Joint and separate estates

In the case of partners the assets of the partnership are called the joint estate and the private estates of the individual partners are called the joint estate and the private estates of the individual partners are called their separate estates.  Where either partnership or any individual partner is bankrupt, the rule of administration is this-the joint or partnership debts are to be paid first out of the separate estates; and then the leaving of the joint estate or of the separate go to further satisfy the part satisfied creditors, joint going to separate, and separate, and separate to joint, But a creditor holding a joint and several security has his option to rank in the first instance, either as a separate creditor or as a joint one. And to prove accordingly.