If a creditor purchases property upon which he has a lien or claim, he shall, after
payment to the assignee or receiver of all the costs and expenses of the sale, and
the amount of all prior liens or claims discharged by the sale, if any, be entitled
to receipt to the assignee or receiver to the extent of his lien or claim, upon giving
security, to be approved by the court, conditioned to make good the amount receipted
for if it shall afterwards be made to appear that, for any cause, he should not be
allowed such preference.
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