454. In general.

An 'income payments agreement' is a written agreement between a bankrupt and his trustee or between a bankrupt and the official receiver which provides: (1) that the bankrupt is to pay to the trustee or the official receiver an amount equal to a specified part or proportion of the bankrupt's income for a specified period; or (2) that a third person is to pay to the trustee or the official receiver a specified proportion of money due to the bankrupt by way of income for a specified period1. A provision of an income payments agreement of a kind specified

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