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Article 21 Modification of Part 1 of the Act

Original text. Later amendments are not shown.

(1)

Part 1 of the Act is amended as follows.

(2)

In section 1 (assignation of claims: general), for subsection (6) substitute—

“(6)

This Part applies to the assignation of a claim as part of a financial collateral arrangement, within the meaning of regulation 3(1) of the Financial Collateral Arrangements (No.2) Regulations 2003 (S.I. 2003/3226), only under and in accordance with the Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025 (S.I. 2025/275 (S. 1)).”.

(3)

In section 3 (transfer of claims), after subsection (8) insert—

“(9)

See also article 4 (transfer of claim assigned as part of financial collateral arrangement) of the Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025 (S.I. 2025/275 (S. 1)).”.