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Moveable Transactions (Scotland) Act 2023
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This version of this provision is prospective.
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Changes to legislation:
Moveable Transactions (Scotland) Act 2023, Section 45 is up to date with all changes known to be in force on or before 18 February 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 45:
- s. 45 coming into force by S.S.I. 2024/378 reg. 2
Prospective
45Constitutive documentS
This section has no associated Explanatory Notes
(1)A statutory pledge requires a constitutive document.
(2)The constitutive document must—
(a)be executed or authenticated by the provider,
(b)identify the property which is to be the encumbered property, and
(c)identify the obligation which is to be the secured obligation.
(3)If the encumbered property is to consist of more than one item, the constitutive document must—
(a)identify each item separately, or
(b)identify the items in terms of their constituting an identifiable class.
(4)The property identified (whether separately or as a class) as the property which is to be the encumbered property may be either property of, or property to be acquired by, the provider.
(5)For the purposes of subsections (2) and (3), the ways in which the encumbered property or the secured obligation can be identified in the constitutive document include by making reference in the constitutive document to another document, the terms of which are not reproduced.
Commencement Information
I1S. 45 not in force at Royal Assent, see s. 121(2)
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