a legal analysis of the commerce act’s special method in adhering the priorities and dividing the joint and several responsibilities among the bankrupt sureties

article 251 of the commerce act (ca), although mentioned among the articles related to the commercial documents, is the sole article which seeks to determine the manner of reference among the liquidators of the bankrupt sureties. although this article has apparently disrupted a normal practice asserting that liquidators of none of the bankrupt sureties are allowed to refer to the liquidators of the other bankrupt sureties, instead it states that remnants of what has been allocated to the document holder in excess to his claim, would be reimbursed respectively to the liquidators of the bankrupt sureties who have the right of reference to others. this research shows that the legislator in promulgating this article has considered various principles and has adopted a clever and exact solution. thus as far as the priorities and division of responsibility among the bankrupt sureties are concerned, the article 251 ca acts as a bedrock.