This legislation has been repealed.
(1) If the rights of a
debtor, mortgagor or guarantor under a credit contract, mortgage or guarantee
are assigned or pass by law to another person, this Code from then on applies
to that other person and does not confer any further rights on the debtor,
mortgagor or guarantor.
(2) Subsection (1)
does not apply if the rights are assigned or pass by law to a corporation
which is neither a trustee for the debtor, mortgagor or guarantor nor an
executor of the debtor’s, mortgagor’s or guarantor’s estate.
(3) Subsection (1)
does not affect a requirement which is made of a debtor or mortgagor under
section 48.