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Section 27 Effective registration of assignation documentI1I2C1

Scotland

(1)

The registration of an assignation document is ineffective if—

(a)

the entry made up for the assignation document in the assignations record—

(i)

does not include a copy of the assignation document, or

(ii)

is, at the time of registration, seriously misleading as a result of an inaccuracy or inaccuracies in it, or

(b)

the assignation document is invalid.

(2)

But subsection (1)(a)(ii) is subject to section 28(1)(c) and (d).

(3)

Where the registration of an assignation document is ineffective by virtue of subsection (1), it becomes effective if and when the entry is corrected.

Annotations

Modifications

C1

Pt. 1 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), 3 (with arts. 4, 20)

Commencement

I1

S. 27 not in force at Royal Assent, see s. 121(2)

I2

S. 27 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2