13Arrears of feuduty etc
(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.