481. Disclaimer of leaseholds.

481.     Disclaimer of leaseholds.

The disclaimer1 of any property of a leasehold nature does not take effect unless a copy of the disclaimer has been served2, so far as the trustee is aware of their addresses, on every person claiming under the bankrupt as underlessee or mortgagee3 and either:


    (1)     no application is made for a vesting order4 with respect to that property before the end of the period of 14 days beginning with the day on which the last notice of disclaimer was served; or


    (2)     where such an application has