PROPERTY IN BANKRUPT'S REPUTED OWNERSHIP
The trustee may claim property owned by third parties which is in the bankrupt's possession at the commencement of the bankruptcy if:
1. The property consists of goods or business debts;
2. In the sole possession, order or disposition of the bankrupt at the commencement of the bankruptcy;
3. For use in his trade or business;
4. With the consent of the true owner;
5. In such circumstances that the debtor was the 'reputed owner' of the goods.
The trustee's claim may be defeated by evidence of a trade custom of possession of such goods without ownership; in view of the prevalence of hire purchase and similar agreements, this clause now seems to have little practical importance.