Section 47 Competence of creating statutory pledge over certain kinds of propertyI1I2C1
Scotland
It is not competent to create a statutory pledge over corporeal property which is—
an aircraft in respect of which it is competent to register a mortgage in the register of aircraft mortgages kept by the Civil Aviation Authority,
an aircraft object (as defined in regulation 5 of the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (S.I. 2015/912)), or
a ship (or a share in a ship) in respect of which it is competent to register a mortgage in the register of British ships maintained for the United Kingdom under section 8 of the Merchant Shipping Act 1995.
It is not competent to create a statutory pledge over incorporeal property unless that property is—
intellectual property, or
an application for, or licence over, intellectual property.
But see also article 5 (competence of creating statutory pledge over financial instrument) 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)).
The Scottish Ministers may by regulations modify this section so as to specify further kinds of incorporeal property over which it is competent to create a statutory pledge.
Annotations
Textual amendments
- F1
S. 47(2A) inserted (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), 22(4) (with art. 20)
Modifications
- 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)
Commencement
- I1
S. 47 not in force at Royal Assent, see s. 121(2)
- I2
S. 47 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2