546. Rights determined at date of bankruptcy order.

The mutual credits, mutual debts or other mutual dealings between the bankrupt and any creditor of the bankrupt proving or claiming to prove for a bankruptcy debt must have arisen before the commencement of the bankruptcy1, even though by their nature they give rise to a future debt or obligation which may be so proved. A right of set-off not existing at the date of the bankruptcy order cannot generally be acquired afterwards2.

A surety who, after the bankruptcy order, pays off the debt and takes over from the principal creditor his securities, including a bill of exchange on which