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Status:
Point in time view as at 01/07/2010. This version of this provision is prospective.
Status
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
- where the provision (Part, Chapter or section) has never come into force or;
- where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
Note: Point in time prospective is the latest available view of the legislation that includes by default all the prospective changes that might come into force.
Changes to legislation:
Bankruptcy and Diligence etc. (Scotland) Act 2007, Section 118 is up to date with all changes known to be in force on or before 11 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Prospective
118Registration of decree of foreclosureS
This section has no associated Explanatory Notes
(1)On registration of an extract of the decree of foreclosure in the appropriate property register—
(a)any right to discharge the land attachment by payment is extinguished;
(b)the creditor has right to, and is vested in, the land as if an irredeemable disposition of the land, granted in favour of the creditor by the debtor, had been delivered to the creditor and, on the date of registration of the extract of the decree, duly registered;
(c)the land is disburdened of the land attachment and of any security or diligence ranking after the land attachment; and
(d)the creditor has the like right as the debtor to redeem or as the case may be to discharge by payment any security or diligence ranking prior to, or pari passu with, the land attachment.
(2)Notwithstanding the registration of an extract of a decree of foreclosure, any personal obligation of the debtor under any security remains in full force and effect in so far as not extinguished by the price for which the creditor is deemed to have acquired the land and the price for which any part of the land has been sold.
(3)Title acquired by virtue of a decree of foreclosure under this section is not challengeable on the ground of any irregularity in the proceedings for, or in any diligence which preceded, foreclosure.
(4)Notwithstanding subsection (3) above, nothing in this section affects the competency of any claim for damages in respect of such proceedings or diligence as are mentioned in that subsection.
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