108Acquisition of property confirmed by creditor not to be encumbered property
This section has no associated Explanatory Notes
(1)Subsection (2) applies where a person who is an entitled person for the purposes of section 107—
(a)makes a request under subsection (1) of that section,
(b)receives a response from the person of whom the request was made, in the form of a statement of the type mentioned in paragraph (a) of that subsection, advising that the property specified under that subsection by the entitled person is neither the encumbered property nor part of that property, and
(c)within 3 months beginning with the date of being so advised acquires in good faith—
(i)the property so specified (or any part of it), or
(ii)a right in that property (or part).
(2)On that acquisition, the statutory pledge is extinguished in relation to the property (or part).