(1) Notwithstanding any other enactment or rule of law, a vesting order -
(a) extinguishes the chargor's equity of redemption in the land concerned,
(b) vests title to the land in NAMA or the NAMA group entity nominated by NAMA for that purpose,
(c) extinguishes the interest in the land of any other chargee, and
(d) satisfies the requirements of the Land Registration Rules 1972 to 2008.
(2) The extinguishing of the interest of a chargee by subsection (1) (c) does not extinguish the debt secured by the charge concerned. However, a payment ordered to be made under section 154 (2) shall be applied in reduction of the debt secured by the relevant charge.
(3) The debt or debts owed by the chargor to NAMA or the NAMA group entity shall be reduced by the extent, if any, to which the value (within the meaning given by section 154) of the charged land exceeds the amount paid under that section.
(4) NAMA shall cause a vesting order to be sent to the Property Registration Authority under the Regi
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