Bankruptcy and Diligence etc. (Scotland) Act 2007

Prospective

85Restriction on priority of ranking of certain securitiesS
This section has no associated Explanatory Notes

After section 13 of the Conveyancing and Feudal Reform (Scotland) Act 1970 (c. 35), insert—

“13AEffect of subsequent land attachment on ranking of standard securities

(1)This section applies where—

(a)a notice of land attachment, relating to land (or any part of it) which is subject to an existing standard security duly[F1registered or] recorded, is registered in accordance with section 83(1)(c) of the Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3);

(b)a copy of that notice is served on the creditor in that existing standard security; and

(c)a land attachment is subsequently created on the expiry of the period of 28 days mentioned in section 81(3) of that Act.

(2)Section 13(1) of this Act shall apply in relation to the effect on the preference in ranking of that existing standard security from the day on which the period referred to in subsection (1)(c) above expires.”.

Textual Amendments