Moveable Transactions (Scotland) Act 2023 (asp 3)

Part 2 Security over Moveable Property

Chapter 3 Miscellaneous and Interpretation of Part 2

Interpretation of Part 2

113 Interpretation of Part 2

(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).