11Customer's rights preserved on insolvency etc of bank or building societyU.K.
This section has no associated Explanatory Notes
(1)Where after a person has acquired a right to payment under section 1(2)(b) or 2(2)(b)—
(a)the bank or building society in question is dissolved or wound up, or
(b)for any other reason the liability that the bank or building society would have to the person (but for the transfer referred to in section 1(1) or the transfers referred to in section 2(1)) is extinguished or reduced,
the dissolution, winding-up, extinguishment or reduction is to be disregarded for the purposes of section 1(2)(b) or 2(2)(b).
(2)Subsection (1)(b) does not apply to an extinguishment of liability by prescription under the law of Scotland.
Commencement Information
I1S. 11 in force at 12.3.2009 by S.I. 2009/490, art. 2