A disclaimer of onerous property1 operates so as to determine, as from the date of the disclaimer, the rights, interests and liabilities of the bankrupt and the bankrupt's estate2 in or in respect of the property disclaimed, and discharges the trustee from all personal liability in respect of that property as from the commencement of his trusteeship, but does not, except so far as is necessary for the purpose of releasing the bankrupt, the bankrupt's estate and the trustee from any liability, affect the rights or liabilities of any other person3.
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