Moveable Transactions (Scotland) Act 2023

Chapter 3 S Miscellaneous and interpretation of Part 1

Modifications etc. (not altering text)

C1 Pt. 1 extended (with modifications) (1.4.2025) by The Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025 (S.I. 2025/275), arts. 1(2), 3 (with arts. 4, 20)

Miscellaneous S

40 Repeal of Transmission of Moveable Property (Scotland) Act 1862 S

The Transmission of Moveable Property (Scotland) Act 1862 is repealed.

Commencement Information

I1 S. 40 not in force at Royal Assent, see s. 121(2)

I2 S. 40 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2

Interpretation of Part 1 S

41 Interpretation of Part 1 S

(1) In this Part (except where the context requires otherwise)—

• “the archive record” is to be construed in accordance with section 22,

• “assignation” means assignation of a claim,

• “assignation document” has the meaning given by section 1(1),

• “the assignations record” is to be construed in accordance with section 21(2),

• “assignee” means the person to whom a claim is assigned,

• “assignor” means the person by whom a claim is assigned,

• “claim”—

  (a)

  means a right to the performance of an obligation (including an obligation not to do something), but

  (b)

  does not include a non-monetary right relating to land or a negotiable instrument,

• “correction”, in relation to the assignations record, is to be construed in accordance with section 29(4),

• “debtor” means the person against whom a claim may be enforced,

• “holder”, in relation to a claim, means the person who has the right to performance of an obligation under the claim,

• “inaccuracy”, in relation to the assignations record, is to be construed in accordance with section 29(3),

• “the register” means the Register of Assignations,

• “right in security”—

  (a)

  means a right in security over property (including a floating charge), but

  (b)

  does not include a right to execute diligence,

• “RoA Rules” has the meaning given by section 39(1).

(2) Where two or more persons are co-assignors or co-assignees in relation to a claim, any reference in this Act to the assignor or assignee (as the case may be) is, unless the context requires otherwise, a reference to all of those persons.

(3) A reference (however expressed) in this Part to—

(a) an assignation document having been granted in respect of a claim is to be construed as a reference to the document having been executed or authenticated,

(b) an assignation document being registered is to be construed as a reference to the Keeper’s carrying out, in respect of the document, the duties imposed on the Keeper by section 25(1)(a) and (b).

Commencement Information

I3 S. 41 not in force at Royal Assent, see s. 121(2)

I4 S. 41 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2