277 Subrogation of persons if payment has been made

If a payment has been made to a person (A) on account of any preferential claim set out in section 274 out of money advanced by another person (B) for that purpose, then B has, in the bankruptcy, the same right of priority in respect of the money so advanced as A would have if the payment had not been made.

Compare: 1993 No 105 Schedule 7 cl 7