Page:United States Statutes at Large Volume 66.djvu/476

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PUBLIC LAW 4 5 6 - J U L Y 7, 1952

[66

STAT.

as of the date of the filing of the petition initiating a proceeding under this Act, except insofar as it is to property which is held to be exempt, to all of the following kinds of property wherever located (1) 11 USC 110.

Property held at time of bankruptcy.

Title of trustee.

11 USC 518. 11 USC 624. eonfirmation o f plan.

(b) The second sentence of such subdivision a is amended to be a separate unlettered paragraph to read as follows: "All property, wherever located, except insofar as it is property which is held to be exempt, which vests in the bankrupt within six months after bankruptcy by bequest, devise or inheritance shall vest in the trustee and his successor or successors, if any, upon his or their appointment and qualification, as of the date when it vested in the bankrupt, and shall be free and discharged from any transfer made or suffered by the bankrupt after bankruptcy." (c) The third sentence of such subdivision a is amended to be a separate unlettered paragraph to read as follows: "All property, wherever located, except insofar as it is property which is held to be exempt, in which the bankrupt has at the date of bankruptcy an estate or interest by the entirety and which within six months after bankruptcy becomes transferable in whole or in part solely by the bankrupt shall, to the extent it becomes so transferable, vest in the trustee and his successor or successors, if any, upon his or their appointment and qualification, as of the date of bankruptcy." (d) The fourth sentence of such subdivision a is amended to be a separate unlettered paragraph, as follows: "The title of the trustee shall not be affected by the prior possession of a receiver or other officer of any court." (e) Subdivision c of such section is amended to read as follows: "c. The trustee may have the benefit of all defenses available to the bankrupt as against third persons, including statutes of limitation, statutes of frauds, usury, and other personal defenses; and a waiver of any such defense by the bankrupt after bankruptcy shall not bind the trustee. The trustee, as to all property, whether or not coming into possession or control of the court, upon which a creditor of the bankrupt could have obtained a lien by legal or equitable proceedings at the date of bankruptcy, shall be deemed vested as of such date with all the rights, remedies, and powers of a creditor then holding a lien thereon by such proceedings, whether or not such a creditor actually exists." (f) Paragraph (2) of subdivision e of such section is amended to read as follows: "(2) All property of the debtor affected by any such transfer shall be and remain a part of his assets and estate, discharged and released from such transfer and shall pass to, and every such transfer or obligation shall be avoided by, the trustee for the benefit of the estate: Provided, however, That the court may on due notice order such transfer or obligation to be preserved for the benefit of the estate and in such Gvent the trustee shall succeed to and may enforce the rights of such transferee or obligee. The trustee shall reclaim and recover such property or collect its value from and avoid such transfer or obligation against whoever may hold or have received it, except a person as to whom the transfer or obligation specified in paragraph (1) of this subdivision e is valid under applicable Federal or State laws." (g) Subdivision h of such section is hereby repealed. SEC. 24. Section 118 of such Act, as amended, is hereby repealed. SEC. 25. Paragraph (4) of section 224 of such Act, as amended, is amended to read as follows: "(4) distribution shall be made, in accordance with the provisions of the plan, to creditors and stockholders (a) proofs of whose claims or stock have been filed prior to the date fixed by

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