CAP. 1137]
Lloyds Bank (Merger)
[1985 Ed.
(f) The custody of any document or record, goods or other thing held by LBI as bailee shall pass to Lloyds on the appointed day, and the rights and obligations of LBI under any contract of bailment relating to any such document or record, goods or thing shall on that day become rights and obligations of Lloyds.
(g)
(i) Any security held immediately before the appointed day by LBI, or by a nominee or agent of or trustee for LBI, as security for the payment or discharge of any liability shall, on and from the appointed day, be held by, or, as the case may require, by that nominee, agent or trustee for, Lloyds, and be available to Lloyds (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of that liability;
(ii) in relation to any security vested in Lloyds in accordance with the provisions of this Ordinance and any liabilities thereby secured, Lloyds shall be entitled to the rights and priorities and be subject to the obligations and incidents to which LBI would have been entitled and subject if it had continued to hold the security;
(iii) without prejudice to the generality of sub-paragraph (ii), in any case where any existing liability subsists between LBI and Lloyds in respect of which LBI or Lloyds, or a nominee or agent of or trustee for LBI or Lloyds, holds security, that liability shall, for the purpose of enforcing or realizing that security, be deemed to continue in effect notwithstanding the vesting in Lloyds of the undertaking or any part thereof;
(iv) any security referred to in sub-paragraph (i), (ii) or (iii) and which extends to future advances or liabilities, shall, on and from the appointed day, be available to Lloyds (whether for its own benefit or, as the case may be, for the benefit of any other person) as security for the payment or discharge of future advances and future liabilities to the same extent and in the same manner in all respects as future advances by, or liabilities to, LBI or, as the case may be, Lloyds were secured thereby immediately before that day.
(h) Where by virtue of this Ordinance any right or liability of LBI is deemed to become a right or liability of Lloyds, Lloyds and all other persons shall, on and from the appointed day, have the same rights, powers and remedies (and in particular the same rights and powers as to taking or resisting legal proceedings or making or resisting applications to any authority) for ascertaining, perfecting or enforcing that right or liability as if it had at all times been a right or liability of Lloyds; and any legal proceedings or application to any authority existing or pending immediately before the appointed day by or against LBI may be continued by or against Lloyds.