79Liability for loss suffered by virtue of enforcementS
(1)A person (“P”) is entitled to be compensated by a secured creditor for loss suffered in consequence of the secured creditor’s failure to comply with any obligation imposed on the secured creditor by any provision of sections 64 to 78.
(2)But the secured creditor has no liability under subsection (1)—
(a)in so far as P’s loss could have been avoided had P taken measures which it would have been reasonable for P to take, or
(b)in so far as P’s loss was not reasonably foreseeable.
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. 79 not in force at Royal Assent, see s. 121(2)
I2S. 79 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2