Except with Treasury sanction1, no assignment of a chose or thing in action made by or on behalf of an enemy2 is effective so as to confer on any person any rights or remedies in respect of the chose or thing in action3. This applies also in relation to any transfer of any coupon or other security transferable by delivery, not being a negotiable instrument4. Except with Treasury sanction, neither a transfer of a negotiable instrument by or on behalf of an enemy, nor any subsequent transfer of it, is effective so as to confer any rights or remedies
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