Article 291 Protection of third-party purchasers

The following law shall be applicable where, by an act concluded after the adoption of a reorganisation measure or the opening of winding-up proceedings, an insurance undertaking disposes, for consideration, of any of the following:

1. (a)

   in regard to immovable assets, the law of the Member State where the immovable property is situated;

2. (b)

   in regard to ships or aircraft subject to registration in a public register, the law of the Member State under the authority of which the register is kept;

3. (c)

   in regard to transferable or other securities, the existence or transfer of which presupposes entry in a register or account laid down by law or which are placed in a central deposit system governed by the law of a Member State, the law of the Member State under the authority of which the register, account or system is kept.