- Latest available (Revised)
- Original (As enacted)
Moveable Transactions (Scotland) Act 2023
You are here:
- Acts of the Scottish Parliament
- 2023 asp 3
- Part 2
- Chapter 1
- Pledge, secured obligation and...
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
More Resources
Changes over time for: Cross Heading: Pledge, secured obligation and encumbered property
Alternative versions:
Status:
This version of this cross heading contains provisions that are 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.
Changes to legislation:
There are currently no known outstanding effects for the Moveable Transactions (Scotland) Act 2023, Cross Heading: Pledge, secured obligation and encumbered property.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Prospective
Pledge, secured obligation and encumbered propertyS
42PledgeS
(1)A pledge is created in accordance with this section.
(2)Where a pledge is to be created over moveable property which is corporeal only, the pledge is created—
(a)by delivery of the property to the secured creditor, provided that the property is the provider’s at the time of delivery,
(b)in a case where the property is not the provider’s at the time of such delivery, on the property becoming the provider’s subsequent to such delivery, or
(c)by registration in accordance with section 48 or 49.
(3)Where a pledge is to be created over moveable property which is—
(a)incorporeal only, or
(b)both corporeal and incorporeal,
the pledge is created by registration in accordance with section 48 or 49.
(4)A pledge created by registration in accordance with section 48 or 49 is to be known as a “statutory pledge”.
(5)Nothing in this section affects any rule of law which existed prior to the commencement of this section whereby a pledge may be created over a negotiable instrument, and nothing in this Part applies in relation to any pledge created in accordance with such a rule.
Commencement Information
I1S. 42 not in force at Royal Assent, see s. 121(2)
43Secured obligation and encumbered propertyS
(1)The obligation secured by a pledge (“the secured obligation”)—
(a)may be any obligation owed, or which will or may become owed, to or by any person, and
(b)includes ancillary obligations owed (for example, to pay interest, damages and the reasonable expense of extra-judicial recovery of interest or damages).
(2)The property over which a pledge is created and in respect of which the pledge subsists (“the encumbered property”) includes, except in so far as the provider and the secured creditor agree otherwise, the natural fruits of the property but not its incorporeal fruits.
(3)At the time the pledge is created, the property which is to be the encumbered property must be transferable (whether or not its transferability is restricted in some way).
Commencement Information
I2S. 43 not in force at Royal Assent, see s. 121(2)
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Part
PrintThe Whole Chapter
PrintThis Cross Heading only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Notes
Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.