French Monetary and Financial Code
In forceI. - Notwithstanding the provisions of Article L. 613-31-3, the decision to adopt a reorganisation measure or to open winding-up proceedings shall not affect :
1° The rights in rem, within the meaning of the applicable law, of a creditor or a third party in respect of tangible or intangible assets, whether movable or immovable, belonging to the credit institution, the investment firm or a person mentioned in 3° to 6° of I of Article L. 613-34, and which are located within the territory of another Member State on the date of the decision ;
2° The seller's rights based on a retention of title, where the property was located within the territory of another Member State on the date of the decision;
3° The buyer's right to acquire an asset sold by the credit institution, investment firm or a person referred to in 3° to 6° of I of Article L. 613-34, where the asset was located in another Member State on the date of the decision and once delivery has been made;
4° The right of a creditor to invoke the offsetting of its claim against that of the credit institution, investment firm or person mentioned in 3° to 6° of the I of Article L. 613-34, where the law applicable to the claim allows this without prejudice to measures taken by a competent resolution authority on the basis of Section 4 of this chapter or the legislation of another Member State of the European Union which pursues the same objectives.
II. - The foregoing provisions shall not preclude actions for nullity, annulment or unenforceability of acts prejudicial to all creditors, provided for by the law of the Member State in whose territory the registered office of the credit institution, investment firm or person mentioned in 3° to 6° of I of Article L. 613-34 is located.
