{
  "url": "https://openlegislation.uk/moveable-transactions-scotland-act-2023/section-47",
  "json_url": "https://openlegislation.uk/moveable-transactions-scotland-act-2023/section-47.json",
  "legislation": "asp/2023/3",
  "legislation_title": "Moveable Transactions (Scotland) Act 2023",
  "legislation_url": "https://openlegislation.uk/moveable-transactions-scotland-act-2023",
  "path": "section/47",
  "kind": "section",
  "number": "47",
  "heading": "Competence of creating statutory pledge over certain kinds of property",
  "text": "(1) It is not competent to create a statutory pledge over corporeal property which is—\n(a) 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,\n(b) 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\n(c) 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.\n(2) It is not competent to create a statutory pledge over incorporeal property unless that property is—\n(a) intellectual property, or\n(b) an application for, or licence over, intellectual property.\n(2A) 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)).\n(3) 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.",
  "extent": "S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "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)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 47 not in force at Royal Assent, see s. 121(2)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "S. 47 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/asp/2023/3/section/47",
    "retrieved_at": "2026-10-29T20:12:17.256943+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}