(1) A judgment
creditor who is served with an objection under section 40(3) may allow the
objection.
(2) If the judgment
creditor does not allow the objection within 7 days after the date of it,
either the third person or the judgment debtor may apply to the court for an
order that the objection be allowed.
(3) Notice of the
application and of when and where it will be heard must be given in accordance
with the regulations to the person who made the objection and to each person
on whom the objection was served.
(4) At the hearing of
the application, the court may allow or reject the objection.
(5) If an objection is
allowed under this section, notice of the fact must be given in accordance
with the regulations to the person who made the objection and to each person
on whom the objection was served.