287JAllocation of property etc. subject to encumbrances

287J Allocation of property etc. subject to encumbrances Unless an allocation statement otherwise provides, where, under this Part— (a) property or rights vest in; or (b) liabilities become liabilities of— a transferee in accordance with an allocation statement— (c) the property or rights so vested are subject to the encumbrances (if any) to which the property or rights 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. S. 287K inserted by No. 85/2006 s. 120.