(1) This section applies where a property transfer instrument transfers foreign property.
(2) In subsection (1) "foreign property" means -
(a) property outside the United Kingdom, and
(b) rights and liabilities under foreign law.
(3) The transferor and the transferee must each take any necessary steps to ensure that the transfer is effective as a matter of foreign law (if it is not wholly effective by virtue of the property transfer instrument).
(4) Until the transfer is effective as a matter of foreign law, the transferor must -
(a) hold the property or right for the benefit of the transferee (together with any additional property or right accruing by virtue of the original property or right), or
(b) discharge the liability on behalf of the transferee.
(4A) If the Bank of England determines that, in spite of any action taken by the transferee or the transferor, it is not possible for the transfer of certain property to be effective under the law of the jurisdiction where the property
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