National Asset Management Agency Act 2009
NAMA may specify general terms and conditions of acquisition.
86.— (1) NAMA may, from time to time, specify the terms and conditions that are to apply generally to the acquisition of eligible bank assets.
(2) The terms and conditions specified under subsection (1) may include the following warranties:
( a) a warranty (which may be subject to any legal reservation approved by NAMA in a particular case) that the security for the relevant bank asset is enforceable;
( b) a warranty that any land that is the security for the bank asset has good and marketable title;
( c) a warranty that the facts in the participating institution’s report in relation to the bank asset are complete and accurate;
( d) a warranty that any certificate provided in relation to the bank asset is accurate and complete;
( e) any other warranty customarily included in transactions for the purchase of bank assets.
(3) In relation to any particular acquisition NAMA may amend or vary the terms and conditions specified under subsection (1) as it thinks fit, but if it does so, it shall set out the amendment or variation in the relevant acquisition schedule.