(1) Subject to [section 309], where—
(a) property is excluded by virtue of section 283(2) (tools of trade, household effects, etc) from the bankrupt's estate, and
(b) it appears to the trustee that the realisable value of the whole or any part of that property exceeds the cost of a reasonable replacement for that property or that part of it,
the trustee may by notice in writing claim that property or, as the case may be, that part of it for the bankrupt's estate.
(2) Upon the service on the bankrupt of a notice under this section, the property to which
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