277Allocation of property and rights subject to encumbrances

277 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, V/Line Corporation 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 V/Line Pty Ltd was entitled in respect of those liabilities immediately before they ceased to be liabilities of the V/Line Pty Ltd vest in V/Line Corporation. S. 278 inserted by No. 3/2017 s. 51.