33Transfer subject to encumbrances

33 Transfer subject to encumbrances

Unless the transfer order otherwise provides, if under the transfer order assets and rights vest in the transferee or liabilities become liabilities of the transferee—

(a) the assets and rights vested are subject to the encumbrances (if any) to which they were subject immediately before being vested; and

(b) the rights to which the transferor was entitled in relation to those liabilities immediately before they ceased to be liabilities of the transferor vest in the transferee.