Section 57 Assignation of statutory pledgeI1I2C1

Except in so far as the provider and the secured creditor agree otherwise, a statutory pledge may be assigned.

A statutory pledge is assigned only by the secured creditor executing or authenticating a document assigning the pledge.

Subject to the provisions of that document, the assignation conveys to the assignee entitlement to the benefit of any notice served, or enforcement procedure commenced, by the assignor in respect of the statutory pledge before the assignation (to the effect that the assignee may proceed as if the assignee served that notice or commenced those procedures).

See also article 9 (assignation of unregistered 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)).