Explanatory Notes

Moveable Transactions (Scotland) Act 2023

2023 asp 3

13 June 2023

Commentary on Sections

Part 2 – Security over Moveable Property

Chapter 1 - Pledge
Enforcement of pledge
Section 78 – Mandatory application for removal of an entry from the statutory pledges record

342.This section imposes a duty on the secured creditor of a statutory pledge to apply under section 96 of the Act for the correction of the RSP where the pledge is extinguished by any of the enforcement of the pledge, enforcement of any other secured right, or the enforcement of diligence.