Section 41: Validity of Transfer of Interest by Document under Corporation's Seal.

(1) Any instrument under the seal of the Corporation that is expressed to convey any interest in an eligible bank asset to another person shall be taken for all purposes to validly convey the interest so expressed to be conveyed.
(2) An instrument referred to in subsection (1) of this section shall without any further assurance operate to extinguish the interest of any other chargee or pledgee in an eligible bank asset concerned other than a charge or pledge which has priority to the interest of the Corporation and has not been redeemed or discharged under section 39 of this Act.