Personal Property Law DIFC Law No. 9 of 2005

Part 1: General..............................................................................................................................................................1

1. Title........................................................................................................................................................................1

2. Legislative authority .............................................................................................................................................1

3. Application of the Law ...........................................................................................................................................1

6. Interpretation.........................................................................................................................................................1

Part 2: Application........................................................................................................................................................2

7. Application..............................................................................................................................................................2

Part 3: Transfers of Property .......................................................................................................................................3

8. General rule as to transfers of title to property ....................................................................................................3

9. Gifts........................................................................................................................................................................3

10. Partially effective transfers .................................................................................................................................3

11. Transferor with voided title..................................................................................................................................4

12. Transferor with incomplete title...........................................................................................................................4

13. Transferor with no title ........................................................................................................................................4

14. Application of this Part ........................................................................................................................................4

Part 4: Rights of Parties................................................................................................................................................5

15. Unpaid transferor defined ....................................................................................................................................5

16. Unpaid transferor's rights.....................................................................................................................................5

17. Specific performance ...........................................................................................................................................5

Part 5: Investment Transactions - General ..................................................................................................................6

18. Transfer authority.................................................................................................................................................6

19. Acquisition of an investment ..............................................................................................................................6

20. Notice of a third party property interest...............................................................................................................6

21. Control .................................................................................................................................................................6

22. No requirements for writing..................................................................................................................................7

Part 6: Transfer of investments....................................................................................................................................8

23. Efficacy of endorsement or instruction................................................................................................................8

24. Effect of issuer's restriction on transfer on securities........................................................................................8

Part 7:– Transfer of Certificated and uncertificated investments...............................................................................9

25. Rights of purchaser .............................................................................................................................................9

26. Purchaser's right to requisites for registration of transfer .................................................................................9

Part 8: Investment entitlements.................................................................................................................................10

27. Acquisition and disposition of investment entitlements ..................................................................................10

28. Rights in investment entitlements.....................................................................................................................10

29. Exercise of rights ...............................................................................................................................................11

30. Authority, timing, conditionality, reversals........................................................................................................12

31. Prohibition of higher-tier attachment................................................................................................................13

32. Recognition of and priority among competing interests....................................................................................13

33. Protection against third party property interests..............................................................................................13

34. Duty of investment intermediary to hold and maintain sufficient investments ................................................14

35. Investments and certain money claims to be allocated to account holders and not part of investment intermediary's insolvent estate. ........................................................ 14

36. Effect of insufficiency on account holders‟ rights...........................................................................................15

37. Right of transfer against an insolvent investment intermediary (revindication)...............................................15

38. Insolvency of clearing and settlement intermediaries or Authorised Market Institutions ...............................15

39. Instructions.......................................................................................................................................................16

40. Position of issuers of investments....................................................................................................................16

41. Set-off and netting............................................................................................................................................17

42. Enforcement......................................................................................................................................................17

Part 9: Regulations ..................................................................................................................................................18

43. Regulations ......................................................................................................................................................18

Schedule 1 ................................................................................................................................................................19