Purchaser an undischarged bankrupt at the time of the contract.

(m) See the principle applied in Stagg v. Medway Navigation Co., 1903, 1 Ch. 169.

(n) See Re Vavasour, 1900, '2 Q. B. 309.

(o) See above, p. 545.

(p) See Wms. Pers. Prop. 543, 16th ed.; Collins v. Stimson, 11 Q. B. D. 142.

The vendor may suffer the involuntary alienation of the land sold pending completion, not only in the event of his bankruptcy, but also if the land be taken in execution of a judgment against him (s). If this be done, either under a writ of elegit or by virtue of an order for the appointment of a receiver (f), and the writ or order be duly registered under the Land Charges Acts, 1888 and 1900 (u), the judgment creditor will acquire an indefeasible estate by elegit in the land, entitling him to hold the same until his debt be satisfied out of the rents and profits (x): and this will be a legal estate in the land sold, where the vendor's interest therein was legal (x). The judgment creditor further acquires a charge on the land so taken in execution for the amount of the judgment debt and interest (y), and may obtain an order for the sale of the debtor's interest in the land (z). And these rights of the creditor are not now affected or liable to be diminished in case the purchaser had no notice of the judgment (a). The judgment creditor, however, takes the estate and interest so acquired by him in the land sold subject to the purchaser's equities therein under the contract (b). If the whole or any part of the purchase money should have been paid to the vendor prior to the registration of the writ or order of execution (before which time the judgment cannot now operate as a charge on the land or on any unpaid purchase money therefor (c)), the purchaser has priority in respect of the amount so paid over the creditors' interest in the land (b). If, however, the whole of the purchase money have not been paid before the registration of the writ or order, the judgment creditor becomes entitled to receive the amount remaining unpaid, or so much thereof as will satisfy the judgment debt; and the purchaser is bound and must take care to pay this amount to the creditor and not to the vendor (d). Any writ or order of execution and any delivery in execution of the land sold pending completion is void as against the purchaser unless the writ or order be duly registered in the Office of Land Registry under the Land Charges Act, 1888 (e); and the judgment does not operate as a charge on the land or any interest therein, or on the unpaid purchase money therefor, unless or until such registration takes place (f). But, as we shall see hereafter (g), it is thought that, if the purchaser have notice that the land sold has been actually delivered in execution under an unregistered writ or order, he cannot safely disregard the fact; for the execution is valid as against the judgment debtor, and confers upon the judgment creditor an estate by elegit voidable, in default of registration, as against purchasers only, and it may be held that, such delivery in execution is valid in equity as against a purchaser with notice thereof. Where the land sold is seized pending completion under process of execution which is valid, either at law or in equity, as against the purchaser, the judgment creditor must concur in the conveyance in order to convey his interest in the land sold, and receive and give a dis-oharge for so much of the purchase money as is payable to him. The delivery in execution of any land, whether by writ of elegit or order appointing a receiver, is not an act of bankruptcy, so that in such cases the sale may be safely completed with the judgment creditor's concurrence (h). It appears that equitable execution issued by the appointment of a receiver in respect of a purchaser's interest in land under the contract for sale will not operate to give the judgment creditor any charge on the land, if the vendor should never become an absolute and a bare trustee for the purchaser. Such execution cannot therefore affect the vendor's right to rescind the contract for the purchaser's breach of one of the main duties thereby imposed on him (i). The subject of executions issued against the land sold pending completion is further discussed below, under the head of Searches (k).

Land taken in execution pending completion.

(q) See Pollock, B , Collins v. 11 Q.B D. 142, 144, as to the money, which in that case was the property of the trustee, being earmarked: Expte. Dewhurit, L. R. 7 Ch. 185, where note that the money had been acquired by the bankrupt after the bankruptcy.

(r)See above, p. 652.

(s) See Wms. Real Prop. 268 sq., 21st ed.

(t) See ibid. 269 sq., 292,

(u) Stats. 51 & 52 Vict. c. 51, as. 4 - 6; 63 & 64 Vict. c. 26, s. 2 (1); see Wms. Real Prop. 274, 276, 21st ed.

See ibid. 273, n. (f) , 275. (y) Stat. 1 & 2 Vict. c. 110 s. 13: see Wms. Real Prop. 271, 276, 21st ed.

(z) Stat. 27 & 28 Vict. o. 112, s 4. amended by 63 & 64 Vict. c. 26, s. 5: see- Wms- Real Prop. 276, 276, 21sted,

(a) By the Judgments Act, 1839, no judgment, as against purchasers and mortgagees without notice thereof, should bind any hereditaments more extensively than a duly docketted judgment would have bound such purchaser or mortgagee before the Judgments Act, 1838; but this enactment was repealed by the Land Charges Act, 1900: see stats. 2 & 3 Vict. c. 11, s. 5; 63 & 64 Vict. c. 26, s. 5; Wms. Real Prop. 271 - 276, 521, 522, 21st ed.

(b) Sug. V. & P. 517, 518, 527: Whitworth v. Gaugain, 1 Ph. 728;

Lodge v. Lyseley, 4 Sim. 70.

(c) Stat. 63 & 64 Vict, c. 26, s. 2 (1); Wms. Real Prop. 274. 276, 21st ed.

(d) Sug. V. & P. 518, 527; Forth v. Norfolk, 4 Madd. 503, 505; Be Pope, 17 Q. B. D. 743.

(e) Stat. 51 & 52 Vict. c. 51, ss. 4 - 6.

(f) Stat. 63 & 64 Vict. c. 26, s. 2 (1). These provisions apply to writs or orders affecting any hereditaments of any tenure; and appear therefore to apply to writs of fi. fa. when used for seizing leaseholds, as well as writs of elegit: stats. 51 & 52 Vict. c. 51, Execution against the purchaser.