Section 53: Restriction of rights of creditor under execution — Insolvancy (Karachi Division) Act, 1909

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

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53. Restriction of rights of creditor under execution.—(1) Where execution of a decree has issued against the property of a debtor, no person shall be entitled to the benefit of the execution against the official assignee, except in respect of assets realized in the course of the execution by sale or otherwise before the date of the order of adjudication and before he had notice of the presentation of any insolvency petition by or against the debtor. (2) Nothing in this section shall affect the right of a secured creditor in respect of property against which a decree is executed. (3) A person who in good faith purchases the property of a debtor under a sale in execution shall in all cases acquire a good title to it against the official assignee.

Effective date: 1909-01-01

Related sections

Section 52: Description of insolvent property divisible amongst creditors Section 54: Duties of Court executing decree as to property taken in execution. Where execution of a Section 51: Relation of assignee’s title. The insolvency of a debtor, whether the same takes place on Section 55: Avoidance of voluntary transfer. Any transfer of property, not being a transfer made Section 50: Rent due before adjudication. After an order of adjudication has been made no distress Section 56: Avoidance of preference in certain cases. (1) Every transfer of property, every payment

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