The transfer of the ledger-based security is subject to the provisions of the registration agreement.
If the creditor of a ledger-based security is declared bankrupt, if his or her property is distrained or if a debt restructuring moratorium is authorised, the creditor's decisions regarding ledger-based securities are legally binding and effective against third parties, provided that they:
were made beforehand;
have become irrevocable under the rules of the securities ledger or another trading facility; and
were actually recorded in the securities ledger within 24 hours.
When a bona fide acquirer of a certificated security and a bona fide acquirer of the ledger-based security have a conflicting claim to the same right, the former takes precedence over the latter.
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