There are currently no known outstanding effects for the Moveable Transactions (Scotland) Act 2023, Section 59.
A statutory pledge may be—
(a)restricted to only part of the encumbered property, or
(b)discharged,
by means of a written statement by the secured creditor [F1(but see also article 11 (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
F1Words in s. 59 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(9) (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. 59 not in force at Royal Assent, see s. 121(2)
I2S. 59 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2
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