Moveable Transactions (Scotland) Act 2023

108 Acquisition of property confirmed by creditor not to be encumbered property S

(1) Subsection (2) applies where a person who is an entitled person for the purposes of section 107—

(a) makes a request under subsection (1) of that section,

(b) receives a response from the person of whom the request was made, in the form of a statement of the type mentioned in paragraph (a) of that subsection, advising that the property specified under that subsection by the entitled person is neither the encumbered property nor part of that property, and

(c) within 3 months beginning with the date of being so advised acquires in good faith—

(i) the property so specified (or any part of it), or

(ii) a right in that property (or part).

(2) On that acquisition, the statutory pledge is extinguished in relation to the property (or part).

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

I2 S. 108 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2