Asset Covered Securities Act 2001 –Legal Office Notice No. 2 of 2019

1. Section 58 of the Asset Covered Securities Act 2001 [2001 Act]

  1. Under Section 58(4) of the 2001 Act the Transferor and Transferee credit institutions are required to submit to the relevant person [Financial Regulator or the Minister for Finance] a Scheme for the proposed transfer of the business or assets concerned.
  2. Under Section 58(6) of the 2001 Act the relevant person shall by order approve the transfer of business assets set out in a Scheme
  3. Under Section 58(8) the transfer takes effect on the date or dates specified in the scheme
  4. Under Section 58(9) on a transfer of a business or assets the transferee credit institution has the same rights in respect of the business or assets as the transferor credit institution had immediately prior to the transfer.
  5. Section 58(10) provides “A transfer of an asset under this section, whether specifically or as part of a transfer of a business, does not need to be registered under the Registration of Deeds Act, 1707, the Bills of Sale (Ireland) Acts, 1879 and 1883, the Companies Act, 1963 , the Registration of Title Act, 1964 , and any other Act that provides for the registration of assets or details of them. For the purposes of any of those Acts that would apply to it but for this subsection, such a transfer has effect as a deed registered on the date on which it took effect”.

2. There have been four Orders under Section 58(6) of the 2002 Act made by the Financial Regulator.

  1. S.I. No. 421/2004 – Asset Covered Securities Act, 2001 (Approval of Transfers Between The Governor and Company of the Bank of Ireland and Bank of Ireland Mortgage Bank) Order 2004 – dated 2 July 2004
    1. The Agreement is Transfer Agreement dated 2 July 2004 between The Governor and Company of the Bank of Ireland and Bank of Ireland Mortgage Bank providing for one or more transfers from time to time from a transferor to a transferee of Irish Residential Loan Business and/or Irish Residential Loan Assets
    2. The Scheme submitted to the Financial Regulator is dated 2 July 2004 and includes the schedules thereto and Schedule 1 and the Agreement in so far as it relates to the Scheme.
    3. The Transferor in relation to a Transfer contemplated by Schedule 1 is The Governor and Company of the Bank of Ireland and the Transferee is Bank of Ireland Mortgage Bank and in relation to any other Transfer as stated in the relevant schedule
  2. S.I. No. 60/2006 – Asset Covered Securities Act, 2001 (Approval of Transfers between Allied Irish Banks, p.l.c. and AIB Mortgage Bank) Order 2006 – dated 8 February 2006
    1. The Agreement is Transfer Agreement dated 8 February 2006 between Allied Irish Banks plc and AIB Mortgage Bank providing for one or more transfers from time to time from a transferor to a transferee of Home Mortgage Business and/or Home Mortgage Assets
    2. The Scheme submitted to the Financial Regulator is dated 8 February 2006 and includes the schedules thereto and Schedule 1 and the Agreement in so far as it relates to the Scheme.
    3. The Transferor in relation to a Transfer contemplated by Schedule 1 is Allied Irish Banks plc and the Transferee is AIB Mortgage Bank and in relation to any other Transfer as stated in the relevant schedule
  3. S.I. No. 499/2008 – Asset Covered Securities Act, 2001 (Approval of Transfers Between EBS Building Society and EBS Mortgage Finance) Order 2008 – dated 28 November 2008
    1. The Agreement is Organisation and Transfer Agreement dated 28 November 2008 between EBS Building Society and EBS Mortgage Finance providing for one or more transfers from time to time from a transferor to a transferee of Mortgage Business and/or Mortgage Assets
    2. The Scheme submitted to the Financial Regulator is dated 28 November 2008 and includes the schedules thereto and Schedule 1 and the Agreement in so far as it relates to the Scheme.
    3. The Transferor in relation to a Transfer contemplated by Schedule 1 is EBS Building Society and the Transferee is EBS Mortgage Finance and in relation to any other Transfer as stated in the relevant schedule.
  4. S.I. No. 11/2009 – Asset Covered Securities Act 2001 (Approval of Transfers Between Anglo Irish Bank Corporation P.l.c. and Anglo Irish Mortgage Bank) Order 2009 – dated 15 January 2009
    1. The Agreement is Transfer Agreement dated 15 January 2009 between Anglo Irish Bank Corporation and Anglo Irish Mortgage Bank providing for one or more transfers from time to time from a transferor to a transferee of Commercial Mortgage Business and/or Commercial Mortgage Assets
    2. The Scheme submitted to the Financial Regulator is dated 15 January 2009 and includes the schedules thereto and Schedule 1 and the Agreement in so far as it relates to the Scheme.
    3. The Transferor in relation to a Transfer contemplated by Schedule 1 is Anglo Irish Bank Corporation P.l.c. and the Transferee is Anglo Irish Mortgage Bank and in relation to any other Transfer as stated in the relevant schedule

3. While Section 58(10) of the 2001 Act provides that the transfer of an asset under Section 58 does not need to be registered in the Land Registry and that such a transfer has effect as a deed registered on the date on which it took effect it should be noted that the Statutory Instruments [see paragraph 2 above] provide for one or more transfers from time to time. Therefore the identity of each registered charge transferred under Section 58 of the 2002 Act has not been identified.

4. Property Registration Authority [PRA] requirements in relation to applications for registration in relation to charges registered in the name of the Transferor [defined in Paragraph 2(a)(iii), 2(b)(iii), 2(c)(iii) and 2(d)(iii) above] where it is claimed that Section 58 of the 2001 Act  applies;

  1. Hard copy Vacates/Releases/Discharges [i.e. not eDischarges].
    1. Executed by both the Transferor and Transferee [see paragraph 2 above] [or their successors in title] or
    2. If executed by the Transferee [or their successors in title] alone, evidence [see paragraph 5 below] that the particular charge was transferred to the Transferee under Section 58 of the 2001 Act and the relevant Statutory Instrument [see Paragraph 2 above]
  2. Application to change the ownership of the charge
    Application to change the ownership of the charge from the name of the Transferor to the name of the Transferee [or their successors in title] evidence [see paragraph 5 below] that the particular charge was transferred to the Transferee under Section 58 of the 2001 Act and the relevant Statutory Instrument [see Paragraph 2 above]
  3. Form 24 of the Land Registration Rules 2012Transfer by the registered owner of a charge under Section 62(9) of the Registration of title Act 1964, evidence [see paragraph 5 below] that the particular charge was transferred to the Transferee under Section 58 of the 2001 Act and the relevant Statutory Instrument [see Paragraph 2 above]
  4. Transfer by a receiver
    Transfer by a receiver appointed by the Transferee [or their successor in title] exercising their power of sale of the charged property, evidence [see paragraph 5 below] that the particular charge was transferred to the Transferee under Section 58 of the 2001 Act and the relevant Statutory Instrument [see Paragraph 2 above]

5. Evidence that the charge was the subject of Section 58 of the 2001 Act.

A certificate from the Transferor [or their successors in title] [or their solicitors] that the charge registered as a burden at entry number     Part 3 of folio         County         was transferred to the Transferee under Section 58 of the Asset Covered Securities Act 2001 and is a charge to which the

    1. Asset Covered Securities Act, 2001 (Approval of Transfers Between The Governor and Company of the Bank of Ireland and Bank of Ireland Mortgage Bank) Order 2004 [S.I. No. 421/2004] applies
      or
    2. Asset Covered Securities Act, 2001 (Approval of Transfers between Allied Irish Banks, p.l.c. and AIB Mortgage Bank) Order 2006 [S.I. No. 60/2006] applies
      or
    3. Asset Covered Securities Act, 2001 (Approval of Transfers Between EBS Building Society and EBS Mortgage Finance) Order 2008 [S.I. No. 499/2008] applies
      or
    4. Asset Covered Securities Act 2001 (Approval of Transfers Between Anglo Irish Bank Corporation P.l.c. and Anglo Irish Mortgage Bank) Order 2009 [S.I. No. 11/2009] applies.

6. See Instrument Number S2019LR012188A

 

John Murphy

Deputy Registrar

20th  August 2019.