Third partiesU.K.
1U.K.Where any property, right or liability is transferred by virtue of a provision made under section 1, the transfer shall be binding on all persons (and not only on the transferor and transferee), and shall be so binding notwithstanding that it would, apart from this paragraph, have required the consent or concurrence of any other person.
2(1)This paragraph applies where, in consequence of a transfer of anything by virtue of a provision made under section 1, any right or liability of a person (other than the transferor or transferee) which was enforceable against or by the transferor becomes enforceable against or by the transferee.U.K.
(2)In this paragraph references to a third party are to a person whose right or liability becomes enforceable as mentioned in sub-paragraph (1).
(3)The Secretary of State shall take reasonable steps to identify any third party and to notify him of the effect of the transfer on any of his rights or liabilities and of the effect of sub-paragraph (4).
(4)If the value of any property or interest of a third party is diminished by any of his rights or liabilities becoming enforceable as mentioned in sub-paragraph (1), the Secretary of State shall pay to the third party such compensation as is just.
(5)Any dispute as to whether, and if so how much, compensation is so payable shall be referred to and determined by an arbitrator appointed by the Lord Chancellor or, where the proceedings are to be held in Scotland, by an arbiter appointed by the Lord President of the Court of Session.
(6)Any expenses incurred by the Secretary of State in consequence of this paragraph shall be paid out of money provided by Parliament.
3U.K.In paragraphs 1 and 2 “transferee” and “transferor”, in relation to a transfer, mean respectively a person to whom, and one from whom, the transfer is made.