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Moveable Transactions (Scotland) Act 2023

Structure and contents of the register
Section 82 – The parts of the register

353.This section provides that the Keeper must make up and maintain, as parts of the register, the statutory pledges record and the archive record (see sections 83 and 84).

Section 81 – The statutory pledges record

354.This section sets out the information which must be included in an entry in the statutory pledges record, and provides that the statutory pledges record is the totality of such entries. The information which must be included is largely self-explanatory.

355.The details of the secured creditor will be included in an entry in the statutory pledges record, but a search against the secured creditor is not permitted under section 104 of the Act (unless the Scottish Ministers specify in RSP Rules made under section 111 of the Act that such a search is permitted). It will, however, be possible for an entitled person (within the meaning given in section 107 of the Act) to request certain information about the pledge from the secured creditor.

356.A provider or secured creditor may be a legal person with an identifying number, such as a UK limited company or limited liability partnership. The Scottish Ministers will be able to specify that these identifying numbers are to be included in the entry in the statutory pledges record: see section 111(2)(a)(ii) of the Act.

357.This section provides that an entry in the statutory pledges record must include a copy of the constitutive document of the statutory pledge. The Scottish Ministers may, however, specify in RSP Rules that information in the record, including information in the constitutive document, will not be disclosed in a search of the RSP in order to protect confidential information of the parties (see section 111(2)(f)). Rules can also be made about information which can be redacted in the copy of the document which is submitted (see section 111(2)(d) and (e)).

Section 84 – The archive record

358.This section sets out that the archive record consists of—

  • first, all entries and copy documents which have been transferred to that record from the statutory pledges record as a result of the correction of the statutory pledges record or as a result of a statutory pledge being extinguished by virtue of regulations made by the Scottish Ministers under section 95,

  • second, copies of any document which discloses, or contributes to disclosing an inaccuracy in respect of which a correction has been made,

  • third, any other documents as the Keeper considers it appropriate to include and,

  • fourth, any other information required to be entered in the record by RSP Rules.

359.Entries will not automatically move from the statutory pledges record to the archive record when a pledge is discharged. However, an application for a correction can be made in such cases if desired (the term “inaccuracy” is defined in section 101(2)(a)(ii) to include the record becoming inaccurate because of supervening events, which would include the pledge having been discharged). See paragraphs 369 and 433 of these Notes for further details. While it will normally be a choice whether to seek a correction, it is compulsory where the pledge is extinguished by enforcement (see section 78 and paragraph 342 of these Notes).

360.In addition, as noted above, it is possible for a duration period for a pledge to be introduced under section 95, in which case entries that were not renewed would be extinguished and moved to the archive record (see paragraphs 399 to 401 of these Notes).

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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.

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