National Asset Management Agency Act 2009

155.

Effect of vesting order.

155.— (1) Notwithstanding any other enactment or rule of law, a vesting order—

( a) extinguishes the chargor’s equity of redemption in the land concerned,

( b) vests title to the land in NAMA or the NAMA group entity nominated by NAMA for that purpose,

( c) extinguishes the interest in the land of any other chargee, and

( d) satisfies the requirements of the Land Registration Rules 1972 to 2008.

(2) The extinguishing of the interest of a chargee by subsection (1) (c) does not extinguish the debt secured by the charge concerned. However, a payment ordered to be made under section 154 (2) shall be applied in reduction of the debt secured by the relevant charge.

(3) The debt or debts owed by the chargor to NAMA or the NAMA group entity shall be reduced by the extent, if any, to which the value (within the meaning given by section 154 ) of the charged land exceeds the amount paid under that section.

(4) NAMA shall cause a vesting order to be sent to the Property Registration Authority under the Registration of Title Act 1964 and the Registration of Deeds and Title Act 2006. The Property Registration Authority shall cause NAMA or the nominated NAMA group entity, as the case requires, to be registered as owner of the land in accordance with the order.

(5) For the avoidance of doubt, the making of a vesting order in relation to land does not impose on NAMA or any NAMA group entity any obligation to sell the land within any particular period or at all.