Effect of disclaimer
The trustee may disclaim onerous property consisting of:
- Land burdened with onerous covenants;
- Stocks and shares;
- Unprofitable contracts, or
- Other property which is not readily saleable by reason of the liabilities attaching thereto;
and thereupon all the rights, interests and liabilities of the bankrupt and of the trustee in relation to the property are determined as from the date of disclaimer.