National Asset Management Agency Act 2009


Certain bank assets not invalidated.

218.— (1) An acquired bank asset is not invalidated or rendered void or voidable as against NAMA or a NAMA group entity or their successors in title—

( a) by section 60, 99, 100, 101, 111, 286 or 288 of the Companies Act 1963,

( b) by section 29, 31 or 139 of the Companies Act 1990,

( c) on the grounds that it was ultra vires,

( d) by reason that the provider may not have been able to pay its debts as they fell due at the time the security was given or that the directors of that provider ceased to have the power to create that security,

( e) by reason that the grant of the security may not have been duly authorised by the grantor or may not have been for the benefit of the grantor, or

( f) by reason that the consent of a party required for the creation of the security may not have been obtained.

(2) Notwithstanding section 127(4) of the Stamp Duties Consolidation Act 1999, a charge or security that secures an acquired bank asset that is required to be stamped but has not been stamped or is insufficiently stamped is not rendered inadmissible in evidence or unenforceable only by reason that it is unstamped or insufficiently stamped.

(3) Subsection (1) shall not affect the existing priority of any other charge.