Section 275 | Location of assets.

(1)For the purposes of this Act—^F1

(a)the situation of rights or interests (otherwise than by way of security) in or over immovable property is that of the immovable property,

(b)subject to the following provisions of this subsection, the situation of rights or interests (otherwise than by way of security) in or over tangible movable property is that of the tangible movable property,

(c)subject to the following provisions of this subsection, a debt, secured or unsecured, is situated in the United Kingdom if and only if the creditor is resident in the United Kingdom,

(d)shares or debentures issued by any municipal or governmental authority, or by any body created by such an authority, are situated in the country of that authority,^F2

(da)subject to paragraph (d) above, shares in or debentures of a company incorporated in any part of the United Kingdom are situated in the United Kingdom,^F3

(e)subject to paragraphs (d) and (da) above, registered shares or debentures are situated where they are registered and, if registered in more than one register, where the principal register is situated,^F4F5

(f)a ship or aircraft is situated in the United Kingdom if and only if the owner is then resident in the United Kingdom, and an interest or right in or over a ship or aircraft is situated in the United Kingdom if and only if the person entitled to the interest or right is resident in the United Kingdom,

(g)the situation of good-will as a trade, business or professional asset is at the place where the trade, business or profession is carried on,

(h)patents, trade marks, registered designs and corresponding rights are situated where they are registered, and if registered in more than one register, where each register is situated, and licences or other rights in respect of any such rights are situated in the United Kingdom if they or any right derived from them are exercisable in the United Kingdom,^F6

(j)copyright, design right, franchises and corresponding rights, and licences or other rights in respect of any such rights, are situated in the United Kingdom if they or any right derived from them are exercisable in the United Kingdom,^F7

(k)a judgment debt is situated where the judgment is recorded,

(l)Repealed^F8

(2)In subsection (1) above—^F9

(a)in paragraphs (d), (da) and (e), the references to shares or debentures, in relation to a company that has no share capital, include any interests in the company possessed by members of the company, and^F9

(b)in paragraphs (d) and (e), the references to debentures, in relation to a person other than a company, include securities.^F9

(3)In subsection (1) above, in each of paragraphs (h) and (j), “corresponding rights” means any rights under the law of a country or territory outside the United Kingdom that correspond or are similar to those within that paragraph.^F9

(3A)Repealed^F10F9

(4)Subsection (1) above is subject to—^F9

section 265(3) (securities issued by designated international organisations to be taken to be situated outside UK),

section 266 (securities issued by Inter-American Development Bank to be taken to be situated outside UK), and

section 275C (location of assets: interests of co-owners).