Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3)

Part 4 S Land attachment and residual attachment

Chapter 3 S Residual attachment

Residual attachment order S

Prospective

134 Creation and effect of residual attachment S

(1) A residual attachment is, subject to section 142(1) of this Act, created over the property specified in the schedule of residual attachment (in this Chapter, the “attached property”) at the beginning of the day after the day on which that schedule is served on the debtor.

(2) A residual attachment—

(a) confers on the creditor a right in security over the attached property; and

(b) secures the sum mentioned in subsection (3) below (in this Chapter, the “sum recoverable by the residual attachment”).

(3) That sum is—

(a) the sum for the payment of which the charge was served, together with any interest accruing after such service and before the residual attachment ceases to have effect; and

(b) all expenses which are chargeable against the debtor by virtue of the attachment.