12 Standard security may be granted by person uninfeft. S
(1)Notwithstanding any rule of law, a standard security may be granted over [F1land or a real right] in land by a person F2. . . whose title thereto has not been completed by being duly recorded, if in the deed expressing that security the grantor deduces his title to that [F1land or real right] from the person who appears in the Register of Sasines as having the last recorded title thereto.
(2)A deduction of title in a deed for the purposes of the foregoing subsection shall be expressed in the form prescribed by Note 2 or 3 of Schedule 2 to this Act, and on such a deed being recorded as aforesaid the title of the grantee shall, for the purposes of the rights and obligations between the grantor and the grantee thereof and those deriving right from them, but for no other purpose, in all respects be of the same effect as if the title of the grantor of the deed to the [F3land or real right in land] to which he has deduced title therein had been duly completed; and any references to a proprietor or to a person [F3having the last recorded title] shall in this Part of this Act be construed accordingly.
(3)There may be specified for the purposes of any deduction of title in pursuance of any provision of this Part of this Act any writing which it is competent to specify as a title, midcouple, or link in title for the purposes of section 5 of the M1Conveyancing (Scotland) Act 1924 (deduction of title).
Textual Amendments
F1Words in s. 12(1) substituted (28.11.2004) by 2000 asp 5, ss. 76(1), 77(2)(c), sch. 12 Pt. 1 para. 30(9)(a)(i)(iii) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F2Words in s. 12(1) repealed (28.11.2004) by 2000 asp 5, ss. 76(1)(2), 77(2)(c)(d), sch. 12 Pt. 1 para. 30(9)(a)(ii), sch. 13 Pt. 1 (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F3Words in s. 12(2) substituted (28.11.2004) by 2000 asp 5, ss. 76(1), 77(2)(c), sch. 12 Pt. 1 para. 30(9)(b)(i)(ii) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
Modifications etc. (not altering text)
C1S. 12 excluded by Land Registration (Scotland) Act 1979 (c. 33, SIF 31:3), s. 15(3)
Marginal Citations