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 1 S Pledge

Property encumbered by statutory pledge: effect of transfer by provider S

52 Extinction of statutory pledge where dealings inconsistent with a fixed security S

If a secured creditor acquiesces, expressly or impliedly, in a provider’s transfer of encumbered property (or any part of it) to a third party, other than by means of granting the consent mentioned in section 51(2), the statutory pledge under which the property (or part) was encumbered is extinguished [F1 (but see also article 11(3) (restriction, discharge or extinction of unregistered 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)))].

Textual Amendments

F1 Words in s. 52 inserted (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), 22(6) (with art. 20)

Commencement Information

I1 S. 52 not in force at Royal Assent, see s. 121(2)

I2 S. 52 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2