Marshalling is an equitable doctrine applied in the context of lending. It was described by Lord Hoffmann as:
[A] principle for doing equity between two or more creditors, each of whom are owed debts by the same debtor, but one of whom can enforce his claim against more than one security or fund and the other can resort to only one. It gives the latter an equity to require that the first creditor satisfy himself (or be treated as having satisfied himself) so far as possible out of the security or fund to which the latter has no claim.[1]
In the United States, Justice Stone described that:
... [it] rests upon the principle that a creditor having two funds to satisfy his debt may not, by his application of them to his demand, defeat another creditor, who may resort to only one of the funds.[2]
^Morris and Others v. Rayners Enterprises Incorporated and Another [1997] UKHL 44, [1998] 1 AC 214 (30 October 1997), 230–231
^Sowell v. Federal Reserve Bank, 268 U.S. 449 (1925), at 457
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