BANKRUPTCY AMENDMENT ACT (NORTHERN IRELAND) 1929 - SECT 16 Dealings with undischarged bankrupt.

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BANKRUPTCY AMENDMENT ACT (NORTHERN IRELAND) 1929 - SECT 16

Dealings with undischarged bankrupt.

16.(1) All transactions by a bankrupt with any person dealing with him bona
fide and for value, in respect of property, whether real or personal, acquired
by the bankrupt after the adjudication, shall, if completed before any
intervention by the assignees or trustee in the bankruptcy, be valid against
the said assignees or trustee, and any estate or interest in such property
which by virtue of the Act of 1857, the Act of 1872 or this Act is vested in
the said assignees or trustee shall determine and pass in such manner and to
such extent as may be required for giving effect to any such transaction.

This sub-section shall apply to transactions with respect to real property
completed before the commencement of this Act in any case where there has not
been any intervention by the said assignees or trustee before that date.

For the purposes of this sub-section, the receipt of any money, security, or
negotiable instrument from, or by the order or direction of, a bankrupt by his
banker, and any payment and any delivery of any security or negotiable
instrument made to, or by the order or direction of, a bankrupt by his banker,
shall be deemed to be a transaction by the bankrupt with such banker dealing
with him for value.

(2) Where a banker has ascertained that a person having an account with him is
an undischarged bankrupt, then, unless the banker is satisfied that the
account is on behalf of some other person, it shall be his duty forthwith to
inform the assignees or the trustee in the bankruptcy of the existence of the
account, and thereafter he shall not make any payments out of the account,
except under an order of the court or in accordance with instructions from the
said assignees or trustee, unless by the expiration of one month from the date
of giving the information no instructions have been received from the said
assignees or trustee.

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Northern Irish Legislation

BANKRUPTCY AMENDMENT ACT (NORTHERN IRELAND) 1929 - SECT 16