PART 2Key concepts
CHAPTER 1Land transactions and chargeable interests
Chargeable interest
5Exempt interest
1
An interest is exempt if it is a security interest.
2
In subsection (1) a “security interest” means a real right or other interest in or over land held for the purpose of securing the payment of money or the performance of any other obligation.
3
See also paragraphs 21 to 24 of schedule 7 (which make additional provision about exempt interests in relation to alternative property finance arrangements).
4
The Scottish Ministers may, by regulations, modify this section so as to—
a
provide that a description of a real right or other interest in or over land is an exempt interest,
b
provide that a description of a real right or other interest in or over land is no longer to be an exempt interest,
c
vary a description of an exempt interest.