals exceeding one months but not more than
three months
3. nine months rent, if the rent is payable at intervals exceeding three months but not more that
6 onths
4. 15 months rent, if the rent is payable at intervals exceeding six months.
In respect of excess, landlord has a concurrent claim.
Landlord obtains no preference in relation to goods belonging to third parties that are subject to
the hypothec.
CONCURRENT CREDITS - questions and answers-- does not enjoy any advantage over other
creditors of the insolvent.
- are paid out of the free residue after any preferent creditors have been paid.
- all rank equealy
- should free residue be insufficient to meet their claims, each receives an equal proportion of
his claim by way of a dividend.
DEBTOR & CREDITOR LIEN - questions and answers-is entitled to retain the property as
against the debtor until the latter has paid him the amount due in terms of the contract.
DEFINITION OF SPECIAL MORTGAGE IN S2 - questions and answers--a mortgage bond
hypothecating immovable property
- a notarial bond hypothecating specially described movable property i.t.o. s 1 of the Security by
Means of Movalbe Property
- a notarial bond hypothecating specially described movable property registered before 7 May
1993 i.t.o. s1 of the NotarialBonds Act.
