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This is the original version (as it was originally enacted).
(1)This subsection applies where—
(a)a third party claimed, before an attached article was auctioned, to own the article in common with the debtor;
(b)the debtor’s interest in the article has not transferred to the third party under section 35(2) above;
(c)the attachment of the article has not, by virtue of an order made under section 35(3) above, ceased to have effect;
(d)the third party’s interest in the article has, following the auction of the article, been transferred to another person; and
(i)the third party’s claim is, after that transfer of interest, admitted by the creditor and the debtor; or
(ii)where the third party’s claim is not so admitted, the sheriff, on an application by the third party after that transfer of interest, is satisfied that the claim is valid.
(2)Where subsection (1) above applies, the creditor shall—
(a)where the article has been sold at the auction, pay to the third party the fraction of the proceeds of the sale of the article which corresponded to the third party’s interest in the article; or
(b)where the ownership of the article has passed to the creditor under section 31(2)(a) above, pay to the third party the fraction of the value of the article which corresponded to the third party’s interest in the article.
(3)The reference in subsection (2)(b) above to the value of an article is a reference to the value of the article as fixed under subsection (2) or (3) of section 15 above or, as the case may be, section 51 or 54(1) below.
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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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