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This is the original version (as it was originally enacted).
(1)Feuduty shall continue to be exigible for any period before the appointed day; and if (in so far as so exigible) it has not fallen due before that day, it shall fall due on that day.
(2)On the appointed day feuduty shall cease to constitute a debitum fundi as shall any amount secured, in favour of a superior, by virtue of section 5 of the Land Tenure Reform (Scotland) Act 1974 (c. 38) (redemption on transfer of land).
(3)The superior’s hypothec is, on the appointed day, abolished.
(4)Subsections (2) and (3) above are without prejudice to any—
(i)founded on a debitum fundi or superior’s hypothec; and
(ii)commenced before the appointed day; or
(b)right or preference—
(i)so founded; and
(ii)claimed in a sequestration, or in some other process in which there is ranking, commenced before that day.
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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