418. Uncompleted contracts relating to land.

418.     Uncompleted contracts relating to land.

If, before his bankruptcy, the bankrupt has contracted to sell or mortgage property, the trustee takes the property subject to the obligation to fulfil the contract1. The legal estate in the property vests in the trustee subject to the equitable title of the purchaser to have the estate conveyed to him on payment of the purchase price2. If the purchaser, unaware of the bankruptcy, pays the balance of the purchase money to the bankrupt, he pays the wrong person and cannot compel the trustee to execute a conveyance without paying the