Objects of transfer governed by foreign law

(1) Where objects of transfer are governed by foreign law, and the legal effects of the resolution order are not recognised, or not fully recognised, under that law, the transferring legal entity is obliged to work towards ensuring that all measures required under the foreign law for the passing of title to the recipient legal entity are taken.
(2) In the cases under subsection (1), the transferring legal entity and the recipient legal entity are, until title passes, obliged to treat each other, in respect of the objects of transfer concerned, as if title had passed in accordance with the provisions of the foreign legal system. For this purpose, 1. the transferring legal entity must manage the objects of transfer concerned for the account and in the interest of the recipient legal entity, whose instructions it is subject to; 2. the recipient legal entity must indemnify the transferring legal entity against expenses incurred in connection with the objects of transfer concerned; 3. the transferring legal entity must hand over to the recipient legal entity whatever it obtains from managing the object of transfer concerned.
(3) Objects of transfer whose transfer is not recognised under subsection (1) by the foreign legal system do not form part of the insolvency estate in insolvency proceedings over the assets of the transferring legal entity. Creditors of claims against the transferring legal entity, whose transfer under subsection (1) is not recognised by the foreign legal system, may not assert their claims against the transferring legal entity. Claims and obligations under subsections (1) and (2) remain unaffected by such insolvency proceedings. Legal acts serving to satisfy those claims and obligations may not be avoided, either within or outside those insolvency proceedings.
(4) Where doubt exists as to whether the legal effects of the resolution order are recognised under foreign law, subsections (1) to (3) apply correspondingly.