Restriction of rights of creditor under Restriction of rights of creditor under execution or attachment.

### Restriction of rights of creditor under execution or attachment. E.B.A., s. 40. N.S.W., s. 53. W.A., ss. 43, 44. 92.—(1.) Where a creditor has issued execution against the goods or lands of a debtor, or has attached any debt due to him, he shall not be entitled to retain the benefit of the execution or attachment against the trustee in bankruptcy unless he has completed the execution or attachment before sequestration and before notice of the presentation of any petition by or against the debtor or before notice of the commission of any available act of bankruptcy by the debtor. (2.) For the purposes of this Act— (a) an execution against goods is completed by seizure and sale; (b) an execution against land is completed by seizure and sale; or, in the case of an equitable interest, by the appointment of a receiver; and (Cf. Vic., s. 174.) (c) an attachment of a debt is completed by receipt of the debt. E.B.A., s. 40 (3). (3.) An execution levied by seizure and sale on the goods of a debtor is not invalid by reason only of its being an act of bankruptcy, and a person who purchases property in good faith under a sale by the sheriff shall in all cases acquire a good title to it against the trustee in bankruptcy.