129Trustee to take possession of property of bankrupt

129  Trustee to take possession of property of bankrupt  (1) The trustee shall forthwith take possession of all the property of the bankrupt capable of manual delivery, including all deeds, books and documents of the bankrupt.  (2) The Court may, on the application of the trustee, enforce possession accordingly.  (3) A person is not entitled, as against the trustee, to withhold possession of the books of account or any papers or documents of the bankrupt relating to the accounts or to any of the examinable affairs of the bankrupt or to claim any lien on any such papers or documents.  (4) If a person has in his or her possession or power any moneys or security that he or she is not by law entitled to retain as against the bankrupt or the trustee, he or she shall pay or deliver the moneys or security to the trustee.  (4A) Where:  (a) moneys are payable to a person under a law of the Commonwealth or of a State or Territory;  (b) that person is a bankrupt or the moneys are payable to the person as the legal personal representative of a person who was at the time of his or her death a bankrupt; and  (c) the moneys constitute property divisible amongst the creditors of the bankrupt or the deceased bankrupt, as the case may be; those moneys shall, upon demand by the trustee, be paid to the trustee notwithstanding any provision to the contrary in that law.  (4B) A demand under subsection (4A) shall be in accordance with the approved form.  (4C) A payment made in pursuance of a demand under subsection (4A) is, to the extent of the amount paid, a valid discharge to the person making the payment as against the bankrupt or the estate of the deceased bankrupt, as the case may be.  (5) A person who does not pay or deliver to the trustee any moneys or security that he or she is required by subsection (4) or (4A) so to pay or deliver is guilty of contempt of court.  (6) If the person so failing to pay or deliver any moneys or security is a corporation, both the corporation and each officer of the corporation who is responsible for the non‑compliance are guilty of contempt of court. 129AA  Time limit for realising property  (1) This section applies only to:  (a) property (other than cash) that was disclosed in the bankrupt’s statement of affairs; and  (b) after‑acquired property (other than cash) that the bankrupt discloses in writing to the trustee within 14 days after the bankrupt becomes aware that the property devolved on, or was acquired by, the bankrupt. In this subsection, cash includes amounts standing to the credit of a bank account or similar account.  (2) If any such property is still vested in the trustee immediately before the revesting time, then it becomes vested in the bankrupt at the revesting time by force of this section.  (3) Initially, the revesting time for property is:  (a) for property disclosed in the statement of affairs—the beginning of the day that is the sixth anniversary of the day on which the bankrupt is discharged from the bankruptcy; and  (b) for after‑acquired property that is disclosed before the bankrupt is discharged from the bankruptcy—the beginning of the day that is the sixth anniversary of the day on which the bankrupt is discharged; and  (c) for after‑acquired property that is disclosed after the bankrupt is discharged from the bankruptcy—the beginning of the day that is the sixth anniversary of the day on which the bankrupt disclosed the property to the trustee.  (4) If the trustee, before the current revesting time, gives the bankrupt a written notice (an extension notice) stating that a later revesting time applies to particular property, then that later time becomes the revesting time for that property.  (5) There is no limit on the number of extension notices that the trustee may give (either generally or in relation to particular property).  (6) The time specified in an extension notice must be either:  (a) a specified time that is not more than 3 years after the current revesting time; or  (b) a time that is reckoned by reference to a specified event (for example, the death of a life tenant), but is not more than 3 years after the happening of that event.  (7) Any property that becomes vested in the bankrupt under this section thereupon ceases to be subject to section 127.