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(1)Sections 14 to 30 of the Conveyancing and Feudal Reform (Scotland) Act 1970 (c. 35) (which provisions relate to the assignation, variation, discharge and calling-up etc. of standard securities) shall apply (with the substitution of the word “heritable” for “standard” and subject to such other modifications as may be necessary) as respects any heritable security granted before 29th November 1970 as those provisions apply as respects a standard security.
(2)For the purposes of the said sections 14 to 30 (as modified by, or by virtue of, subsection (1) above), “heritable security” shall, with the modification mentioned in subsection (3) below, include a pecuniary real burden but shall not include a security constituted by ex facie absolute disposition.
(3)The modification is that the reference to the date in subsection (1) above shall be disregarded.
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