Moveable Transactions (Scotland) Act 2023 (asp 3)

Part 2 S Security over Moveable Property

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)

Chapter 3 S Miscellaneous and Interpretation of Part 2

Interpretation of Part 2 S

113 Interpretation of Part 2 S

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

• “amendment document” has the meaning given by section 58(1),

• “the archive record” is to be construed in accordance with section 84,

• “corporeal moveable property” does not include money,

• “correction”, in relation to the statutory pledges record, is to be construed in accordance with section 101(2),

• “encumbered property” has the meaning given by section 43(2),

• “inaccuracy”, in relation to the statutory pledges record, is to be construed in accordance with section 101(1),

• “money” has the meaning given by section 175(1) of the Bankruptcy and Diligence etc. (Scotland) Act 2007,

• “pledge”, in sections 64 to 77, is to be construed in accordance with section 63,

• “pledge enforcement notice” has the meaning given by section 65(1),

• “provider”—

  (a)

  means the person who grants a pledge, and

  (b)

  includes or, as the case may be, consists of any successor in title, or representative, of a provider (unless the successor or representative is a person who, by virtue of Chapter 1, had acquired the encumbered property unencumbered by the statutory pledge in question),

• “the register” means the Register of Statutory Pledges,

• “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,

• “RSP Rules” has the meaning given by section 111(1),

• “secured creditor”—

  (a)

  means the person in whose favour a pledge is granted, and

  (b)

  includes or, as the case may be, consists of any successor in title, or representative, of a secured creditor,

• “secured obligation” is to be construed in accordance with section 43(1),

• “statutory pledge” has the meaning given by section 42(4), and

• “the statutory pledges record” is to be construed in accordance with section 83(2).

(2) Where two or more persons are co-providers or co-secured creditors in relation to a statutory pledge, any reference in this Act to the provider or secured creditor (as the case may be) is, unless the context requires otherwise, a reference to all of those persons.

(3) A reference in this Part—

(a) to a statutory pledge being registered (however expressed) is to be construed as a reference to the Keeper’s carrying out, in respect of the pledge, the duties imposed on the Keeper by section 87(1)(a) and (b),

(b) to an amendment to a statutory pledge being registered (however expressed) is to be construed as a reference to the Keeper’s carrying out, in respect of the amendment, the duty imposed on the Keeper by section 89(1).

Commencement Information

I1 S. 113 not in force at Royal Assent, see s. 121(2)

I2 S. 113 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2