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Moveable Transactions (Scotland) Act 2023
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This version of this provision is prospective.
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Moveable Transactions (Scotland) Act 2023, Section 3 is up to date with all changes known to be in force on or before 31 January 2025. 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.
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Changes and effects yet to be applied to Section 3:
- s. 3 coming into force by S.S.I. 2024/378 reg. 2
Prospective
3Transfer of claimsS
This section has no associated Explanatory Notes
(1)A claim in respect of which an assignation document is granted is transferred on the requirements mentioned in subsection (2) all being met.
(2)Those requirements are that—
(a)the assignor is the holder of the claim,
(b)either—
(i)intimation of the assignation is effected under section 8(1), or
(ii)the assignation document is registered,
(c)the claim is identifiable as a claim to which the assignation document relates, and
(d)if the assignation is subject to a condition which must be satisfied before the claim is transferred, the condition is satisfied.
(3)For the purposes of subsection (1), if the claim is a claim such as is mentioned in section 1(4)—
(a)the requirement mentioned in subsection (2)(a) is met when the assignor becomes the holder of the claim, and
(b)any rule of law as to accretion does not apply in relation to the claim.
(4)Subsection (2)(b)(ii) is subject to section 27 (effective registration of assignation document) and, accordingly, the requirement of that subsection—
(a)is not met if the registration of the assignation document is ineffective in accordance with section 27(1), and
(b)is met if and when that registration becomes effective in accordance with section 27(3).
(5)Subsection (6) applies where—
(a)an assignor grants more than one assignation document in respect of the same claim,
(b)each of the purported assignations of the claim is to a different person, and
(c)the requirements of subsection (2) are all met in relation to each of the purported assignations at the same time by virtue of—
(i)the assignor becoming the holder of the claim,
(ii)the claim becoming identifiable as a claim to which the assignation document relates, or
(iii)where each of the purported assignations is subject to a condition which must be satisfied before the claim is transferred, those conditions being satisfied at the same time.
(6)The claim transfers under subsection (1) to the person to whom it is assigned by whichever of the purported assignations of the claim first met the requirement of subsection (2)(b).
(7)This section is subject to section 4 (assignation of claims: insolvency).
(8)The Scottish Ministers may by regulations prescribe types of claim in relation to which sub-paragraph (i) of subsection (2)(b) is to be disregarded.
Commencement Information
I1S. 3 not in force at Royal Assent, see s. 121(2)
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