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The Local Authorities (Recognised Bodies for Heritable Securities Indemnities) (Scotland) Amendment Order 1994
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- 1994 No. 3253 (S. 181)
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order adds another designated body as a recognised body to one of the 2 lists of designated bodies prescribed for the purposes of section 229 of the Housing (Scotland) Act 1987 and amends the name of a body on that list.
Under that section a local authority may, with the approval of the Secretary of State, agree with a building society or recognised body that the authority will indemnify the building society or recognised body in respect of—
(a)the whole or any part of any outstanding indebtedness of a borrower; and
(b)loss or expense to the building society or recognised body resulting from the failure of the borrower duly to perform any obligation imposed on him by a heritable security.
The other list of designated bodies is in S.I. 1987/1388.
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