Report No. 26
52. Restrictions on rights of creditor under execution.-(1) Where execution of a decree or order 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 the assets realised in the course of the execution by sale or otherwise before the date of the admission of the insolvency petition.
(2) Where execution of a decree or order has issued against the property of the debtor but the assets have not been realised in full by the date of admission of the insolvency petition, or where after that date a sale is held in execution of a decree or order against the debtor, the costs incurred by the creditor in respect of the execution shall be a first charge on the assets realised in course of the execution.
(3) A person who in good faith purchases the property of a debtor under a sale in execution of a decree or order shall acquire a good title to it against the Official Assignee, if such sale is held before the making of an order of adjudication.
(4) Nothing in this section shall affect the rights of a secured creditor in respect of the property against which the decree or order is executed. [Section 51, P.A.]
[Cf. section 52, P.T.A.]