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
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