Part 7Crisis management and resolution
Conduct of resolution: Bank may dispose of business undertaking or property, rights, or liabilities
329Provisions applying where liabilities included in sale
If all or any part of a liability of a licensed deposit taker (A) is included in any sale, transfer, or other disposition under section 319,—
- A, as from the date of the sale, transfer, or other disposition, is relieved from all its obligations in respect of the liability, or part of it; and
- the person entitled to performance in respect of the liability may enforce performance of the liability or part of it against the person to whom the sale, transfer, or other disposition is made in the same manner and to the same extent as the person was entitled to enforce performance against A; and
- the inclusion of part of a liability does not relieve A from any obligation in respect of any part of the liability not included in the sale, transfer, or other disposition.
If all or any part of a liability of a body corporate formed and registered under section 314, or all or any part of a liability relating to the business carried on by an overseas person, is included in the sale, transfer, or other disposition, subsection (1)(a) does not relieve any overseas person from any obligation in respect of that liability.
Compare
- 1989 No 157 s 137