What is the rule in equity for the administration of assets?
Ontario, Canada
The following excerpt is from Cooper v. Molsons Bank, 1896 CanLII 33 (ON CA):
The rule in equity for the administration of assets is thus defined in Rhodes v. Moxhay, 10 W.R. 103: “The creditor is entitled to prove for the whole amount of his debt, and to take a dividend upon the whole without prejudice to his rights against any securities he may hold, subject, of course, to this qualification, that he must not ultimately receive more than 20/ in the £. To hold otherwise would be virtually to deprive the secured creditor of any advantage from his security.”
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