40 Exposure in lots and apportionment of feu-duty.S
[F1(1)[F2Land, or any part thereof, sold in exercise of a power of sale under a bond and disposition in security] may be exposed to, or offered for, sale either in whole or in lots, and in the former case at such upset price or prices as the creditor may think proper, and in the latter case at the best price that can be reasonably obtained] subject to such proportion of any existing F3... valued rent or land tax, as the creditor may think proper, and, without prejudice to the rights of any third party, the creditor may, in selling the land in lots, provide that the proprietor for the time being of any lot shall be obliged to relieve the proprietor or proprietors of another lot or lots of the whole or such part of an existing F3... land tax, as the creditor may think proper, and for that purpose the creditor may create such obligation a real burden on such lot.
[F4(2)Where there is a sale as aforesaid in lots, the creditor shall have power to create such rights and impose such duties and conditions [F5(whether or not by creating a real burden)] as he considers may be reasonably required for the proper management, maintenance and use of any part of the land to be held in common by the owners for the time being of the lots.
F6(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Words substituted by Conveyancing and Feudal Reform (Scotland) Act 1970 (c. 35), s. 37
F2Words in s. 40(1) substituted (28.11.2004) by Abolition of Feudal Tenure etc. (Scotland) Act 2000 (asp 5), ss. 71, 77(2), sch. 12 para. 15(15)(a) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F3Words in s. 40(1) repealed (28.11.2004) by Abolition of Feudal Tenure etc. (Scotland) Act 2000 (asp 5), ss. 71, 77(2), sch. 12 para. 15(15)(b), sch. 13 Pt. 1 (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F4S. 40(2)(3) added by Conveyancing and Feudal Reform (Scotland) Act 1970 (c. 35), s. 37
F5Words in s. 40(2) inserted (28.11.2004) by Title Conditions (Scotland) Act 2003 (asp 9), ss. 122(1), 129(2), sch. 14 para. 3(3) (with ss. 119, 121) (see S.S.I. 2003/456, art. 2)
F6S. 40(3) repealed (28.11.2004) by Title Conditions (Scotland) Act 2003 (asp 9), ss. 122(1), 129(2), sch. 15 (with ss. 119, 121) (see S.S.I. 2003/456, art. 2)