(1)In section 13 of the Conveyancing and Feudal Reform (Scotland) Act 1970 (c. 35) (ranking of standard securities), in subsection (1), for the words from “his present advances” to “to which the security relates” there shall be substituted the following paragraphs—
“(a)the present debt incurred (whenever payable); and
(b)any future debt which, under the contract to which the security relates, he is required to allow the debtor in the security to incur,”.
(2)Subsection (1) above does not affect the preference in ranking of the standard security of a creditor if the notice mentioned in the said section 13 was received by that creditor before the day on which this section comes into force.