Moveable Transactions (Scotland) Act 2023

41 Interpretation of Part 1

(1) In this Part (except where the context requires otherwise)—

• “the archive record” is to be construed in accordance with section 22,

• “assignation” means assignation of a claim,

• “assignation document” has the meaning given by section 1(1),

• “the assignations record” is to be construed in accordance with section 21(2),

• “assignee” means the person to whom a claim is assigned,

• “assignor” means the person by whom a claim is assigned,

• “claim”—

  (a)

  means a right to the performance of an obligation (including an obligation not to do something), but

  (b)

  does not include a non-monetary right relating to land or a negotiable instrument,

• “correction”, in relation to the assignations record, is to be construed in accordance with section 29(4),

• “debtor” means the person against whom a claim may be enforced,

• “holder”, in relation to a claim, means the person who has the right to performance of an obligation under the claim,

• “inaccuracy”, in relation to the assignations record, is to be construed in accordance with section 29(3),

• “the register” means the Register of Assignations,

• “right in security”—

  (a)

  means a right in security over property (including a floating charge), but

  (b)

  does not include a right to execute diligence,

• “RoA Rules” has the meaning given by section 39(1).

(2) Where two or more persons are co-assignors or co-assignees in relation to a claim, any reference in this Act to the assignor or assignee (as the case may be) is, unless the context requires otherwise, a reference to all of those persons.

(3) A reference (however expressed) in this Part to—

(a) an assignation document having been granted in respect of a claim is to be construed as a reference to the document having been executed or authenticated,

(b) an assignation document being registered is to be construed as a reference to the Keeper’s carrying out, in respect of the document, the duties imposed on the Keeper by section 25(1)(a) and (b).