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The Moveable Transactions (Forms) (Scotland) Regulations 2024
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Scottish Statutory Instruments
2024 No. 379
Moveable Transactions
The Moveable Transactions (Forms) (Scotland) Regulations 2024
Made
12th December 2024
Laid before the Scottish Parliament
16th December 2024
Coming into force
1st April 2025
The Scottish Ministers make the following Regulations in exercise of the powers conferred by sections 65(1), 98(4)(a) and 118(1) of the Moveable Transactions (Scotland) Act 2023(1) and all other powers enabling them to do so.
Citation, commencement and interpretation
1.—(1) These Regulations may be cited as the Moveable Transactions (Forms) (Scotland) Regulations 2024 and come into force on 1 April 2025.
(2) In these Regulations, “the Act” means the Moveable Transactions (Scotland) Act 2023.
Pledge enforcement notice
2. The form of a pledge enforcement notice under section 65(1) (pledge enforcement notice) of the Act is the form set out in Part 1 of the schedule.
Correction demand in respect of entry in statutory pledges record
3. The form of a correction demand under section 98(1) (demand that application for correction be made under section 96) of the Act is the form set out in Part 2 of the schedule.
IVAN MCKEE
Authorised to sign by the Scottish Ministers
St Andrew’s House,
Edinburgh
12th December 2024
SCHEDULE
Regulation 2
PART 1
Regulation 3
PART 2
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations prescribe the forms to be used for the purposes of sections 65(1) and 98(1) of the Moveable Transactions (Scotland) Act 2023 (asp 3) (“the Act”).
Regulation 2 prescribes the form a pledge enforcement notice must be in. Section 65(1) of the Act provides that a secured creditor must serve a pledge enforcement notice, in the prescribed form, on those persons noted in that section before taking any other steps to enforce the statutory pledge.
Regulation 3 prescribes the form a correction demand must be in. Section 98(1) of the Act provides that a person may serve a correction demand, in the prescribed form, on the registered creditor to demand they apply to the Keeper of the Register of Scotland to have a relevant entry in the Register of Statutory Pledges corrected.
(1)
2023 asp 3; section 120(1) contains a definition of “prescribed” relevant to the use of powers in these Regulations.
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