National Asset Management Agency Act 2009

154.

Prior chargee’s right to payment.

154.— (1) In this section “value” means the amount determined by the court under section 153 (2) (a) .

(2) Where the Court makes a vesting order in relation to land that is subject to a charge that is either prior to, or ranks equally with, that held by NAMA or the NAMA group entity concerned, the Court shall also order NAMA or the NAMA group entity—

( a) if there is only one such chargee, to pay to that chargee whichever is the lesser of the amount secured by its charge and the value, or

( b) if there is more than one such chargee, to pay to each such chargee, in the order of their priority, whichever is the lesser of—

(i) the amount secured by its charge, and

(ii) the value or the remainder of the value, as the case requires.