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Conveyancing and Feudal Reform (Scotland) Act 1970
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- UK Public General Acts
- 1970 c. 35
- SCHEDULE 3
- Paragraph 7
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General power of creditor to perform obligations etc. on failure of debtor and power to charge debtor.
7(1)The creditor shall be entitled to perform any obligation imposed by the standard conditions on the debtor, which the debtor has failed to perform.
(2)Where it is necessary for the performance of any obligation as aforesaid, the creditor may, after giving seven clear days notice in writing to the debtor, enter upon the security subjects at all reasonable times.
(3)AH expenses and charges (including any interest thereon), reasonably incurred by the creditor in the exercise of a right conferred by this condition, shall be recoverable from the debtor and shall be deemed to be secured by the security subjects under the standard security, and the rate of any such interest shall be the rate in force at the relevant time in respect of advances secured by the security, or, where no such rate is prescribed, shall be the bank rate in force at the relevant time.
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