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Report No. 26

Debt payable at a future time

24. Debt payable in future.-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 therefrom only a rebate of interest at the rate of six per centum per annum, computed from the declaration of a dividend to the time when the debt would have become payable, according to the terms on which it was contracted.

[Section 45, P.A.] (Cf. Sch. II, rule 24, P.T.A.]

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