Point in time view as at 14/06/2023. This version of this provision is not valid for this point in time.
There are currently no known outstanding effects for the Moveable Transactions (Scotland) Act 2023, Section 16.
Valid from 01/04/2025
(1)Subsections (2) and (3)—
(a)apply, and apply only, in relation to any claim assigned in whole, but
(b)are subject to any express provision to the contrary in the assignation document.
(2)Subject to anything which requires to be done under subsection (3), the assignee acquires, by virtue of the transfer of the claim, any security (in so far as the security is transferable) which relates to, and only to, the claim transferred.
(3)Where the performance of some act by the assignor is necessary for the security to transfer to the assignee, the assignor must—
(a)perform that act, and
(b)do so as soon as reasonably practicable after the claim is transferred.
(4)In this section, “security” means both—
(a)a right in security, and
(b)the correlative right in respect of a cautionary obligation.
Commencement Information
I1S. 16 not in force at Royal Assent, see s. 121(2)
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
