Section 35: Corporation to Have Rights of Creditors after Acquisition of Eligible Bank Asset. (amended by Section 5 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015 and Section 9 of the Asset Management Corporation of Nigeria. Act, No. 2, 2019)

(1) After the Corporation has acquired an eligible bank asset and subject to any exclusion stated in the purchase agreement relating to it, the Corporation is entitled to exercise all the rights and powers in relation to the eligible bank asset and any security connected to the eligible bank asset.
(2) The Corporation is entitled to any right of set- off held by an eligible financial institution against any person whether under the credit facility relating to the eligible bank asset concerned or any other right of set-off and the institution shall pay an amount equal to the benefit of the right of set-off, to the Corporation to meet any obligation of that other person to the Corporation, whether actual or contingent.
(3) The eligible financial institution shall exercise the right of set-off or combination in this section in trust for and only for the benefit of the Corporation.
(4) Without prejudice to the generality of subsections (1) and (2), the Corporation may:
(a) take any action, including court action, that the eligible financial institution could have taken to protect, perfect or enforce any security, right, interest, obligation or liability;
(b) realise any security that the eligible financial institution could have realized;
(c) call up any guarantee that the eligible financial institution could have called up;
(d) participate to the same extent as the eligible financial institution could have participated in any resolution, workout, programme of arrangement and restructuring, re-organisation, or insolvency proceeding in relation to the eligible bank asset; and
(e) exercise any power conferred by any document that forms part of the eligible bank asset of reviewing or amending any term or condition of any part of the eligible bank asset.
(5) Any statute of limitation of a State or Federal Capital Territory or any like statute or rule or practice directions of any court limiting the time within which an action may be commenced does not apply or operate to bar or invalidate any claim brought by the Corporation in respect of an eligible bank asset or brought to recover a debt or enforce any security or obligation of a guarantor or surety in connection with an eligible bank asset.
(6) Where action has already commenced by an eligible financial institution prior to acquisition of the eligible bank asset by the Corporation, the Corporation is, at any time after the acquisition of the eligible bank asset, entitled to:
(a) continue with the action in its name or as a third party entitled to any judgment debt, and any liability in respect of the claim, any associated counterclaim or cross claim for which the assignor of the eligible bank asset is liable; or
(b) discontinue any such pending action relating to the eligible bank asset instituted by the eligible financial institution prior to such acquisition, and such discontinuance by the Corporation shall be without prejudice to its right to commence or cause to be commenced a new action in respect of the same subject matter as that discontinued.