Section 11 Effect of registered or recorded standard security, and incorporation of standard conditions.F5

Scotland

(1)

Where a standard security is duly F1registered or recorded, it shall operate to vest F2in the grantee a real right in security for the performance of the contract to which the security relates.

(2)

Subject to the provisions of this Part of this Act, the conditions set out in Schedule 3 to this Act, either as so set out or with such variations as have been agreed by the parties in the exercise of the powers conferred by the said Part (which conditions are hereinafter in this Act referred to as “the standard conditions”), shall regulate every standard security.

(3)

Subject to the provisions of this Part of this Act, the creditor and debtor in a standard security may vary any of the standard conditions, other than F3standard condition 11 (procedure on redemption) and the provisions of Schedule 3 to this Act relating to the powers of sale, . . . F4 and foreclosure and to the exercise of those powers, but no condition capable of being varied shall be varied in a manner inconsistent with any condition which may not be varied by virtue of this subsection.

(4)

In this Part of this Act—

(a)

any reference to a variation of the standard conditions shall include a reference to the inclusion of an additional condition and to the exclusion of a standard condition;

(b)

any purported variation of a standard condition which contravenes the provisions of subsection (3) of this section shall be void and unenforceable.

Annotations

Textual amendments

F1: Words in s. 11(1) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(4) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
F2: Words in s. 11(1) substituted (28.11.2004) by 2000 asp 5, ss. 76(1), 77(2)(c), sch. 12 Pt. 1 para. 30(8) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F3: Words inserted by Redemption of Standard Securities (Scotland) Act 1971 (c. 45), s. 1(a)
F4: Words repealed by Redemption of Standard Securities (Scotland) Act 1971 (c. 45), s. 1(a)
F5: Words in s. 11 title inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(5) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2

Notes on Part II

Modifications

C1

Pt. II explained by Redemption of Standard Securities (Scotland) Act 1971 (c. 45), s. 2

C2

Pt. II (ss. 9-32) applied (with modifications) (12.4.1993) by Health and Social Services and Social Security Adjudications Act 1983 (c. 41, SIF 113:3), s. 23(6); S.I. 1992/2974, art. 2, Sch.

Pt. II (ss. 9-32) applied (with modifications) (16.7.1993) by S.I. 1993/1516, art. 5

C3

The provisions of Pt. II, other than ss. 9(1) and (2), 12 and 14, applied (with modifications) by S.I. 1987/381, reg. 40(5)