Section 14Sec./Art. 14

Issuance of Injunctive Relief Against Transfer of Assets.- No court, other than the Court of Appeals and the Supreme Court, shall issue any temporary restraining order, preliminary injnction, preliminary mandatory injunction, staus quo order, stay order, commencement order, or any other issuance of injuctive relief against the transfer of NPAs from the FI to FISTC, and from a FISTC to a third party, or dation in payment by the borrower or by a third party in favor of an FI or in favor of a FISTC, or judicial or extrajudicial foreclosure sales or execution sales of the FI or FISTC of collateral in settlement of NPLs.

Any restraining order, injunction, status quo order, stay order, commencement order, or any other injunctive relief issued in violation of this section is void and of no force and effect.

The provision of Rules of Court on injunctions insofar as these are applicable and not inconsistent with the provisions of this Act shall govern the issuance and dissolution of restraining orders, injunctions, status quo orders or stay orders against said transfers.

ARTICLE IV

INCENTIVES AND EXEMPTION PRIVILEGES