Dealings with land of undischarged bankrupt
23 Dealings with land of undischarged bankrupt
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.
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.
After the expiration, whether before or after the commencement of the Conveyancing (Amendment) Act 1930, of twenty years after—
the date of the sequestration of the estate of a bankrupt under any Act relating to bankruptcy, or
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.
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.
This subsection shall not apply where the land is under the provisions of the Real Property Act 1900.
The registration by the official assignee in the General Register of Deeds of a claim, 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.
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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