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)

(1) For the avoidance of doubt, after the Corporation has acquired an eligible bank asset and subject to any exclusion stated in the purchase agreement relating thereto, the Corporation shall be entitled to exercise all rights and powers in relation to the eligible bank asset and any security interest connected to the eligible bank asset.
(2) The Corporation shall be entitled to the benefit of 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 Corporation shall be entitled to exercise such right, by directing the eligible financial institution to 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 contigent.
(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) of this section, 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)
For the purpose of the provisions of the Limitation Law of a State or the Limitation Act of the Federal Capital Territory, with respect to any debt owed to the Corporation by reason of its acquisition of an eligible bank
asset, time shall begin to run, and the cause of action deemed to arise, from the date of the purchase of the 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 shall, at any time after the acquisition of the eligible bank asset be 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 or any associated counterclaim or cross claim for which the assignor of the eligible bank asset shall be liable ; or eligible bank asset shall be 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 discontinue.