Moveable Transactions (Scotland) Act 2023

91 Effective registration of statutory pledge S

(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.

Modifications etc. (not altering text)

C1 Pt. 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

I1 S. 91 not in force at Royal Assent, see s. 121(2)

I2 S. 91 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2