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13SParagraphs 14 and 15 apply where arrangements are entered into between a person and a financial institution under which—
(a)the institution—
(i)purchases a major interest in land (“the first transaction”), and
(ii)sells that interest to the person (“the second transaction”), and
(b)the person grants the institution a standard security over that interest.
Commencement Information
I1 Sch. 7 para. 13 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2