Where a trustee brings or defends an action as a litigant, he is, as between himself and the other parties to the action, in the same position as any other litigant1, that is to say, he must pay any debt, damages or costs which the other litigants recover against him out of his own pocket2, and must obtain reimbursement, if he is entitled to it, out of the bankrupt's estate3. Consequently, a prudent trustee should, before embarking on litigation as claimant or defendant, see that he has sufficient assets in hand for his indemnity, or else obtain an indemnity
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