534. Effect of disclaimer.

A disclaimer by a trustee in bankruptcy operates so as to determine, as from the date of the disclaimer, the bankrupt's rights, interests and liabilities and his estate in or in respect of the property disclaimed, and discharges the trustees from all personal liability in respect of that property as from the date of the commencement of his trusteeship, but does not, except so far as is necessary for the purpose of releasing the bankrupt, the bankrupt's estate and the trustee from any liability, affect the rights or liabilities of any other person1.

A disclaimer by a liquidator operates so