Securitisation Act (Cap. 484), article 14

14. (1) The following provisions of the Civil Code shall not apply in case of an assignment of a securitisation asset to a securitisation vehicle: (a) article 1483(1); (b) article 1056(1); and (c) article 2013(3). Cap. 16. (2) The following provisions of the Civil Code shall apply subject to the modifications herein stated: Cap. 16. (a) article 1968(1) of the Civil Code shall not apply, and where the thing pledged to the securitisation vehicle is a debt, the securitisation vehicle shall, unless otherwise agreed with the originator, be responsible for the collection of such debt on maturity and the securitisation vehicle may place the moneys or other things received either as agreed or, failing such agreement, may hold the same as security for the debt until due; Cap. 16. (b) without prejudice to the right of the parties to assign rights by means of public deeds and register the same in accordance with articles 2051 and 2052 of the Civil Code, when a right arising from a public deed, including any hypothecary rights, is transferred to or from a securitisation vehicle, article 1470(2) shall not SECURITISATION [CAP. 484. 9 apply; and Cap. 16.(c) articles 1980 to 1984 of the Civil Code shall not apply and a securitisation vehicle shall have a right of use over and the right to sub-pledge any securitisation assets which have been pledged, assigned or delivered to it for the purpose of a securitisation transaction. Cap. 16.(3) For the purposes of article 1475 of the Civil Code and for the purposes of a securitisation transaction - (a) unless the assignment expressly provides otherwise, the assignment of a debt shall also include every suretyship, warranty or indemnity for the payment of the debt; (b) the assignment of a debt shall include every suretyship, warranty or indemnity, accessory to the debt and this notwithstanding any contractual prohibition or restriction against such assignment of the debt in the contract of suretyship, guarantee or indemnity. The Minister, acting on the advice of the competent authority, may by notice declare types of suretyships, guarantees or indemnities to which this provision will not apply; and (c) any notices of assignment made to the debtor or class of debtors in accordance with this Act, shall have effect in relation to all persons granting any suretyship, guarantee or indemnity without the need of further notice or other formalities in their regard. The assumption of risks.