An Act . . for extending the Remedies of Creditors against the Property of Debtors

Sheriff empowered to seize money, bank notes, &c.; and to pay money or bank notes to execution creditor; and to sue for amount secured by bills of exchange and other securities. Proviso as to indemnity for sheriff.

12:-- By virtue of any writ of fieri facias to be sued out of any superior or inferior court, or any precept in pursuance thereof, the high sheriff or other officer having the execution thereof may and shall seize and take any money or bank notes, (whether of the Bank of England, or of any other bank or bankers) and any cheques, bills of exchange, promissory notes, bonds, specialties, or other securities for money, belonging to the person against whose effects such writ of fieri facias shall be sued out; and may and shall pay or deliver to the party suing out such execution any money or bank notes which shall be so seized, or a sufficient part thereof; and may and shall hold any such cheques, bills of exchange, promissory notes, bonds, specialties, or other securities for money as a security or securities for the amount by such writ of fieri facias directed to be levied, or so much thereof as shall not have been otherwise levied and raised; and may sue in the name of such high sheriff or other officer for the recovery of the sum or sums secured thereby, if and when the time of payment thereof shall have arrived; and the payment to such high sheriff or other officer by the party liable on any such cheque, bill of exchange, promissory note, bond, specialty, or other security, with or without suit, or the recovery and levying execution against the party so liable, shall discharge him to the extent of such payment, or of such recovery and levy in execution, as the case may be, from his liability on any such cheque, bill of exchange, promissory note, bond, speciality, or other security; and such high sheriff or other officer may and shall pay over to the party suing out such writ the money so to be recovered, or such part thereof as shall be sufficient to discharge the amount by such writ directed to be levied; and if, after satisfaction of the amount so to be levied, together with sheriff’s poundage and expences, any surplus shall remain in the hands of such high sheriff or other officer, the same shall be paid to the party against whom such writ shall be so issued; provided that no such high sheriff or other officer shall be bound to sue any party liable upon any such cheque, bill of exchange, promissory note, bond, specialty, or other security, unless the party suing out such execution shall enter into a bond, with two sufficient sureties, for indemnifying him from all costs and expences to be incurred in the prosecution of such action, or to which he may become liable in consequence thereof, the expence of such bond to be deducted out of any money to be recovered in such action.

Judgment debts to carry interest.

17:--

(1) Every judgment debt shall carry interest at the rate of 8 pounds per centum per annum from such time as shall be prescribed by rules of court . . .until the same shall be satisfied, and such interest may be levied under a writ of execution on such judgment.

(2) Rules of court may provide for the court to disallow all or part of any interest otherwise payable under subsection (1).