Allocation of property etc. subject to encumbrances

In force

Unless an allocation statement under this Part otherwise provides, where, under this Part—

(a)

property and rights vest in; or

(b)

liabilities become liabilities of—

a transferee in accordance with a direction under section 101—

(c)

the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and

(d)

the rights to which the transferor was entitled in respect of those liabilities immediately before they ceased to be liabilities of the transferor vest in the transferee.

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103 Allocation of property etc. subject to encumbrances