sec.71Application of instruments

sec.71 Application of instruments

This section applies if a transfer notice provides for an instrument that applied to an entity (the transferor ) to apply to another entity (the transferee ) in place of the transferor. Without limiting the application of the transfer notice to the instrument— any right, title, interest or liability of the transferor arising under or relating to the instrument is taken to be transferred from the transferor to the transferee; and if the instrument, including a benefit or right provided by the instrument, is given to, by or in favour of the transferor, the instrument is taken to have been given to, by or in favour of the transferee; and the transferee is taken to be a party to the instrument in place of the transferor; and a reference in the instrument to the transferor is, to the extent possible and if the context permits, taken to be a reference to the transferee; and if an application was made for the instrument in the name of the transferor, the application is taken to have been made in the name of the transferee; and if the instrument is an instrument under which an amount is or may become payable to or by the transferor, the instrument is taken to be an instrument under which the amount is or may become payable to or by the transferee, in the way the amount was or might have been payable to or by the transferor; and if the instrument is an instrument under which property, other than money, is or may become liable to be transferred, conveyed or assigned to or by the transferor, the instrument is taken to be an instrument under which the property is or may become liable to be transferred, conveyed or assigned to or by the transferee, in the way it was or might have been liable to be transferred, conveyed or assigned to or by the transferor. (sec.71-ssec.1) This section applies if a transfer notice provides for an instrument that applied to an entity (the transferor ) to apply to another entity (the transferee ) in place of the transferor. (sec.71-ssec.2) Without limiting the application of the transfer notice to the instrument— any right, title, interest or liability of the transferor arising under or relating to the instrument is taken to be transferred from the transferor to the transferee; and if the instrument, including a benefit or right provided by the instrument, is given to, by or in favour of the transferor, the instrument is taken to have been given to, by or in favour of the transferee; and the transferee is taken to be a party to the instrument in place of the transferor; and a reference in the instrument to the transferor is, to the extent possible and if the context permits, taken to be a reference to the transferee; and if an application was made for the instrument in the name of the transferor, the application is taken to have been made in the name of the transferee; and if the instrument is an instrument under which an amount is or may become payable to or by the transferor, the instrument is taken to be an instrument under which the amount is or may become payable to or by the transferee, in the way the amount was or might have been payable to or by the transferor; and if the instrument is an instrument under which property, other than money, is or may become liable to be transferred, conveyed or assigned to or by the transferor, the instrument is taken to be an instrument under which the property is or may become liable to be transferred, conveyed or assigned to or by the transferee, in the way it was or might have been liable to be transferred, conveyed or assigned to or by the transferor.