Asset Covered Securities Act, 2001
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Existing rights of certain persons not affected by insolvency or potential insolvency of designated credit institution. |
82.—The fact that a designated or formerly designated credit institution, or its parent entity or any company related to the institution, has become insolvent or potentially insolvent does not affect— | |
(a) the claims and rights of holders of asset covered securities issued by the institution, | ||
(b) the claims and rights of persons referred to in paragraph (b) of the definition of “preferred creditor” in section 3 , | ||
(c) the claims and rights that the other contracting party has under any cover assets hedge contract entered into by the institution, | ||
(d) the appointment of a cover-assets monitor in respect of the institution under Part 5 and the claims and rights of the monitor in so far as those claims or rights relate to the appointment or arise under this Act, | ||
(e) the appointment of a manager in respect of the institution under Part 6 and the claims and rights of the manager in so far as those claims or rights relate to the appointment or arise under this Act, or | ||
(f) the functions of the NTMA under Part 6 and the claims and rights of the NTMA in so far as those claims and rights relate to those functions. |