Report No. 26
58. Validity of certain payments to insolvent.-A payment of money or delivery of property to a person subsequently adjudged insolvent, or to a person claiming by assignment from him, shall, notwithstanding anything in this Act, be a good discharge to the person paying the money or delivering the property, if the payment or delivery is made before the actual date on which the order of adjudication is made and without notice of the presentation of an insolvency petition, and is either pursuant to the ordinary course of business or otherwise bona fide.
[New] [Cf. section 46, English Act.]
Back
