S.L. 371.12 Art. 32Protection of third party purchasers.

Where, by an act concluded after the adoption of a reorganisation measure or the opening of winding-up proceedings, a credit institution disposes, for consideration of -

(a) an immovable asset situated within the territory of a Member State or EEA State;

(b) a ship or an aircraft subject to registration in a public register kept under the authority of a Member State or EEA State; or

(c) instruments or rights in such instruments the existence or transfer of which presupposes their being recorded in a register, an account or a centralised deposit system held or located in a Member State or EEA State, the validity of that act shall be governed by the law of the Member State or EEA State within whose territory the immovable asset is situated or under whose authority the register, account or system is kept, as the case may be.