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The Transfer of Rights and Liabilities to ING Order 2008
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3.—(1) By virtue of this Order all the rights and liabilities transferred to Deposits Management (Heritable) by article 3 of the first Order are transferred to ING.
(2) From the effective time, ING shall—
(a)have the same rights and obligations in relation to depositors in relation to the transferred accounts as it would have if Heritable’s relevant terms of business applied; and
(b)be liable to pay to depositors any accrued interest on the transferred accounts as at the time of coming into force of the first Order and any interest accruing after that time on those accounts.
(3) In paragraph (2) “transferred accounts” has the same meaning as in the first Order.
(4) Paragraph (1) does not apply to any liability in respect of any breach of contract or other duty which arose before the effective time.
(5) The transfer under paragraph (1) takes place at the effective time.
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