Moveable Transactions (Scotland) Act 2023

Moveable Transactions (Scotland) Act 2023

2023 asp 3

Commentary on Sections

Part 1 – Assignation

Chapter 2 – Register of Assignations

Registration process

Section 25 – Registration

123. Subsection (1) provides that the Keeper must, on accepting an application, make up and maintain the appropriate entry in the RoA, which includes allocating a registration number (as defined in section 120(1) of the Act).

124. Subsection (2) provides that an assignation document is taken to be registered on the date and at the time originally entered for it. In other words, even if the registration of an assignation document is ineffective and becomes effective only once it is corrected (see section 27(3)), the date and time of registration of the assignation document will still be the date and time of the initial (i.e. ineffective) registration. However, it is the time of effective registration that is critical for transfer of the claim (see section 3).