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(1)Where the creditor in a standard security duly recorded has received notice of the creation of a subsequent security over the same [F1land or real right in land or over any part thereof, or of the subsequent assignation or conveyance of that land or real right,] in whole or in part, being a security, assignation or conveyance so recorded, the preference in ranking of the security of that creditor shall be restricted to security for
[F2(a)the present debt incurred (whenever payable); and
(b)any future debt which, under the contract to which the security relates, he is required to allow the debtor in the security to incur,]
and interest present or future due thereon (including any such interest which has accrued or may accrue) and for any expenses or outlays (including interest thereon) which may be, or may have been, reasonably incurred in the exercise of any power conferred on any creditor by the deed expressing the existing security.
(2)For the purposes of the foregoing subsection—
(a)a creditor in an existing standard security duly recorded shall not be held to have had any notice referred to in that subsection, by reason only of the subsequent recording of the relevant deed in the Register of Sasines;
(b)any assignation, conveyance or vesting in favour of or in any other person of the interest of the debtor in the security subjects or in any part thereof resulting from any judicial decree, or otherwise by operation of law, shall constitute sufficient notice thereof to the creditor.
(3)Nothing in the foregoing provisions of this section shall affect—
(a)any preference in ranking enjoyed by the Crown; and
(b)any powers of the creditor and debtor in any heritable security to regulate the preference to be enjoyed by creditors in such manner as they may think fit.
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