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Moveable Transactions (Scotland) Act 2023

2023 asp 3 · Enacted 13 June 2023 · Extends to Scotland

Up to date with all changes known to legislation.gov.uk, revised to 1 April 2025.

An Act of the Scottish Parliament to make provision in relation to the assignation of claims; to establish a register for assignation documents in respect of such claims; to make provision in relation to the granting of security in the form of a pledge over corporeal and incorporeal moveable property; to establish a register of statutory pledges; and to end the creation of agricultural charges.

The Bill for this Act of the Scottish Parliament was passed by the Parliament on 4th May 2023 and received Royal Assent on 13th June 2023

Contents

  1. Part 1: Assignation
  2. Chapter 1: Assignation of claims, protection of debtors and related matters
  3. Assignation of claims
  4. 1Assignation of claims: general
  5. 2Assignation of claim subject to a condition
  6. 3Transfer of claims
  7. 4Assignation of claims: insolvency
  8. 5Assignation in part
  9. 6Limitations as to assignability: general
  10. 7Claim in respect of wages or salary
  11. 8Intimation of the assignation of a claim
  12. 9Warrandice implied in the assignation of a claim
  13. Protection of debtors
  14. 10Protection of debtor who performs in good faith
  15. 11Further provision as to protection of debtor
  16. 12Performance in good faith where claim assigned cannot be transferred by intimation
  17. 13Performance in good faith where claim assigned subject to condition
  18. 14Asserting defence or right of compensation
  19. 15Right to withhold performance until information as to assignation is provided
  20. Accessory security rights
  21. 16Accessory security rights
  22. Abolition of certain rules of law
  23. 17Abolition of certain rules of law
  24. Saving
  25. 18Saving as respects International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015
  26. Chapter 2: Register of Assignations
  27. Register of Assignations
  28. 19The Register of Assignations
  29. Structure and contents of the register
  30. 20The parts of the register
  31. 21The assignations record
  32. 22The archive record
  33. Registration process
  34. 23Application for registration
  35. 24Application for registration where claims assigned to different assignees
  36. 25Registration
  37. 26Verification statement
  38. Effective registration
  39. 27Effective registration of assignation document
  40. 28Seriously misleading inaccuracies in the assignations record
  41. Corrections
  42. 29Correction of the assignations record
  43. 30Correction of the assignations record: procedure
  44. 31Proceedings involving the accuracy of the assignations record
  45. 32Power to make provision about applications for corrections
  46. Searches and extracts
  47. 33Searching the assignations record
  48. 34Admissibility and evidential status of search results
  49. 35Extracts and their evidential status
  50. Requests for information
  51. 36Assignee’s duty to respond to request for information
  52. Entitlement to compensation
  53. 37Liability of Keeper
  54. 38Liability of certain other persons
  55. Rules
  56. 39Rules
  57. Chapter 3: Miscellaneous and interpretation of Part 1
  58. Miscellaneous
  59. 40Repeal of Transmission of Moveable Property (Scotland) Act 1862
  60. Interpretation of Part 1
  61. 41Interpretation of Part 1
  62. Part 2: Security over Moveable Property
  63. Chapter 1: Pledge
  64. Pledge, secured obligation and encumbered property
  65. 42Pledge
  66. 43Secured obligation and encumbered property
  67. Possessory pledge
  68. 44Delivery
  69. Statutory pledge
  70. 45Constitutive document
  71. 46Competence of individual acting as provider of a statutory pledge
  72. 47Competence of creating statutory pledge over certain kinds of property
  73. 48Creation of statutory pledge by registration: general
  74. 49Creation of statutory pledge over added property
  75. 50Creation of statutory pledge: insolvency
  76. Property encumbered by statutory pledge: effect of transfer by provider
  77. 51Property encumbered by statutory pledge: transfer by provider
  78. 52Extinction of statutory pledge where dealings inconsistent with a fixed security
  79. 53Acquisition in good faith from seller acting in ordinary course of business
  80. 54Acquisition in good faith for personal, domestic or household purposes
  81. 55Acquisition in good faith of motor vehicles
  82. Rights relating to matrimonial or family home where relevant to a statutory pledge
  83. 56Occupancy and other rights in family home following grant of statutory pledge
  84. Assignation, amendment, restriction or extinction of statutory pledge
  85. 57Assignation of statutory pledge
  86. 58Amendment of statutory pledge
  87. 59Restriction or discharge of statutory pledge
  88. Ranking of pledges etc.
  89. 60Ranking
  90. 61Amendment of Companies Act 1985 and Insolvency Act 1986
  91. 62Effect of diligence on pledge
  92. Enforcement of pledge
  93. 63The expression “pledge” in sections 64 to 77
  94. 64Enforcement of pledge: general
  95. 65Pledge enforcement notice
  96. 66Whether court order required for enforcement
  97. 67Secured creditor’s right to take possession of, or steps in relation to, corporeal property
  98. 68Secured creditor’s right to sell
  99. 69Sale: unencumbered acquisition
  100. 70Secured creditor’s right to let
  101. 71Secured creditor’s right to grant licence over intellectual property
  102. 72Secured creditor’s right to protect and manage the property
  103. 73Secured creditor’s right to appropriate
  104. 74Appropriation with prior agreement
  105. 75Appropriation without prior agreement
  106. 76Appropriation: unencumbered acquisition
  107. 77Application of proceeds from enforcement of pledge
  108. 78Mandatory application for removal of an entry from the statutory pledges record
  109. Liability for loss due to enforcement
  110. 79Liability for loss suffered by virtue of enforcement
  111. Service of documents for purposes of this Chapter
  112. 80Service of documents for purposes of this Chapter
  113. Chapter 2: Register of Statutory Pledges
  114. Register of Statutory Pledges
  115. 81The Register of Statutory Pledges
  116. Structure and contents of the register
  117. 82The parts of the register
  118. 83The statutory pledges record
  119. 84The archive record
  120. Registration process
  121. 85Order in which applications are to be dealt with
  122. 86Application for registration of statutory pledge
  123. 87Registration of statutory pledge
  124. 88Application for registration of amendment
  125. 89Registration of amendment
  126. 90Verification statement as to registration of statutory pledge or amendment
  127. Effective registration
  128. 91Effective registration of statutory pledge
  129. 92Effective registration of amendment to statutory pledge
  130. 93Supervening inaccuracies: protection of third parties
  131. 94Seriously misleading inaccuracies in the statutory pledges record
  132. Duration
  133. 95Power of Scottish Ministers in relation to duration of statutory pledge
  134. Corrections
  135. 96Application by secured creditor for correction of statutory pledges record
  136. 97Correction of record in response to application under section 96
  137. 98Demand that application for correction be made under section 96
  138. 99Response to application for correction under section 98(6)
  139. 100Correction of the statutory pledges record at instance of the court or the Keeper
  140. 101Meaning of “inaccuracy” and how a correction is made
  141. 102Correction of the statutory pledges record: procedure
  142. 103Proceedings involving the accuracy of the statutory pledges record
  143. Searches and extracts
  144. 104Searching the statutory pledges record
  145. 105Admissibility and evidential status of search results
  146. 106Extracts and their evidential status
  147. Requests for information
  148. 107Secured creditor’s duty to respond to request for information
  149. 108Acquisition of property confirmed by creditor not to be encumbered property
  150. Entitlement to compensation
  151. 109Liability of Keeper
  152. 110Liability of certain other persons
  153. Rules
  154. 111Rules
  155. Chapter 3: Miscellaneous and Interpretation of Part 2
  156. Miscellaneous
  157. 112Competence of creating an agricultural charge
  158. Interpretation of Part 2
  159. 113Interpretation of Part 2
  160. Part 3: Miscellaneous and General
  161. Computer system
  162. 114Automated computer system
  163. Registration of electronic documents
  164. 115Competence of registration of electronic documents
  165. Good faith
  166. 116Good faith
  167. Review of the Act
  168. 117Review of Act
  169. General
  170. 118Regulations
  171. 119Ancillary provision
  172. 120Interpretation of Act
  173. 121Commencement
  174. 122Short title