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

Assignation, amendment, restriction or extinction of statutory pledge S

59 Restriction or discharge of statutory pledge S

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

F1 Words 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)

Commencement Information

I1 S. 59 not in force at Royal Assent, see s. 121(2)

I2 S. 59 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2