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Rule in Clayton's Case

Rule in Clayton's Case
Autor: Lambert M. Surhone / Mariam T. Tennoe / Susan F. Henssonow
Verfügbarkeit: Auf Lager.
Artikelnummer: 683706
ISBN / EAN: 9786131339806

Verfügbarkeit: sofort lieferbar

Inkl. MwSt. , zzgl. Versandkosten



Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The rule in Clayton''s Case (or, to give it its full legal name and citation: Devaynes v Noble (Clayton''s Case) (1816) 1 Mer 572) is a common law presumption in relation to the distribution of monies from a bank account. The rule is based upon the deceptively simple notion of first-in, first-out to determine the effect of payments from an account, and will normally apply in the absence of evidence of any other intention. Payments are presumed to be appropriated to debts in the order in which the debts are incurred. In Clayton''s Case, one of the partners of a firm with which Clayton had an account died. The amount then due to Clayton was BP 1,717. The surviving partners, thereafter paid out to Clayton more than that amount while Clayton himself, on his part, made further deposits with the firm. On the firm being subsequently adjudged bankrupt, it was held that the estate of the deceased partner was not liable to Clayton, as the payments made by the surviving partners to Clayton must be regarded as completely discharging the liability of the firm to Clayton at the time of the particular partner''s death.

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