Rights arising out of contracts made by the bankrupt pass to the trustee, if not disclaimed1 or discharged2, subject to the rights of the persons with whom the bankrupt has contracted, and to the rights of third persons which have been created in respect of them3. Where a person is made bankrupt, any disposition of property made by that person in the period beginning with the day of the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition4 and ending with the vesting of the bankrupt's estate
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