sec.325Transfer of WBWC assets and WBWC liabilities to FCRC

### sec.325 Transfer of WBWC assets and WBWC liabilities to FCRC At the beginning of the transfer day— WBWC is divested of all WBWC assets and released from all WBWC liabilities; and WBWC assets become the assets of FCRC; and WBWC liabilities are assumed by FCRC. In this section— WBWC asset means an asset that, immediately before the transfer day, is an asset of WBWC. WBWC liability means a liability that, immediately before the transfer day, is a liability of WBWC. s 325 ins 2013 SL No. 16 s 6 (sec.325-ssec.1) At the beginning of the transfer day— WBWC is divested of all WBWC assets and released from all WBWC liabilities; and WBWC assets become the assets of FCRC; and WBWC liabilities are assumed by FCRC. (sec.325-ssec.2) In this section— WBWC asset means an asset that, immediately before the transfer day, is an asset of WBWC. WBWC liability means a liability that, immediately before the transfer day, is a liability of WBWC. - (a) WBWC is divested of all WBWC assets and released from all WBWC liabilities; and - (b) WBWC assets become the assets of FCRC; and - (c) WBWC liabilities are assumed by FCRC.