(a) Notwithstanding any other provision of law, to the extent set forth in the transaction documents relating to a securitization transaction, including a transaction entered into pursuant to subchapter II of this chapter:
(1) Any property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction are deemed to no longer be the property, assets or rights of the transferor;
(2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent the issue is governed by Virgin Islands law, has no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or re-characterize as property of the transferor any property, assets or rights purported to be transferred, in whole or in part, by the transferor; and
(3) In the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or the transferor's property, to the extent the issue is governed by Virgin Islands law, such property, assets and rights may not be deemed to be part of the transferor's property, assets, rights or estate.
(b) Nothing contained in this subchapter may be deemed to require any securitization transaction to be treated as a sale for federal or Virgin Islands tax purposes or to preclude the treatment of any securitization transaction as debt for federal or Virgin Islands tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of persons other than the transferor, hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person.
(c) It is not the purpose of this subchapter to change the tax treatment of securitizations that take place pursuant to this subchapter.