Section 486 Interpretation for Part XVIII generally.C1

In this Part, unless the context otherwise requires, the following expressions have the following meanings respectively assigned to them, that is to say—

• “ancillary document” means—

  1. (a)

     a document which relates to the floating charge and which was executed by the debtor or creditor in the charge before the registration of the charge in accordance with Chapter II or Part XII; or

  2. (b)

     an instrument of alteration such as is mentioned in section 466 in this Part;

• “company”, . . . F1, means an incorporated company (whether a company within the meaning of this Act or not);

• “fixed security”, in relation to any property of a company, means any security, other than a floating charge or a charge having the nature of a floating charge, which on the winding up of the company in Scotland would be treated as an effective security over that property, and (without prejudice to that generality) includes a security over that property, being;

  1. (a)

     F2a heritable security within the meaning of section 9(8) of the M1Conveyancing and Feudal Reform (Scotland) Act 1970 F3; or

  2. (b)

     a statutory pledge within the meaning given by section 113(1) of the Moveable Transactions (Scotland) Act 2023;

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• “Register of Sasines” means the appropriate division of the General Register of Sasines.