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(1)This section applies where a secured creditor sells property by virtue of section 68(1) and transfers the property to the purchaser.
(2)The purchaser acquires the property unencumbered by—
(a)the pledge which was the subject of the pledge enforcement notice, and
(b)any right in security, or any diligence, ranking equally with or postponed to the pledge.
(3)The purchaser acquires the property unencumbered by—
(a)any right in security which has priority in ranking over the pledge, or
(b)any diligence which has priority in ranking over the pledge,
only if the holder of the right in security or, as the case may be, the creditor who executed the diligence consented to the sale.
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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.
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