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(1)A floating charge may be assigned (and the rights under it vested in the assignee) by the registration in the Register of Floating Charges of a document of assignation subscribed by the holder of the charge.
(2)An assignation under subsection (1) above may be in whole or to such extent as may be specified in the document of assignation.
(3)This section is without prejudice to any other enactment, or any rule of law, by virtue of which a floating charge may be assigned.
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Text created by the Scottish Government 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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