Section 80: Receiver taking possession of a financial institution

80. Receiver taking possession of a financial institution (1) Where the receiver has taken possession of a financial institution— (a) any term, statutory, contractual or otherwise, on the expiration of which a claim or right of the financial institution would expire or be extinguished shall be extended by 6 months from the date of the taking of possession; (b) any attachment or lien, other than a lien existing 6 months prior to the taking of possession of the financial institution, shall be vacated and no attachment or lien, other than a lien created by the receiver in the application of these provisions, shall attach to any of the property or assets of the financial institution so long as such possession continues; and (c) subject to subsection (2), any transfer of an asset of the financial institution made after or in contemplation of its insolvency or the seizure of the assets with intent to effect a preference within 5 years thereof shall be void. (2) The receiver may recover the asset transferred or its value from the initial transferee or any subsequent transferee other than a transferee who has acquired the asset for value in good faith. (S. 80 came into operation on 1 June 2007.)