Moveable Transactions (Scotland) Act 2023

47Competence of creating statutory pledge over certain kinds of propertyS
This section has no associated Explanatory Notes

(1)It is not competent to create a statutory pledge over corporeal property which is—

(a)an aircraft in respect of which it is competent to register a mortgage in the register of aircraft mortgages kept by the Civil Aviation Authority,

(b)an aircraft object (as defined in regulation 5 of the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (S.I. 2015/912)), or

(c)a ship (or a share in a ship) in respect of which it is competent to register a mortgage in the register of British ships maintained for the United Kingdom under section 8 of the Merchant Shipping Act 1995.

(2)It is not competent to create a statutory pledge over incorporeal property unless that property is—

(a)intellectual property, or

(b)an application for, or licence over, intellectual property.

[F1(2A)But see also article 5 (competence of creating statutory pledge over financial instrument) of the Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025 (S.I. 2025/275 (S. 1)).]

(3)The Scottish Ministers may by regulations modify this section so as to specify further kinds of incorporeal property over which it is competent to create a statutory pledge.

Textual Amendments

Modifications etc. (not altering text)

Commencement Information

I1S. 47 not in force at Royal Assent, see s. 121(2)

I2S. 47 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2