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Section 53 – The Presidency – Towns Insolvency Act,1909

The Presidency – Towns Insolvency Act,1909

Section 53. Restriction of rights of creditor under execution

(1) Where execution of a decree has issued against the property of a debtor, no person shall be entitled to the benefit of the execution against the official assignee, except in respect of assets realised in the course of the execution by sale or otherwise 1[before the date of the admission of the insolvency petition].

(2) Nothing in this section shall affect the right of a secured creditor in respect of property against which a decree is executed.

(3) A person who in good faith purchases the property of a debtor under a sale in execution shall in all cases acquire a good title to it against the official assignee.

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1. Subs. by Act 3 of 1950, s.4, for “before the date of the order of adjudication and before he had notice of the presentation of any insolvency petition by or against the debtor.

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The Presidency – Towns Insolvency Act,1909

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