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The Moveable Transactions (Forms) (Scotland) Regulations 2024

S.S.I. 2024/379 · Made 12 December 2024

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Moveable Transactions

Made 12th December 2024

Laid before the Scottish Parliament 16th December 2024

Coming into force 1st April 2025

The Scottish Ministers make the following Regulations in exercise of the powers conferred by sections 65(1), 98(4)(a) and 118(1) of the Moveable Transactions (Scotland) Act 2023f1 and all other powers enabling them to do so.

Annotations to the whole text

Footnotes

f1

2023 asp 3; section 120(1) contains a definition of “prescribed” relevant to the use of powers in these Regulations.

Contents

  1. 1Citation, commencement and interpretation
  2. 2Pledge enforcement notice
  3. 3Correction demand in respect of entry in statutory pledges record
  4. Signature
  5. Schedule
  6. 1Part 1
  7. 2Part 2
  8. Explanatory note

1Citation, commencement and interpretation

(1)

These Regulations may be cited as the Moveable Transactions (Forms) (Scotland) Regulations 2024 and come into force on 1 April 2025.

(2)

In these Regulations, “the Act” means the Moveable Transactions (Scotland) Act 2023.

2Pledge enforcement notice

The form of a pledge enforcement notice under section 65(1) (pledge enforcement notice) of the Act is the form set out in Part 1 of the schedule.

3Correction demand in respect of entry in statutory pledges record

The form of a correction demand under section 98(1) (demand that application for correction be made under section 96) of the Act is the form set out in Part 2 of the schedule.

Signature

IVAN MCKEE

Authorised to sign by the Scottish Ministers

St Andrew’s House,

Edinburgh

12th December 2024

1

form.

2

form.
form.

Explanatory note

(This note is not part of the Regulations)

These Regulations prescribe the forms to be used for the purposes of sections 65(1) and 98(1) of the Moveable Transactions (Scotland) Act 2023 (asp 3) (“the Act”).

Regulation 2 prescribes the form a pledge enforcement notice must be in. Section 65(1) of the Act provides that a secured creditor must serve a pledge enforcement notice, in the prescribed form, on those persons noted in that section before taking any other steps to enforce the statutory pledge.

Regulation 3 prescribes the form a correction demand must be in. Section 98(1) of the Act provides that a person may serve a correction demand, in the prescribed form, on the registered creditor to demand they apply to the Keeper of the Register of Scotland to have a relevant entry in the Register of Statutory Pledges corrected.