Central Bank and Credit Institutions (Resolution) Act 2011

50.

Effect of transfer order in relation to securities.

50.— (1) On and after the transfer of assets and liabilities under a transfer order, in relation to property referred to in paragraph (d) or (e) of subsection (4) of section 49 or a security referred to in paragraph (f) of that subsection, transferred by the order—

( a) notwithstanding any provision of an Act referred to in subsection (2) or any other Act that provides for the registration of assets or security, or any details of assets or security, a transferee is not required to become registered as owner of the security,

( b) notwithstanding sections 62 and 64 of the Registration of Title Act 1964, a transferee has, in relation to any charge that is or is part of such a security, the powers of a mortgagee under a mortgage by deed, even though the transferee is not registered as owner of the charge,

( c) the transferee has the powers and rights conferred on the registered owner of a charge by the Registration of Title Act 1964, and

( d) if the transfer order effects an extension of or in relation to the security so as to include future advances by or future liabilities to the transferee, the extension need not be registered under any Act referred to in subsection (2) under which it would otherwise be required to be registered, but operates for the purposes of those Acts as if made by deed duly registered under that Act on the time of the transfer.

(2) The Acts referred to in paragraphs (a) and (d) of subsection (1) are the following:

( a) the Bills of Sale (Ireland) Acts 1879 and 1883;

( b) the Agricultural Co-operative Societies (Debentures) Act 1934;

( c) the Act of 1963;

( d) the Registration of Deeds and Title Acts 1964 and 2006;

( e) the Agricultural Credit Act 1978;

( f) the Patents Act 1992;

( g) the Trade Marks Act 1996;

( h) the Taxes Consolidation Act 1997.