Moveable Transactions (Scotland) Act 2023 Explanatory Notes

  • Explanatory Notes Table of contents

  1. Introduction

  2. The Act

  3. Overview of the Act

  4. Commentary on Sections

    1. Part 1 – Assignation

      1. Chapter 1 – Assignation of claims, protection of debtors and related matters

        1. Assignation of claims

          1. Section 1 – Assignation of claims: general

          2. Section 2 – Assignation of claim subject to a condition

          3. Section 3 – Transfer of claims

          4. Section 4 – Assignation of claims: insolvency

          5. Section 5 – Assignation in part

          6. Section 6 – Limitations as to assignability: general

          7. Section 7 – Claim in respect of wages or salary

          8. Section 8 – Intimation of the assignation of a claim

          9. Section 9 – Warrandice implied in the assignation of a claim

        2. Protection of debtors

          1. Section 10 – Protection of debtor who performs in good faith

          2. Section 11 – Further provision as to protection of debtor

          3. Section 12 – Performance in good faith where claim assigned cannot be transferred by intimation

          4. Section 13 – Performance in good faith where claim assigned subject to condition

          5. Section 14 – Asserting defence or right of compensation

          6. Section 15 – Right to withhold performance until information as to assignation is provided

        3. Accessory security rights

          1. Section 16 – Accessory security rights

        4. Example 3

        5. Abolition of certain rules of law

          1. Section 17 – Abolition of certain rules of law

        6. Saving

          1. Section 18 – Saving as respects International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015

      2. Chapter 2 – Register of Assignations

        1. Register of Assignations

          1. Section 19 – The Register of Assignations

        2. Structure and contents of the register

          1. Section 20 – The parts of the register

          2. Section 21 – The assignations record

          3. Section 22 – The archive record

        3. Registration process

          1. Section 23 – Application for registration

          2. Section 24 – Application for registration where claims assigned to different assignees

          3. Section 25 – Registration

          4. Section 26 – Verification statement

        4. Effective registration

          1. Section 27 – Effective registration of assignation document

          2. Section 28 – Seriously misleading inaccuracies in the assignations record

        5. Corrections

          1. Section 29 – Correction of the assignations record

          2. Section 30 – Correction of assignations record: procedure

          3. Section 31 – Proceedings involving the accuracy of the assignations record

          4. Section 32 – Power to make provision about applications for corrections

        6. Searches and extracts

          1. Section 33 – Searching the assignations record

          2. Section 34 – Admissibility and evidential status of search results

          3. Section 35 – Extracts and their evidential status

        7. Request for information

          1. Section 36 – Assignee’s duty to respond to request for information

        8. Entitlement to compensation

          1. Section 37 – Liability of Keeper

          2. Section 38 – Liability of certain other persons

        9. Rules

          1. Section 39 – RoA Rules

      3. Chapter 3 – Miscellaneous and interpretation of Part 1

        1. Section 40 – Repeal of Transmission of Moveable Property (Scotland) Act 1862

        2. Section 41 – Interpretation of Part 1

    2. Part 2 – Security over Moveable Property

      1. Chapter 1 - Pledge

        1. Pledge, secured obligation and encumbered property

          1. Section 42 – Pledge

          2. Section 43 – Secured obligation and encumbered property

        2. Possessory pledge

          1. Section 44 – Delivery

        3. Statutory pledge

          1. Section 45 – Constitutive document

          2. Section 46 – Competence of individual acting as provider of a statutory pledge

          3. Section 47 – Competence of creating statutory pledge over certain kinds of property

          4. Section 48 – Creation of statutory pledge by registration: general

          5. Section 49 – Creation of statutory pledge over added property

          6. Section 50 – Creation of statutory pledge: insolvency

        4. Property encumbered by statutory pledge: effect of transfer by provider

          1. Section 51 – Property encumbered by statutory pledge: transfer by provider

          2. Section 52 – Extinction of statutory pledge where dealings inconsistent with a fixed security

          3. Section 53 – Acquisition in good faith from seller acting in ordinary course of business

          4. Section 54 – Acquisition in good faith for personal, domestic or household purposes

          5. Section 55 – Acquisition in good faith of motor vehicles

        5. Rights relating to matrimonial or family home where relevant to a statutory pledge

          1. Section 56 – Occupancy and other rights in family home following grant of statutory pledge

        6. Assignation, amendment, restriction or extinction of statutory pledge

          1. Section 57 – Assignation of statutory pledge

          2. Section 58 – Amendment of statutory pledge

          3. Section 59 – Restriction or discharge of statutory pledge

        7. Ranking of pledges etc.

          1. Section 60 – Ranking

          2. Section 61 – Amendment of Companies Act 1985 and of Insolvency Act 1986

          3. Section 62 – Effect of diligence on pledge

        8. Enforcement of pledge

          1. Section 63 – The expression “pledge” in sections 64 to 77

          2. Section 64 – Enforcement of pledge: general

          3. Section 65 – Pledge enforcement notice

          4. Section 66 – Whether court order required for enforcement

          5. Section 67 – Secured creditor’s right to take possession of, or steps in relation to, corporeal property

          6. Section 68 – Secured creditor’s right to sell

          7. Section 69 – Sale: unencumbered acquisition

          8. Section 70 – Secured creditor’s right to let

          9. Section 71 – Secured creditor’s right to grant license over intellectual property

          10. Section 72 – Secured creditor’s right to protect and manage the property

          11. Section 73 – Secured creditor’s right to appropriate

          12. Section 74 – Appropriation with prior agreement

          13. Section 75 – Appropriation without prior agreement

          14. Section 76 – Appropriation: unencumbered acquisition

          15. Section 77 – Application of proceeds from enforcement of pledge

          16. Section 78 – Mandatory application for removal of an entry from the statutory pledges record

        9. Liability for loss due to enforcement

          1. Section 79 – Liability for loss suffered by virtue of enforcement

        10. Service of documents for purposes of this Chapter

          1. Section 80 – Service of documents for purposes of this Chapter

      2. Chapter 2 – Register of Statutory Pledges

        1. Register of Statutory Pledges

          1. Section 81 – The Register of Statutory Pledges

        2. Structure and contents of the register

          1. Section 82 – The parts of the register

          2. Section 81 – The statutory pledges record

          3. Section 84 – The archive record

        3. Registration process

          1. Section 85 – Order in which applications are to be dealt with

          2. Section 86 – Application for registration of statutory pledge

          3. Section 87 – Registration of statutory pledge

          4. Section 88 – Application for registration of amendment

          5. Section 89 – Registration of amendment

          6. Section 90 – Verification statement as to registration of statutory pledge or amendment

        4. Effective registration

          1. Section 91 – Effective registration of statutory pledge

          2. Section 92 – Effective registration of amendment to statutory pledge

          3. Section 93 – Supervening inaccuracies: protection of third parties

          4. Section 94 – Seriously misleading inaccuracies in the statutory pledges record

        5. Duration

          1. Section 95 – Power of Scottish Ministers as regards duration of statutory pledge

        6. Corrections

          1. Section 96 – Application by secured creditor for correction of statutory pledges record

          2. Section 97 – Correction of record in response to application under section 96

          3. Section 98 – Demand that application for correction be made under section 96

          4. Section 99 – Response to application for correction under section 98(6)

          5. Section 100 – Correction of the statutory pledges record at instance of the court or the Keeper

          6. Section 101 – Meaning of “inaccuracy” and how a correction is made

          7. Section 102 – Correction of statutory pledges record: procedure

          8. Section 103 – Proceedings involving the accuracy of the statutory pledges record

        7. Searches and extracts

          1. Section 104 – Searching the statutory pledges record

          2. Section 105 – Admissibility and evidential status of search results

          3. Section 106 – Extracts and their evidential status

        8. Request for information

          1. Section 107 – Secured creditor’s duty to respond to request for information

          2. Section 108 – Acquisition of property confirmed by creditor not to be encumbered property

        9. Entitlement to compensation

          1. Section 109 – Liability of Keeper

          2. Section 110 – Liability of certain other persons

        10. Rules

          1. Section 111 – RSP Rules

      3. Chapter 3 – Miscellaneous and interpretation of Part 2

        1. Section 112 – Competence of creating an agricultural charge

        2. Section 113 – Interpretation of Part 2

    3. Part 3 – Miscellaneous and General

      1. Computer system

        1. Section 114 – Automated computer system

      2. Registration of electronic documents

        1. Section 115 – Competence of registration of electronic documents

      3. Good faith

        1. Section 116 – Good faith

      4. Review of the Act

        1. Section 117 – Review of Act

      5. General

        1. Section 118 – Regulations

        2. Section 119 – Ancillary provision

        3. Section 120 – Interpretation of Act

        4. Section 121 – Commencement

        5. Section 122 – Short title

  5. Parliamentary History

  • Explanatory Notes Table of contents

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