Section 64 Enforcement of pledge: generalI1 I2 C1

Scotland

(1)

A pledge is enforceable only in accordance with the provisions of this Part.

(2)

A pledge may be enforced—

(a)

in such circumstances as are agreed between the provider and the secured creditor, or

(b)

subject to any such agreement, where there has been a failure to perform the secured obligation.

(3)

Any agreement under subsection (2)(a) must be in writing.

(4)

In enforcing a pledge, a secured creditor must conform to reasonable standards of commercial practice.

(5)

Subsection (2) is subject to sections 55 (3), 65 and 66.

Annotations

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)