1Transfer of property, rights, interests and liabilitiesS
(1)All property, rights, interests and liabilities of the transferor are transferred to and vested in the transferee.
(2)Subsection (1) has effect so as to transfer any property, rights, interests and liabilities notwithstanding any provision (of whatever nature) that would otherwise prevent or restrict that transfer.
(3)In every existing contract in which the transferor is referred to, references to the transferor are to be construed as references to the transferee.
(4)Any property, right, interest or liability in respect of which (but for this Act)—
(a)delivery or possession, or
(b)intimation of its assignation,
would be required in order to complete title to it, transfers to and vests in the transferee by virtue of this Act as if at the date on which the transfer of the property, right, interest or liability by this Act takes effect the transferee had taken delivery or possession of the property, right, interest or liability in question or, as the case may be, had made intimation of its assignation.
(5)This Act is deemed to be, and may be used as, a general disposition, conveyance or, as the case may be, assignation of such property, rights, interests and liabilities in favour of the transferee.
(6)Any legal proceedings, applications to any authority or other proceedings for the resolution of a dispute by or against the transferor which are pending or current immediately before this Act comes into force may be continued by or against the transferee.