92Permits are not real or personal property

1. A permit is neither real nor personal property.

2. Except as expressly provided otherwise in the conditions of a permit,—

3. on the death of a permit participant, his or her participating interest vests in the personal representative of the permit participant as if the participating interest were personal property, and the personal representative may deal with the participating interest to the same extent as the permit participant would have been able to; and
4. on the bankruptcy of an individual who is the holder of a permit, the permit vests in the Official Assignee as if it were personal property, and he or she may deal with the permit to the same extent as the holder would have been able to do so; and
5. a permit shall be treated as property for the purposes of the Protection of Personal and Property Rights Act 1988; and
6. a permit is personal property for the purposes of the Personal Property Securities Act 1999.

7. The holder of a permit may grant a charge over that permit as if it were personal property, but the permit may only be transferred to the chargee, or by or on behalf of the chargee, to the same extent as it could be so transferred by the holder.

8. In the case of a participating interest to which subsection (2)(a) applies, the participating interest must be treated as property for the purposes of the distribution of the permit participant's estate and the permit participant's personal representative may transfer the participating interest to a beneficiary of the permit participant's estate without obtaining consent under section 41.