Agreements to settle property-bankruptcy and liquidation, Financial Accounting

Agreements to settle property

The trustee is not bound by such an agreement if it remains executory. If property has already been settled, the trustee can recover it unless it is proved:

That the settlement was made more than two years before the bankruptcy, or
That, at the date of the settlement the bankrupt was able to pay all his debts without the aid of the settled property, or
The agreement related to property expected to accrue to the bankrupt on the death of a named person and was made within three months of its coming into his possession.

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