213. Bankruptcy of buyer.

If the buyer becomes bankrupt the benefit of the contract passes to his trustee in bankruptcy who may complete the transaction subject to his right to disclaim onerous contracts1. Where the transaction was to be financed by a mortgage the buyer's mortgage offer will usually be revoked by the bankruptcy. If the trustee does disclaim the contract he will inevitably forfeit the deposit already paid2 and may be subject to an action brought by the seller against the bankrupt's estate to recover loss suffered3. Where one of two or more co-purchasers becomes bankrupt, the bankrupt's equitable interest will pass