Effects of entry in the refinancing register

(1) Items of the refinancing undertaking that are properly entered in the refinancing register may, in the event of the refinancing undertaking's insolvency, be segregated by the transferee entitled to transfer under section 47 of the Insolvency Code. The same applies to items that take the place of items properly entered in the refinancing register. The transferee entitled to transfer may raise an objection, by way of an action under section 771 of the Code of Civil Procedure, against dispositions made by way of compulsory enforcement or attachment.
(2) Entry in the refinancing register does not restrict third parties' objections and defences against the claims and rights entered. Where the items entered in the refinancing register are segregated, or transferred to the transferee entitled to transfer or, by the transferee entitled to transfer, to a third party, all objections and defences may be asserted as in the case of an assignment. Section 1156, first sentence, of the Civil Code does not apply. Where items entered in the refinancing register serve to secure other items, the provider of the security may assert against the transferee entitled to transfer all objections and defences arising from the contract that contains the legal basis for the security. Section 1157, second sentence, of the Civil Code does not apply. Section 22d(4) in conjunction with section 22j(1), first and second sentences, remains unaffected.
(3) The refinancing undertaking may not set off against the claims of the transferee entitled to transfer for the transfer of items properly entered in the refinancing register, and may not assert any right of retention. Rights of avoidance of its creditors under the Avoidance Act and sections 129 to 147 of the Insolvency Code remain unaffected.
(4) The effects under subsections (1) to (3) are not precluded by the fact that the refinancing undertaking bears, wholly or in part, the risk of the value of the items entered in the course of their sale to the transferee entitled to transfer.