Moveable Transactions (Scotland) Act 2023

Registration process S

85 Order in which applications are to be dealt with S

The Keeper must deal with—

(a) applications for registration of a statutory pledge under section 86, and

(b) applications for registration of an amendment to a statutory pledge under section 88,

in the order in which they are received.

Modifications etc. (not altering text)

C1 Pt. 2 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), 5 (with arts. 6-20)

Commencement Information

I1 S. 85 not in force at Royal Assent, see s. 121(2)

I2 S. 85 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2

86 Application for registration of statutory pledge S

(1) A secured creditor may apply to the Keeper for registration of a statutory pledge.

(2) The Keeper must accept the application if—

(a) it is submitted with a copy of the constitutive document,

(b) it contains all the information the Keeper requires in accordance with section 83 to be able to make up an entry for the statutory pledge under section 87(1),

(c) it conforms to such RSP Rules as relate to the application, and

(d) either—

(i) such fee as is payable for the registration is paid, or

(ii) arrangements satisfactory to the Keeper are made for payment of that fee.

(3) If the requirements of subsection (2) are not satisfied, the Keeper must reject the application and inform the applicant accordingly.

Commencement Information

I3 S. 86 not in force at Royal Assent, see s. 121(2)

I4 S. 86 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2

87 Registration of statutory pledge S

(1) On accepting an application made under section 86, the Keeper must—

(a) make up an entry for the statutory pledge (from the constitutive document, the information provided in the application and the circumstances of registration),

(b) allocate a registration number to the entry (based on the order in which applications are dealt with), and

(c) maintain the entry in the statutory pledges record.

(2) A statutory pledge is taken to be registered on the date and at the time entered for it for the purposes of section 83(1)(k)(i).

Commencement Information

I5 S. 87 not in force at Royal Assent, see s. 121(2)

I6 S. 87 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2

88 Application for registration of amendment S

(1) A secured creditor may apply to the Keeper for registration of an amendment to a statutory pledge to increase the extent of the statutory pledge within the meaning of section 58(7).

(2) The Keeper must accept the application if—

(a) it is submitted with a copy of the amendment document,

(b) it contains all the information the Keeper requires in accordance with section 83 to be able to revise the entry to which the application relates,

(c) it conforms to such RSP Rules as relate to the application, and

(d) either—

(i) such fee as is payable for the registration is paid, or

(ii) arrangements satisfactory to the Keeper are made for payment of that fee.

(3) If the requirements of subsection (2) are not satisfied, the Keeper must reject the application and inform the applicant accordingly.

Commencement Information

I7 S. 88 not in force at Royal Assent, see s. 121(2)

I8 S. 88 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2

89 Registration of amendment S

(1) On accepting an application made under section 88, the Keeper must revise the entry for the statutory pledge to which the application relates in accordance with the application.

(2) An amendment to a statutory pledge is taken to be registered on the date and at the time entered for the amendment for the purposes of section 83(1)(k)(ii).

Commencement Information

I9 S. 89 not in force at Royal Assent, see s. 121(2)

I10 S. 89 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2

90 Verification statement as to registration of statutory pledge or amendment S

(1) After the registration of a statutory pledge under section 87 or an amendment to a statutory pledge under section 89, the Keeper must issue a written statement verifying the registration to—

(a) the secured creditor, and

(b) the provider,

but only if and to the extent that the application made under section 86 or (as the case may be) section 88 contains an email address for those persons.

(2) That statement must—

(a) include—

(i) the date and time of the registration, and

(ii) the registration number allocated to the entry to which the application relates, and

(b) conform to such RSP Rules as relate to the statement.

(3) Where a statement is issued under subsection (1) and is received by the secured creditor but not the provider, the provider may request a copy of it from the secured creditor.

(4) Within 21 days beginning with the day a request is made under subsection (3), the secured creditor must supply the provider with the copy requested.

Commencement Information

I11 S. 90 not in force at Royal Assent, see s. 121(2)

I12 S. 90 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2