Regulation 3 Interpretation: debt

In these Regulations, “Debt”–

(a)

includes any sum due by a debtor–

(i)

constituted by–

(aa)

decree or document of debt;

(bb)

judicial or contractual interest;

(cc)

charges or penalties due under a contract on any default in respect, or breach of, that contract;

(dd)

lease or tenancy agreement;

(ee)

enactment;

(ii)

secured by a standard security, to the extent that the sum is arrears of a periodic payment due to be paid under a loan agreement so secured;

(iii)

recoverable from the debtor as enforcement expenses; and

(b)

excludes any sum due by a debtor–

(i)

to the extent it is secured by a standard security, other than where that sum is included under paragraph (a)(ii);

(ii)

as a liability for the purpose of section 17(2B) of the Legal Aid (Scotland) Act 1986^f1.

Annotations

f1: 1986 c. 47. Section 2B was inserted by the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40), Schedule 8, paragraph 36.