280Allocation of property etc. subject to encumbrances

280 Allocation of property etc. subject to encumbrances Unless an allocation statement under this Subdivision otherwise provides, if, under this Subdivision— (a) property and related rights and relevant agreement rights vest in; or (b) liabilities related to property and relevant agreement liabilities become liabilities of— the Secretary in accordance with a direction under section 278— (c) the property and related rights and relevant agreement 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 Director was entitled in respect of those liabilities immediately before they ceased to be liabilities of the Director vest in the Secretary. S. 281 inserted by No. 34/2011 s. 101.