Creditor safeguards

(1) Section 95 shall not be used to– (a) transfer property against which a liability is secured (under a lien, mortgage or any other type of security interest) unless the liability and the benefit of the security interest is also transferred; or (b) transfer only some but not all of the rights and liabilities protected under a netting clause contained in an eligible financial contract. (2) For these purposes of this section– (a) an “eligible financial contract” means any type of financial contract from time to time specified under a regulation made pursuant to this Act for such purpose; and (b) a “netting clause” shall mean a clause that enables the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant or participants in a settlement system either issue to, or receive from, one or more other participants in that system with the result that only a net claim or a net obligation remains.