# Moveable Transactions (Scotland) Act 2023, Section 47: Competence of creating statutory pledge over certain kinds of property

Extent: S

(1) It is not competent to create a statutory pledge over corporeal property which is—
(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,
(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
(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.
(2) It is not competent to create a statutory pledge over incorporeal property unless that property is—
(a) intellectual property, or
(b) an application for, or licence over, intellectual property.
(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)).
(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.

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Source: https://www.legislation.gov.uk/asp/2023/3/section/47 (the official version)
Page: https://openlegislation.uk/moveable-transactions-scotland-act-2023/section-47
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.