The following provisions have effect with respect to the application by a recognised body of property (other than land) held by the recognised body as margin in relation to a market contract or as default fund contribution.
So far as necessary to enable the property to be applied in accordance with the rules of the recognised body , it may be so applied notwithstanding any prior equitable interest or right, or any right or remedy arising from a breach of fiduciary duty, unless the recognised body had notice of the interest, right or breach of duty at the time the property was provided as margin or as default fund contribution.
No right or remedy arising subsequently to the property being provided as margin or as default fund contribution may be enforced so as to prevent or interfere with the application of the property by the recognised body in accordance with its rules.
Where a recognised body has power by virtue of the above provisions to apply property notwithstanding an interest, right or remedy, a person to whom the recognised body disposes of the property in accordance with its rules takes free from that interest, right or remedy.