(1) In the case of liabilities secured under a security arrangement, the occurrence of -
(a) a partial property transfer shall not operate to permit a -
(i) transfer of the assets against which the liability is secured unless that liability and benefit of the security are also transferred,
(ii) transfer of a secured liability unless the benefit of the security is also transferred,
(iii) transfer of the benefit of the security unless the secured liability is also transferred,
and
(b) a modification of contracts shall not operate to permit a modification or termination of a security arrangement, where the effect of that modification or termination is that the liability ceases to be secured against the property or right concerned.
(2) Notwithstanding paragraph (1), where necessary in order to ensure availability of covered deposits, a resolution order may -
(a) transfer covered deposits which are part of any of the arrangements mentioned in paragraph (1) without transferring other assets,
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