The general rule is that the trustee in bankruptcy takes no better title to property than the bankrupt himself had1. The bankrupt's property passes to the trustee in the same plight and condition in which it was in the bankrupt's hands, and is subject to all the equities2 and liabilities3 which affected it in the bankrupt's hands, to all dispositions which have been validly made by the bankrupt, and to all rights which have been validly acquired by third persons at the commencement of the bankruptcy
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