case ex part Charles Prescot in the matter of Prescot a bankrupt and brother  to the petitioner August that the petitioner a creditor of the bankrupt for  pound and pound and a debtor to he upon bind for pound Payable on the that of  march with lawful interest apply that he may set off his demand of pound  against the principal and interest due on the bind as far as it will go and  not be oblige to prove his debt under the commission and take a dividend upon  it only though this be not in strictness a mutual debt yet it be a mutual  credit for the bankrupt give a credit to the petitioner in consideration of  the bind though Payable at a future day and he give the credit for the debt  the bankrupt owe he upon simple contract and therefore within the equity of  the atkins er p Geo a account direct to be take between the petitioner and the  bankrupt and the balance only to be pay to the assignee the petitioner a  creditor for two debt one of pound and the other of pound and at the same time  a debtor upon bind give to the bankrupt for pound Payable on the that of march  with lawful interest apply to the court that he may be at liberty to set off  his demand of pound as far as it will go against the interest and principal  due on the bind and not be oblige to prove his debt under the commission and  take a dividend only upon it Lord chancellor No case have be cite to I either  on one side or the other and therefore I must make a precedent and determine  it on the rule of equity the time of payment on the bind be not yet come and  therefore the condition of it not break as there be no debt that can be  recover upon it till the that of march the petitioner insist he be not to be  compel to come in as other creditor to prove the debt of pound as he pay  interest now upon the bind and in must pay the principal but that he have a  right to set off and therefore pray the pound may be deduct out of the  principal and interest of the bind and find this right on the clause in the  Geo relate to mutual credit the word of that clause be that where it shall  appear to the commissioner that there have be mutual credit give by the  bankrupt and any other person or mutual debt between the bankrupt and any  other person at any time before such person become a bankrupt the commissioner  or the assignee of such bankrupt estate shall state the account between they  and one debt may be set against another and what shall appear to be due on  either side on the balance of atkins such account and on set such debt against  one another and no more shall be claim or pay on either side respective it  have be object by the counsel against the petitioner that this be not a case  of mutual debt because the act mean debt actual due and here one debt be due  and the other not due and therefore they be not proper mutual debt before the  make of this act if a person be a creditor he be oblige to prove his debt  under the commission and receive perhaps a dividend only of S d in the pound  from the bankrupt estate and at the same time pay the whole to the assignee of  what he owe to the bankrupt to remedy this very great inconvenience and  hardship the act be make it be very true as Mr clarke say that the that of Geo  be a posterior act must be construe with a reference to the that of Geo cap  and both act consider together take it upon this foundation what will be the  result suppose for instance there have be a bind from the bankrupt to a  Payable at a future day and a debt owe from a on simple contract to the  bankrupt for a less sum the account between a and the bankrupt shall first of  all be state and one debt set against the other and a shall be entitle to a  proportionable dividend of such bankrupt estate pro rata with the other  creditor discount the bind Payable at a future time after the rate of per cent  for what he shall so receive to be compute from the actual payment thereof to  the time such debt shall or will have become Payable in and by such bind these  be the word at the conclusion of the clause in the statute of the that of Geo  relate to creditor who debt be Payable at a future day consider it then the  other way where a be a debtor to the bankrupt by bind Payable at a future day  and a creditor on his estate by simple contract for a less sum will it be just  and equitable that he shall be oblige to prove his debt under the commission  and receive perhaps S only in the pound and yet when his bind become due which  in some instance may e in three month only pay the whole debt principal and  interest to the assignee under the commission this may indeed in strictness be  say not to be a mutual debt but be it not a mutual credit the bankrupt give a  credit to the petitioner in consideration of this bind though Payable at a  future day and the petitioner give the bankrupt credit for the debt he owe the  petitioner upon simple contract and therefore I think this case be within the  equity of the that of Geo atkins er p therefore upon the petitioner agree to  pay the balance forthwith to the assignee which the act of parliament require  let it be refer to the commissioner to take the account between he and the  bankrupt and let what shall be find due from the bankrupt at the time of the  bankruptcy be deduct atkins out of what shall be due on the petitioner bind  for principal and interest and the balance only b pay by the petitioner to the  assignee