Section 95 Power of Scottish Ministers in relation to duration of statutory pledgeI1I2C1
Scotland
The Scottish Ministers may by regulations—
specify a period from the creation or renewal of an entry in the statutory pledges record at the end of which the statutory pledge to which the entry relates will be extinguished and the entry removed, unless during that period the entry has been—
renewed by virtue of paragraph (b), or
removed, and
enable an application to be made by the secured creditor for the renewal of an entry which would otherwise fall to be removed by virtue of paragraph (a).
Before laying a draft of a Scottish statutory instrument containing regulations under subsection (1) before the Scottish Parliament, the Scottish Ministers must consult the Keeper.
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. 95 not in force at Royal Assent, see s. 121(2)
- I2
S. 95 in force at 1.4.2025 by S.S.I. 2024/378, reg. 2