16 Variation of standard security.S
(1)Any alteration in the provisions (including any standard condition) of a standard security duly [F1registered or] recorded, other than an alteration which may appropriately be effected by an assignation, discharge or restriction of that standard security, or an alteration which involves an addition to, or an extension of, the [F2land or real right] in land mentioned therein, may be effected by a variation endorsed on the standard security in conformity with Form E of Schedule 4 to this Act, or by a variation contained in a separate deed in a form appropriate for that purpose, duly [F1registered or recorded in either case.
(2)Where a standard security has been duly [F3registered or] recorded, but the personal obligation or any other provision (including any standard condition) relating to the security has been created or specified in a deed which has not been so [F4registered or] recorded, nothing contained in this section shall prevent any alteration in that personal obligation or provision, other than an alteration which may be appropriately effected by an assignation, discharge or restriction of the standard security, or an alteration which involves an addition to, or an extension of, the [F2land or real right] in land mentioned therein, by a variation contained in any form of deed appropriate for that purpose, and such a variation shall not require to be [F5registered in the Land Register of Scotland or] recorded in the Register of Sasines.
F6(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)Any variation effected in accordance with this section shall not prejudice any other security or right over the same [F7land or real right in land, or over] any part thereof, effectively constituted before the variation is [F8registered or] recorded, or, where the variation is effected by an [F9unregistered or] unrecorded deed, before that deed is executed, as the case may be.]
Textual Amendments
F1Words in s. 16(1) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(10)(a) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
F2Words in s. 16(1)(2) substituted (28.11.2004) by 2000 asp 5, ss. 76(1), 77(2)(c), sch. 12 Pt. 1 para. 30(12)(a) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F3Words in s. 16(2) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(10)(b)(i) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
F4Words in s. 16(2) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(10)(b)(ii) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
F5Words in s. 16(2) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(10)(b)(iii) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
F6S. 16(3) repealed by Finance Act 1971 (c. 68), Sch. 14, pt. VI
F7Words in s. 16(4) substituted (28.11.2004) by 2000 asp 5, ss. 76(1), 77(2)(c), sch. 12 Pt. 1 para. 30(12)(b) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F8Words in s. 16(4) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(10)(c)(i) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
F9Words in s. 16(4) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(10)(c)(ii) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
Modifications etc. (not altering text)
C1Ss. 14-30 applied (with modifications) (28.11.2004) by 2000 asp 5, ss. 69, 77(2)(a) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2