Chapter 3 – Miscellaneous and interpretation of Part 1
Section 40 – Repeal of Transmission of Moveable Property (Scotland) Act 1862
186.The Transmission of Moveable Property (Scotland) Act 1862 makes provision for intimation of claims. It is superseded by the Act. It is therefore repealed by this section.
Section 41 – Interpretation of Part 1
187.This section defines key terms used in this Part of the Act. It should be read alongside section 120 which defines some terms for the purposes of the whole Act, as well as schedule 1 of the Interpretation and Legislative Reform (Scotland) Act 2010.
188.In particular, subsection (1) defines a “claim” as the right to the performance of an obligation (including the fulfilment of negative obligations), but excluding for that purpose both non-monetary rights relating to land and negotiable instruments. It also makes it clear that the references in the Act to a “right in security” mean a right in security over property. The meaning of the expression is therefore limited to “true” securities where the secured creditor has a subordinate real right in the asset. A right in security includes a floating charge, but does not include a right to execute diligence in satisfaction of sums due under a court order (or equivalent).
