103Allocation of property etc. subject to encumbrances

103 Allocation of property etc. subject to encumbrances Unless an allocation statement under this Part otherwise provides, where, under this Part— (a) property and rights vest in; or (b) liabilities become liabilities of— a transferee in accordance with a direction under section 101— (c) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and (d) the rights to which the transferor was entitled in respect of those liabilities immediately before they ceased to be liabilities of the transferor vest in the transferee.