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(1)In every existing contract to which the transferor is a party or in which the transferor is referred to, references to the transferor are to be construed as references to the transferee.
(2)Any property, right, interest or liability in respect of which but for this Act—
(a)delivery or possession, or
(b)intimation of its assignation,
would be required in order to complete title to it, shall transfer to and vest in the transferee by virtue of this Act as if at the date on which the transfer of the property, right, interest or liability by this Act takes effect the transferee had taken delivery or possession of the property, right, interest or liability in question or, as the case may be, had made intimation of its assignation.
(3)This Act shall be deemed to be, and may be used as, a general disposition, conveyance or, as the case may be, assignation of such property in favour of the transferee.
(4)Any legal proceedings, applications to any authority or other proceedings for the resolution of a dispute by or against the transferor which are pending or current immediately before this Act comes into force may be continued by or against the transferee.
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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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