Moveable Transactions (Scotland) Act 2023 (asp 3)

Part 2 Security over Moveable Property

Chapter 2 Register of Statutory Pledges

Effective registration

91 Effective registration of statutory pledge

(1) The registration of a statutory pledge is ineffective if—

(a) the entry made up for the statutory pledge in the statutory pledges record—

(i) does not include a copy of the constitutive document, or

(ii) is, at the time of registration, seriously misleading as a result of an inaccuracy or inaccuracies in it, or

(b) the constitutive document is invalid.

(2) But subsection (1)(a)(ii) is subject to section 94(1)(c) and (d).

(3) Where the registration of a statutory pledge is ineffective by virtue of subsection (1), it becomes effective if and when the entry is corrected.