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Moveable Transactions (Scotland) Act 2023
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57Assignation of statutory pledgeS
This section has no associated Explanatory Notes
(1)Except in so far as the provider and the secured creditor agree otherwise, a statutory pledge may be assigned.
(2)A statutory pledge is assigned only by the secured creditor executing or authenticating a document assigning the pledge.
(3)Subject to the provisions of that document, the assignation conveys to the assignee entitlement to the benefit of any notice served, or enforcement procedure commenced, by the assignor in respect of the statutory pledge before the assignation (to the effect that the assignee may proceed as if the assignee served that notice or commenced those procedures).
[F1(4)See also article 9 (assignation 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
F1S. 57(4) 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(7) (with art. 20)
Modifications etc. (not altering text)
C1Pt. 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)
Commencement Information
I1S. 57 not in force at Royal Assent, see s. 121(2)
I2S. 57 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2
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