Ong on subrogation

Extract: This text is a study of the tumultuous doctrine of subrogation. The doctrine of marshalling of securities, which is based on subrogation, will be treated in a separate text. Chapter 1 emphasises the distinction between subrogation and assignment. Chapter 2 examines the right of subrogation to the trustee's right of indemnity. The importance, in practice, of the distinc¬ tion between the trustee's right of exoneration and the trustee's right of reimbursement is also discussed in this chapter. Chapter 3 addresses the insurer's right of subrogation. It examines the discrete situations where the insurer's right of subrogation is enlivened. Chapter 4 deals with those situations where the right of subrogation vests in a person (other than a surety) who discharges a third party's debt to a secured creditor. It also examines the right of subrogation of a surety who discharges the principal debtor's debt to the secured creditor. Chapter 5 examines the right of subrogation of a putative lender who purports to lend money to an ultra vires borrower who then uses the proceeds of the putative loan to discharge its intra vires debts. Chapter 6 discusses those situations where a third party payer does not have any right to be subrogated to the (former) right of the payee against the debtor.