Section 100 Correction of the statutory pledges record at instance of the court or the KeeperI1 I2 C1

Scotland

(1)

Where a court determines in any proceedings that the statutory pledges record is inaccurate, the court—

(a)

must direct the Keeper to correct the record, and

(b)

may give the Keeper any further direction it considers necessary in connection with the correction.

(2)

Subsection (3) applies where the Keeper becomes aware of a manifest inaccuracy in the statutory pledges record other than—

(a)

as a result of a direction under subsection (1),

(b)

where an application has been made under section 96 (1) or 98 (6) in respect of the inaccuracy, or

(c)

where the Keeper considers that—

(i)

such an application could reasonably be made in respect of the inaccuracy, and

(ii)

the inaccuracy is not attributable to the Keeper.

(3)

The Keeper must—

(a)

correct the record if what is needed to correct it is manifest,

(b)

if what is needed to correct it is not manifest, note the inaccuracy on the entry in question.

Annotations

C1: Pt. 2 extended (with modifications) (1.4.2025) by The Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025 (S.I. 2025/275), arts. 1(2), 5 (with arts. 6-20)