Section 34: Effect of Acquisition of Eligible Bank Asset by the Corporation. (amended by Section 4 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
Subject to the provisions of the Land Use Act and section 36 of this Act, where the Corporation acquires an eligible bank asset, such eligible bank asset shall become vested in the Corporation and the Corporation shall exercise, all the rights and obligations of the eligible financial institution from which the eligible bank asset was acquired in relation to the bank asset, the debtor concerned and any guarantor, surety or receiver, liquidator, examiner or any other person concerned and the eligible financial institution shall cease to have those rights and obligations.
(2) Subject to the provisions of the Land Use Act and section 36 of this Act, the vesting of an eligible bank asset in the Corporation and the assignment of every relevant contract relating to an eligible bank asset in the Corporation upon the acquisition of an eligible bank asset by the Corporation as contemplated in subsection (1) of this section shall take effect and be effective notwithstanding any-
(a) contractual restriction on the acquisition, assignment or transfer of the bank asset or any part thereof or any contract relating thereto ; or
(b) requirernent for a consent, notification, registration, authorization or licence (by whatever name and however described).
(c)
the pendency of an action before a court of law in respect of the eligible bank asset, except where there is in force and subsisting, a valid order of court, made after due notice to the eligible financial institution from which the eligible bank asset is to be acquired, expressly restraining such acquisition.
(3) Without prejudice to the provisions of subsections (1) and (2) of this section, the Corporation may direct an eligible financial institution to hold an eligible bank asset or relevant contract deemed vested in, or assigned to the Corporation by the provisions of subsection (1) of this section and exercise any such right or power in relation thereto ; and when so directed, the eligible financial institution shall hold the eligible bank asset and exercise such rights and powers in the relevant contract at the direction of the Corporation for the sole benefit of the Corporation and shall, in relation thereto be subject to the duties, obligations and liabilities as nearly as possible corresponding to those of a trustee in relation to the eligible bank assets and any relevant contracts deemed assigned by the provisions of this subsection (1) of this section.
(4) Any property, money or other pecuniary benefit received by an eligible financial institution in the course of holding any eligible bank asset acquired by the Corporation or any relevant contract thereto or in exercisng any right pursuant to subsection (3) of this section shall be held as bare trustee, in trust for and for the sole benefit of the Corporation and turn over to the Corporation and shall not be taken to be an asset of the eligible financial institution, or accounted for such in the books of the eligible financial institution.