Modifications etc. (not altering text)
C1Pt. 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)
(1)Subsection (2) applies where—
(a)the holder of a claim purports to assign the claim (or the same part of the claim) by means of more than one assignation document, each in favour of a different person,
(b)the claim (or part) is transferred to one of those persons,
(c)the debtor, or any co-debtor, receives notice of the purported assignation to the other (or, as the case may be, another) of those persons (the “purported assignee”), from the person who granted the purported assignation or from the purported assignee, in the manner mentioned in section 8(1)(a) or (b)(ii), and
(d)by virtue of that notice, the debtor, or any co-debtor, performs in good faith to the purported assignee.
(2)The debtor, or (where there are two or more co-debtors) each of the co-debtors, is discharged from the claim (or part) to the extent of the performance.
(3)Section 10(3) applies for the purposes of subsection (2) as it applies for the purposes of section 10(2).
Commencement Information
I1S. 11 not in force at Royal Assent, see s. 121(2)
I2S. 11 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2