59 Priority on death, bankruptcy, etc., of officer.U.K.
(1)The provisions of this section apply in the following cases, that is to say,—
(a)on the death [F1or bankruptcy] of any officer of a registered society or branch who has in his possession, by virtue of his office, any money or property belonging to the society or branch; and
(b)if any execution, attachment, or other process is issued, or action or diligence raised against any such officer or against his property.
(2)Where this section applies, then, upon demand in writing of the trustees of the society or branch, or of any two of them, or of any person authorised by the society or branch or by the committee thereof to make the demand, the executors or administrators [F1or trustee in bankruptcy]or the sheriff or other person executing the process shall pay the money and deliver over the property to the trustees of the society or branch in preference to any other debt or claim against the estate of the officer.
[F2(3)In subsection (1) above “bankruptcy” includes liquidation of a debtor’s affairs by arrangement.]
[F2(4)In the application of this section to Scotland, for the reference in subsection (1) above to the bankruptcy of any officer there shall be substituted a reference to an award of sequestration being made on any officer’s estate or his executing a trust deed for his creditors or his entering into a composition contract, and in subsection (2) above the expression “trustee in bankruptcy” includes a judicial factor.]
Textual Amendments
F1Words repealed (S.) by Bankruptcy (Scotland) Act 1985 (c. 66, SIF 66), s. 75(2), Sch. 8
F2S. 59(3)(4) repealed (S.) by Bankruptcy (Scotland) Act 1985 (c. 66, SIF 66), s. 75(2), Sch. 8