Section 59 Restriction or discharge of statutory pledgeI1I2C1
Scotland
A statutory pledge may be—
restricted to only part of the encumbered property, or
discharged,
by means of a written statement by the secured creditor F1(but see also article 11 (restriction, discharge or extinction 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)))..
Annotations
Textual amendments
- F1
Words in s. 59 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(9) (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. 59 not in force at Royal Assent, see s. 121(2)
- I2
S. 59 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2