Moveable Transactions (Scotland) Act 2023

102 Correction of the statutory pledges record: procedure S

(1) This section applies where the Keeper corrects the statutory pledges record by virtue of section 97(1), 99(6)(b) or (8) or 100(1)(a) or (3)(a).

(2) Where the Keeper corrects the statutory pledges record by removing an entry from the statutory pledges record, the Keeper must—

(a) transfer the entry to the archive record,

(b) note on the transferred entry—

(i) the section by virtue of which the transfer is made, and

(ii) the details of the correction (including the date and time of the removal), and

(c) include in the archive record a copy of any document which discloses, or contributes to disclosing, the inaccuracy which is the subject of the correction.

(3) Where the Keeper corrects the record by restoring an entry, by restoring, removing or amending information included in an entry or by restoring or replacing a copy document, the Keeper must—

(a) note on the entry that it has been corrected and the details of the correction (including the date and time of the correction),

(b) include in the archive record a copy of any document which discloses, or contributes to disclosing, the inaccuracy which is the subject of the correction, and

(c) in the case of the replacement of the copy document, transfer the replaced copy to the archive record.

(4) Having corrected the record other than by virtue of section 97(1), the Keeper must notify the following persons (in so far as it is reasonable and practicable to do so) that the correction has been made—

(a) every person specified for the purposes of this subsection by RSP Rules, and

(b) any other person who appears to the Keeper to be affected by it materially.

(5) A failure to comply with subsection (2)(c), (3)(b) or (4) does not affect the validity of the correction of the record.

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. 102 not in force at Royal Assent, see s. 121(2)

I2 S. 102 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2