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Changes over time for: Section 43


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No versions valid at: 14/06/2023
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Point in time view as at 14/06/2023. This version of this provision is not valid for this point in time.

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Changes to legislation:
There are currently no known outstanding effects for the Moveable Transactions (Scotland) Act 2023, Section 43.

Changes to Legislation
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Valid from 01/04/2025
43Secured obligation and encumbered propertyS
This section has no associated Explanatory Notes
(1)The obligation secured by a pledge (“the secured obligation”)—
(a)may be any obligation owed, or which will or may become owed, to or by any person, and
(b)includes ancillary obligations owed (for example, to pay interest, damages and the reasonable expense of extra-judicial recovery of interest or damages).
(2)The property over which a pledge is created and in respect of which the pledge subsists (“the encumbered property”) includes, except in so far as the provider and the secured creditor agree otherwise, the natural fruits of the property but not its incorporeal fruits.
(3)At the time the pledge is created, the property which is to be the encumbered property must be transferable (whether or not its transferability is restricted in some way).
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