Moveable Transactions (Scotland) Act 2023

This section has no associated Explanatory Notes

(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.

Modifications etc. (not altering text)

Commencement Information

I1S. 69 not in force at Royal Assent, see s. 121(2)