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CONVEYANCING ACT 1919 - SECT 23
Dealings with land of undischarged bankrupt
23 Dealings with land of undischarged bankrupt
(1) All transactions by a bankrupt with any bona fide purchaser in respect of
any land acquired by the bankrupt after a sequestration order has been made,
and whether with or without notice of the bankruptcy, shall, if completed
before any intervention by the official assignee of the estate of the
bankrupt, be valid against the official assignee, and any estate or interest
in such land which by virtue of the Bankruptcy Act 1898 , or any Act relating
to insolvency, is vested in the official assignee, shall determine and pass in
such manner and to such extent as may be required for giving effect to any
such transaction.
(2) This section shall apply to transactions with respect
to land completed before the commencement of this Act in any case where there
has not been any intervention by the official assignee before that date.
(2A)
(a) After the expiration, whether before or after the commencement of the
Conveyancing (Amendment) Act 1930 , of twenty years after-- (i) the date of
the sequestration of the estate of a bankrupt under any Act relating to
bankruptcy, or
(ii) the execution of an assignment for the benefit of the
creditors of the assignor,
no action, suit, or other proceeding instituted by
the official assignee or the trustee of the assignment for the recovery of
land which by any such Act or by the assignment was vested in the official
assignee or the trustee of the assignment shall succeed against a purchaser
from the bankrupt or assignor, or under a sale in execution, or against a
successor in title of such purchaser.
(b) This subsection shall not apply
where the official assignee or trustee of the assignment was in actual
possession of the land at the time of the purchase.
(c) This subsection shall
not apply where the land is under the provisions of the Real Property Act
1900 .
(3) The registration by the official assignee in the
General Register of Deeds of a claim in the prescribed form, or in the case of
lands under the provisions of the Real Property Act 1900 the lodging of a
caveat under that Act, shall be deemed to be a sufficient intervention.
(4)
An order affecting the title to any land (not being land under the provisions
of the Real Property Act 1900 ) made under the Bankruptcy Act 1898 , is void
as against a person who, after the commencement of the Conveyancing
(Amendment) Act 1972 and without notice of the order, purchases land from a
person whose title to the land is affected by the order, unless the order is
registered in the General Register of Deeds.
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