(1) A PPTA may not provide for the transfer of some (but not all) of the protected rights and liabilities ("PRL") between the institution and -

(a) a user or holder ("U"), or

(b) another person ("P").

(2) PRL are -

(a) rights and liabilities which U or P or the institution is entitled to set off or net under a particular set-off arrangement, netting arrangement or title transfer financial collateral arrangement which U or P has entered into with the institution, and

(b) not excluded rights ("ER") or excluded liabilities ("EL").

(3) ER, in relation to rights between U or P and the institution, means "excluded rights" within the meaning of the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 [S.I. 2009/322, amended by S.I. 2009/1826, 2018/1394. There are other amending instruments by none is relevant.] (see article 1(3)), subject as follows -