See value which he has set on it; or if the creditor has realized it at a price exceeding his valuation, he is bound to pay the surplus to the trustee. Bankr. Rules, 1870, rules 99, 100, 101. 4. In administration and windings-up. -The Judicature Act, 1875, § 10, provides that the rules of the bankruptcy law as to the respective rights of secured and unsecured creditors, shall prevail and be observed in the administration by the court of the assets of any person dying insolvent after the commencement of the act, and in the winding-up of an insolvent company under the Companies Act, 1862. The principal effect of this section appears to be to abolish the rule in Kellock's Case (L. R. 3 Ch. 789), so as to compel a secured creditor to deduct the value of his security and prove for the balance of his debt. It also appears to have the effect of depriving a creditor of the right to interest on his debt from the date of the judgment or order of administration, which is treated as equivalent to an adjudication in bankruptcy. (In re Summers, 13 Ch. D. 136.) Whether it entitles the executor (in the case of an administration) or the liquidator (in the case of a company) to purchase the security of a creditor at his own valuation is not clear; taken in its literal meaning the section would not have that effect. It has, however, given rise to many speculations and inconsistent decisions, and a creditor would not be safe in relying on its omissions. 25. Petitioning creditor.-In the law of bankruptcy and winding-up a petitioning creditor is a creditor who presents a petition for adjudication or winding-up. In bankruptcy his debt must amount to £50 (Robs. Bankr. 153, 176; Act of 1879, § 6. See supra, & 3.) In windingup, his debt must exceed £50. Companies Act, 1862, § 80. As to frauds on creditors, see 2. Secured and unsecured. In the law relating to the administration of the assets of bankrupts, companies in liquidation, and insolvent persons or estates, creditors claiming to share in the assets are divided into secured and unsecured. A secured creditor is a person who holds a security on the property of the individual, company or estate, and includes not only persons holding mortgages, charges and liens, but also judgment creditors who have levied execution by seizure of property belonging to the insolvent (Robs. (under commission of bankruptcy). 3 Bankr. 256; Slater v. Pinder, L. R. 6 Ex. 228; Exp. Roche, L. R. 6 Ch. 795; In re (under a judgment). 1 Harr. (N. J.) Printing, &c., Co., 8 Ch. D. 535; Exp. (in statute of frauds). 20 Ala. 732; 1 Evans, 13 Id. 252), or have obtained and Gilm. (III.) 397; 81 III. 186; 11 Hun (N. Y.) served attachment or garnishee orders. 282. In re Watt, W. N. (1878) 70; Silkstone Coal Co., 11 Ch. D. 160; Exp. Schofield, 12 Id. 337; Levy v. Lovell, 14 Id. 234. 23. In bankruptcy.-In bankruptcy, under the English system, a secured creditor is, for the purpose of petitioning for adjudication, proving his debt, receiving dividends, and voting, deemed to be a creditor only in respect of the balance due to him after realizing or deducting the value of his security, unless he gives up his security. If he does not comply with these conditions, he is excluded from all share in the dividends. (Bankruptcy Act, 1869, 22 12, 16, 40.) In order to prevent persons from underestimating the value of their securities, it is also provided that the trustee shall have power to purchase the security of any creditor at the FRAUD; FRAUDULENT CONVEYANCES. CREDITOR, (in bankrupt act). 50 Wis. 283; L. R. 1 C. P. 204; L. R. 1 Ex. 91, 100; L. R. 1 Ch. 357; L. R. 2 Ex. 396. Wils. 262. 364. ances). (in the statute of fraudulent convey4 Bibb (Ky.) 166. (in recording act). 1 Gilm. (III.) 187. (in usury law). 9 Cush. (Mass.) 482. (in statute concerning witnesses). 9 Cush. (Mass.) 483. (in a treaty). 3 Dall. 109, 249. CREDITOR HOLDING SECURITY, (in bankruptcy act). L. R. 10 Q. B. 485. CREDITOR IN LEGAL CONTEMPLATION, (is one who has a judgment). 6 B. Mon. (Ky.) 606. CREDITOR OF A CORPORATION, (a stockholder may come in as). 8 Cow. (Ν. Υ.) 387, 392. CREDITOR WHO HAS OBTAINED A JUDGMENT, (in attachment act). L. R. 8 Q. B. 18. CREDITORS' BILL.-A bill in equity filed by one or more creditors, by (687) to present to an ecclesiastical benefice attached to an office in her majesty's gift. 3 Steph. Com. 710. JOP WORK, (synonymous with "lump work"). Penn. (N. J.) 1043. JOBBER.-One who buys and sells goods for others; one who buys or sells on the stock exchange; a dealer in stocks, shares, or securities. new facts in support of his case, and thus puts an end to the pleadings, wholly or to a certain extent. In ordinary cases une reply (q. v.) is a simple joinder of issue on the statement of defence or answer. ACTION; ISSUE, 83; PLEADINGS. See 4. Joinder of error.-In proceedings on a writ of error in criminal cases, the joinder of error is a written denial of the errors alleged in the assignment of errors. JOBBER, (defined). 4 Sandf. (N. Y.) Ch. It answers to a joinder of issue in an ac587, 590. JOCALIA.-Jewels; paraphernalia.- Cowell. (688) joint and several; but the rule is only true to the extent above mentioned. Kendall v. Hamilton, 4 App. Cas. 517. the right of action is vested in two or more ship debt is joint at law, in equity it is persons, so that they must all join in suing upon it, then the bond, covenant, &c., is said to be joint, as opposed to one which is several, namely, where each of the 26. Joint and several.-A liability obligees has a separate interest, and may, may, however, be both joint and several, therefore, sue alone. Whether a bond, so that the creditor may sue one or more covenant or the like, is joint or several, of the debtors separately, or all of them depends much more upon the subjectjointly, at his option. (Dic. Part. 230 et matter than upon the words employed, seq.) And if one of them is compelled to for if each of the obligees has a separate pay the whole debt or more than his prointerest, the right of action will be several, although expressed to be joint and several. A bond, covenant, or the like, entered into with several obligees, cannot be joint or several, at their election, but must be either one or the other. Wms. Fers. Prop. 356. 3. If one obligee releases the obligor, this is sufficient to bar all the obligees; and if one of several joint obligees dies, his interest passes to the survivors. In the case of partners in trade, however, the share of a deceased partner devolves in equity on his personal representatives, and the surviving partners become trustees for them of his share. (Wms. Pers. Prop. 354, 357.) The same rule applies where two or more persons advance money and take the security to themselves jointly. 4. A joint ownership of a chose in action cannot be severed at law by either or both of the obligees, but the parties may make a severance which will be binding in equity. See TENANCY IN COMMON. 5. Joint liability on choses in action.-Two or more persons may be jointly liable to the same debt or demand, and though each is liable for the whole debt, yet they are all considered as together forming one person; they must, therefore, all be sued together, and a volantary release to one will discharge them all. (See RELEASE.) On the other hand, if one of them is compelled to pay the whole debt, he is entitled to contribution from the others to the extent of their shares. (Batard v. Hawes, 2 Ell. & B. 287. See CONTRIBUTION.) On the death of one, his liability passes to the survivors, except in the case of partners, for on the death of a partner, his estate remains liable in equity for all partnership debts then existing. (Wms. Pers. Prop. 360, 364.) Hence, it is sometimes said that though a partnerportion, he is entitled to contribution from the others. (See CONTRIBUTION.) If one of them dies, his estate remains liable in the same way that he was. (Wms. Pers. Prop. 363.) As to the release of such a liability, see RELEASE. 7. In the English law of bankruptcy, when several persons are partner. together, and all become insolvent, the petition and adjudication of bankruptcy against them may be either joint, i. e, embracing all the mombers of the firm, or separate, i. e. confines to each member individually. (Robs. Bank. 572.) When all the members of a firm, qud partners, are adjudged bankrupt, the property of the members which vests in the trustee is divided into two parts, namely: The joint estate, or that of the firm, such as the capital, stock in trade, &c.; and the separate estates consisting of the private property of each partner; and distinct accounts are also kept of the joint or partnership debts, and of the separate debts. This is necessary, because it is a rule that joint creditors (i. e. creditors against the firm) are entitled to have their debts paid in full out of the joint estate, before the separate creditors (i. e. the creditors of each member) can receive anything from the joint estate, while the separate creditors of each partner are entitled to a similar priority of payment out of his separate estate, as against the joint creditors. Id. 583, 609; ex parte Cook, 2 P. Wms. 500; Lind. Part. 1145 et seq.; Read v. Bailey, 3 App. Cas. 94. 8. A joint and several creditor is one for whose debt the firm is jointly, and all or some or one of its members are or is also separately, liable. (Robs. Bankr. 616.) Thus, if A. and B. are trading in partnership under the firm of A. and Company, and a bill of exchange is accepted by A. and Company, and indorsed by A., the holder of the bill would, in the event of A. and B.'s bankruptcy, be a joint and several creditor, and, therefore, entitled to prove against both the joint estate of the firm and the separate estate of A. Ex parte Honey, L. R. 7 Ch. 178. See CONVERSION, 88; PROOF. 29. Land Transfer act. In the case of land registered under the English Land Transfer Act, 1875, "joint proprietors" mean any two or more persons who are registered as being together entitled to land, whether concurrently (e. g. as joint tenants, tenants in common, &c. (689) JOINT, (when a writ is not). 6 Halst. (N. J.) 128. (690) JOINT MAKERS, (of a promissory note, liability of). 6 Cranch (U. S.) 253; 2 Cai. (N. Y.) 121. JOINT NOTE, (what is). 2 Halst. (N. J.) 71. JOINT OBLIGATION, (what is). 1 Rawle (Pa.) 255; 1 Munf. (Va.) 175. JOINT OBLIGEES, (of a bond, how far joint tenants). 1 Harr. (N. J.) 16. JOINT OWNERS, (who are). 4 Dall. (U. S.) 354; 4 T. R. 720. Dig. 317. (equivalent to "partners"). 1 Com. § 2. All law (jus) is distributed into two parts-Jus Gentium and Jus Civile and the Jus accrescendi inter mercatores whole body of law peculiar to any State is its Jus Civile (Cic. de Orat. i. 44). The Roman locum non habet, pro beneficio comlaw, therefore, which is peculiar to the Roman mercii (Co. Litt. 182): The right of survivorState, is its Jus Civile, sometimes called Jus ship does not exist among merchants, for the Civile Romanorum, but more frequently desigbenefit of commerce. nated by the term Jus Civile only, by which is meant the Jus Civile of the Romans. 3. The Jus Gentium is viewed by Gaius as springing out of the Naturalis Ratio, common to all mankind, which is still more clearly expressed in another passage (i. 89), where he uses the expression "omnium civitatem jus," as equivalent to the Jus Gentium, and as founded on the Naturalis Ratio. 34. The Naturale Jus and the Jus Gentium are therefore identical. Cicero (Off. iii. 5) орposes Natura to Leges, where he explains Natura by the term Jus Gentium, and makes Leges equivalent to Jus Civile 25. In the partitiones (c. 37), he also divides Jus into Natura and Lex. 6. There is a threefold division of Jus made by Ulpian and others, which is as follows: Jus Civile; Jus Gentium, or that which is common to all mankind; and Jus Naturale, which is common to man and beasts. The foundation of See JOINT TENANCY. Jus accrescendi præfertur oneribus ac ultimæ voluntati (Co. Litt. 185): The right of survivorship is preferred to encumbrances and to the last will. This maxim has reference to, and forms one of the principal rules affecting joint tenancies.