Article 2 Interpretation

In this Order—

• “the Act” means the Moveable Transactions (Scotland) Act 2023^f1;

• “amendment document” has the meaning given by section 113(1) of the Act;

• “assignation document” has the meaning given by section 41(1) of the Act;

• “claim” has the meaning given by section 41(1) of the Act;

• “collateral-taker”, “financial collateral arrangement”, “financial collateral”, “financial instruments”, “security financial collateral arrangement” and “title transfer financial collateral arrangement”, and references to control or possession of financial collateral or a financial instrument, are to be construed in accordance with regulation 3 of the Financial Collateral Arrangements (No. 2) Regulations 2003^f2;

• “constitutive document” is to be construed in accordance with section 45 of the Act;

• “encumbered property” has the meaning given by section 113(1) of the Act;

• “pledge enforcement notice” has the meaning given by section 113(1) of the Act;

• “provider” has the meaning given by section 113(1) of the Act;

• “right in security” has the meaning given by section 113(1) of the Act;

• “secured creditor” has the meaning given by section 113(1) of the Act;

• “statutory pledge” has the meaning given by section 113(1) of the Act;

• “unregistered statutory pledge” means a pledge created under article 7(2) of this Order which has not been registered under section 48 or 49 of the Act.