Moveable Transactions (Scotland) Act 2023

72Secured creditor’s right to protect and manage the propertyS
This section has no associated Explanatory Notes

(1)A secured creditor who, by virtue of section 68(1), is entitled to sell property is entitled to take reasonable steps to—

(a)protect, maintain and manage it, and

(b)preserve its value.

(2)The right under subsection (1) includes, for example, the right of the secured creditor to—

(a)effect or maintain an insurance policy in relation to the property,

(b)settle any liability in relation to the property,

(c)bring, defend or continue legal proceedings in relation to the property,

(d)take such other steps as the provider has agreed (whether before or after the pledge becomes enforceable by virtue of section 64(2)) may be taken by the secured creditor.

[F1(2A)See also article 17 (secured creditor’s right to protect and manage 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)).]

(3)Subsection (1) is without prejudice to section 67(2)(b).

Textual Amendments

Modifications etc. (not altering text)

Commencement Information

I1S. 72 not in force at Royal Assent, see s. 121(2)

I2S. 72 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2