1.

Member States shall ensure that there is appropriate protection for liabilities secured under a security arrangement so as to prevent one of the following: the transfer of assets against which the liability is secured unless that liability and benefit of the security are also transferred; the transfer of a secured liability unless the benefit of the security are also transferred; the transfer of the benefit of the security unless the secured liability is also transferred; or the modification or termination of a security arrangement through the use of ancillary powers, if the effect of that modification or termination is that the liability ceases to be secured.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.