Securitisation Act (Cap. 484), article 13

13. (1) Notwithstanding the provisions of the Civil Code, in case of an assignment of a securitisation asset to a securitisa tion vehicle, the debtor will be deemed to be notified of the assign ment upon one of the following events taking place at the option of the assignor or assignee: (a) on notification to the debtor in writing by any means; or (b) on the publication of a notice as follows: (i) in a daily newspaper circulating wholly or mainly in Malta, or (ii) where it appears that the majority of the debtors reside outside Malta, in a daily newspaper circulating wholly or mainly in such other jurisdiction outside Malta, or (c) where there is doubt as to where the majority of the debtors reside, in a daily newspaper which has wide international circulation. Cap. 16. (2) Such notification shall be effective for all the purposes an d effects of the Civil Code with regard to third parties, including the debtor, as follows: Cap. 12. (a) if notification is made in terms of article 187 of the Code of Organization and Civil Procedure , on the date of service and the provisions of the Code of 8 [CAP. 484. SECURITISATION Organization and Civil Procedure shall determine such date of service; or (b) if notification is made by mail, two days after despatch by mail by the assignor or assignee of the notice in writing to the debtor’s last known address; or (c) if notification is made by publication in a newspaper, the time of the opening of business in the place of publication of the notice in the newspaper; or (d) if notification is made by any electronic means, one day after despatch of the electronic notification, as the case may be, unless the said notice expressly mentions a later date for the effects to commence. Cap. 16. (3) The same rules shall apply, mutatis mutandis , to notifications required in relation to the pledge of securitisat ion assets, and article 1966 of the Civil Code shall be construed accordingly. (4) If, during the period between the date of assignment of the securitisation assets and the notification as per the above sub - articles, the assignor shall have become insolvent, such insolv ency shall not have any effect on the said assignment and any notification of the assignment made in accordance with the above sub-articles shall be valid and effective. (5) The notice of assignment shall identify the features of the class of receivables as set out in articles 11 or 12, as the ca se may be. Modification of certain provisions of the Civil Code. Cap. 16.