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Moveable Transactions (Scotland) Act 2023
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64Enforcement of pledge: generalS
This section has no associated Explanatory Notes
(1)A pledge is enforceable only in accordance with the provisions of this Part.
(2)A pledge may be enforced—
(a)in such circumstances as are agreed between the provider and the secured creditor, or
(b)subject to any such agreement, where there has been a failure to perform the secured obligation.
(3)Any agreement under subsection (2)(a) must be in writing.
(4)In enforcing a pledge, a secured creditor must conform to reasonable standards of commercial practice.
(5)Subsection (2) is subject to sections 55(3), 65 and 66.
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. 64 not in force at Royal Assent, see s. 121(2)
I2S. 64 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2
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