249Allocation of property and rights subject to encumbrances

249 Allocation of property and rights subject to encumbrances Unless an allocation statement otherwise provides, where, under this Part, property and rights vest in, or liabilities become liabilities of, the relevant transferee in accordance with an allocation statement— (a) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and (b) the rights to which the relevant transferor was entitled in respect of those liabilities immediately before they ceased to be liabilities of the relevant transferor vest in the relevant transferee. S. 250 inserted by No. 61/2011 s. 4 (as amended by No. 43/2012 s. 3(Sch. item 55)).