Report No. 26
54. Avoidance of voluntary transfer.-Any transfer of property, not being a transfer made before and in consideration of marriage or made in favour of a purchaser or incumbrancer in good faith and for valuable consideration, shall, if the transferor is adjudged insolvent on a petition presented within two years after the date of the transfer, be void against the Official Assignee.
[Section 53, P.A.] [Cf. section 55, P.T.A.]
Explanation.-For the purposes of this section, in the case of a transfer which is required to be made by a registered instrument under any law for the time being in force, and which is made by such a registered instrument, the date of registration of the instrument shall be deemed to be the date of the transfer.