S.L. 371.12 Art. 23Third parties rights in rem.

(1) The adoption of reorganisation measures or the opening of winding-up proceedings of a Maltese credit institution shall not affect the rights of creditors or third parties in in rem respect of tangible or intangible, movable or immovable assets including both specific assets and collections of indefinite assets as a whole which change from time to time belonging to the credit institution concerned which are situated within the territory of a Member State or EEA State at the time of the opening of such measures or proceedings.

(2) The rights in rem referred to in subregulation (1) shall in particular mean -

(a) the right to transfer assets or have them transferred and to obtain satisfaction from the proceeds of or the income from those assets, in particular by virtue of a lien, mortgage or hypothec;

(b) the exclusive right to have a claim met, in particular a right guaranteed by a lien in respect of the claim or by assignment of the claim by way of a guarantee;

(c) the right to demand the assets from, and, or to require restitution, by anyone having possession or use of them contrary to the wishes of the party so entitled;

(d) a right in rem to the beneficial use of assets.

(3) A right, recorded in a public register and enforceable against third parties, under which a right in rem within the meaning of subregulation (1) may be obtained, is also to be treated as a right for the purposes of this regulation. in rem

(4) Subregulation (1) does not preclude actions for voidness, voidability or unenforceability of legal acts detrimental to creditors referred to in regulation 11(2)(l).