The Building Societies (Jersey) Order 1987

6.  Where a society, in exercise of its powers arising as a result of having taken the relevant form of security over land on which a territory advance is made, takes possession of the land, the land shall until sale be treated —

(a)if the advance was most recently treated as a class 1 advance by virtue of this Order, as a class 1 asset, and

(b)if the advance was most recently treated as a class 2 advance by virtue of this Order, as a class 2 asset,

for the purposes of the requirements of Part III of the Act for the structure of commercial assets.