WATKINS v. WORTHINGTON. 533

Some suggestions in favour of these principles may, perhaps,
be expected to be found in the rules by which cases of bankruptcy
are governed. A bankrupt, when contemplated as a really insoP
vent debtor, whose effects are about to be distributed among his
creditors, may be considered as presenting a state of things strik-
ingly analogous to that of a deceased debtor, whose is to
be applied in satisfaction of his debts, in due course of adminis-
tration.

It is a rule of equity, in cases of bankruptcy, deduced from the
general principles of the statutes by which the subject is regulated,
that no creditor shall be admitted to come in under the commis-
sion, so as to obtain more than a rateable dividend, without regard
to his security. Hence, when a creditor applies to prove his claim
under the commission, he may be called on, in most cases, to
deliver up his security, so that the other creditors may have the
benefit of the means of satisfaction he has chosen to abandon. If
there be a mortgage of the bankrupt's estate, the mortgagee may
have the mortgaged property sold, and the proceeds, after deduct-
ing all costs and expenses of sale, applied in satisfaction of his
claim as far as it will go, and then come in under the commission
for the balance. In short, wherever the creditor holds a double
security, he may make choice of either, or pursue both, so he does
not obtain a double satisfaction. If he obtains a partial satis-
faction by one security, he is allowed to prove against the estate
of the bankrupt only, for the balance; and if he comes against the
bankrupt for the whole, his claim upon the other security is satis-
fied, or diminished by so much as he receives from the bankrupt's
estate. If the bankrupt be the principal debtor, his surety from
whom the creditor may have obtained a partial or a full satisfaction,
takes the place of the creditor to that amount. And if the bank-
rupt be only a surety, then his assignees have a right to be subro-
gated to the creditor's place, in so far as satisfaction may have
been made from the bankrupt's estate for the benefit of his other
creditors, (z)

If these regulations on the subject of bankruptcy, should be
deemed applicable to the case of a deceased debtor's estate, about

(z) Ex parte Ryswicke, 2 P. Will. 89; Ex parte Lefebvre, 2 P. Will. 407; Ex
parte Rowlandson, 3 P. Will. 405; Ex parte Grove, 1 Atk. 104; Ex parte Mar-
shal, 1 Atk. 130; Ex parte Bennet, 2 Atk, 528; Order of Court, 4 Bro, C. C.
550; Ex parte Goodman, 3 Mad. 373.

68 V.2