(1) In this section -
"foreign asset" means an asset in which the transfer or assignment of any right, title or interest to be transferred under a transfer order is governed in whole or in part by the law of a state (including the law of a territorial unit of a state) other than the State;
"foreign law", in relation to a foreign asset or a transaction that relates to a foreign asset, means the law of a state (including the law of a territorial unit of a state) other than the State;
"foreign liability" means a liability in which the transfer or assignment of any right, title or interest to be transferred under a transfer order is governed in whole or in part by the law of a state (including the law of a territorial unit of a state) other than the State.
(2) This section applies in relation to the transfer of a foreign asset or foreign liability expressed to be transferred by a transfer order, where -
(a) the transfer order is not recognised under the relevant foreign law, or
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