39 Foreign property
Banking Act 2009 (2009 c 1) | Legislation

39  Foreign property

(1)     This section applies where a property transfer instrument transfers foreign property.

(2)     In subsection (1) “foreign property” means—

(a)     property outside the United Kingdom, and

(b)     rights and liabilities under foreign law.

(3)     The transferor and the transferee must each take any necessary steps to ensure that the transfer is effective as a matter of foreign law (if it is not wholly effective by virtue of the property transfer instrument).

(4)     Until the transfer

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