191. Agency terminated by bankruptcy of principal.

191.     Agency terminated by bankruptcy of principal.

Except as stated above with regard to irrevocable authorities1, the authority of an agent is, as a general rule, terminated by the bankruptcy of the principal2.

Mere formal acts in completion of a transaction already binding on the principal may, however, be performed by the agent under his authority after the principal's bankruptcy3. Additionally, the agent and third parties are protected in respect of any property4 or payment received before the commencement of the bankruptcy5 but after the presentation of the petition, in good faith, for value and without notice6 that