Section 53 Acquisition in good faith from seller acting in ordinary course of businessI1I2C1
Scotland
A purchaser of corporeal property which is encumbered property under a statutory pledge acquires it unencumbered by the statutory pledge, despite the consent mentioned in section 51(2) not having been obtained, if—
the person from whom the property is acquired is acting in the ordinary course of that person’s business, and
at the time of acquisition, the purchaser is in good faith.
For the purposes of subsection (1)(b), a purchaser is not to be taken to be other than in good faith by reason only of the statutory pledge having been registered.
Annotations
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. 53 not in force at Royal Assent, see s. 121(2)
- I2
S. 53 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2