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Transfer of Accounts.
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2.—Any account between the transferor and a customer at any office or branch of the transferor in the State shall be transferred or deemed to be transferred to the transferee on the transfer date and become as and from that date an account between the transferee and such customer with the same rights and subject to the same obligations and incidents (including rights of set-off) as would have been applicable thereto if such account between the transferor and the customer had continued and so that any instruction, direction, mandate or authority given by such customer in relation to such account or any obligation entered into by the transferor in relation to a customer and subsisting at that date shall continue to apply and have effect in relation to such account after its transfer to the transferee as aforesaid, and any moneys owing on such account by the customer to the transferor at that date shall become due and payable by the customer to the transferee instead of to the transferor, and any moneys owing on such account by the transferor to the customer at that date shall become due and payable by the transferee to the customer instead of by the transferor.
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