Moveable Transactions (Scotland) Act 2023

Moveable Transactions (Scotland) Act 2023

2023 asp 3

Commentary on Sections

Part 1 – Assignation

Chapter 2 – Register of Assignations

Structure and contents of the register

Section 22 – The archive record

115. This section sets out that the archive record consists of—

• first, all entries and copy documents which have been transferred to that record from the assignations record as a result of the correction of the assignations record (whether because an entry has been removed from the assignations record in its entirety, or whether a document on the assignations record has been replaced),

• second, copies of any document which discloses, or contributes to disclosing an inaccuracy in respect of which a correction has been made,

• third, any other documents the Keeper considers it appropriate to include, and

• fourth, any other information required to be entered in the record by RoA Rules.

116. Entries will not move from the assignation record to the archive record simply because the claim which is the subject of the assignation is performed. The assignations record is simply a record of assignation documents which have been granted and which the assignee has chosen to register. It is a snapshot of a moment in time, rather than an ongoing reflection of the status of the claim. However, an entry may be transferred to the archive record if a correction is made to reflect the fact that the entry should never have been created. For example, if a fraudulent assignation document is registered, a correction may be made to remove the entry.