Transfer of cover assets and liabilities

(1) On entry of the transfer in the commercial register of the seat of the transferring Pfandbrief bank, the assets and Pfandbrief liabilities designated in the transfer agreement pass, as a whole, to the acquiring Pfandbrief bank. The entry cures any defect in the notarisation of the transfer agreement. Section 33(5) applies accordingly. The transferring Pfandbrief bank and the acquiring Pfandbrief bank are jointly and severally liable for the transferred Pfandbrief liabilities. Section 30(6), fourth sentence remains unaffected.
(2) In the case of the granting of consideration, section 30(4), first and second sentences apply accordingly. Section 30(3) applies accordingly, with the proviso that the acquiring Pfandbrief bank takes the place of the administrator.