686. Rights of execution creditors.

Subject to the statutory provisions imposing restrictions on proceedings and remedies1, and to the following provisions2, where the creditor of any person who is made bankrupt has, before the commencement of the bankruptcy3:

  1.  

    (1)     issued execution against goods or land of that person; or

  2.  

    (2)     attached a debt due to that person from another person4,

that creditor is not entitled, as against the official receiver or trustee of the bankrupt's estate, to retain the benefit of the execution or attachment, or any sums paid to avoid it, unless the execution or attachment was completed5, or the sums were paid, before