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Moveable Transactions (Scotland) Act 2023

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Changes over time for: Section 68

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This version of this provision is prospective. Help about Status

Changes to legislation:

Moveable Transactions (Scotland) Act 2023, Section 68 is up to date with all changes known to be in force on or before 27 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. Help about Changes to Legislation

Prospective

68Secured creditor’s right to sellS
This section has no associated Explanatory Notes

(1)Where a pledge enforcement notice has been served in respect of property, the secured creditor is, subject to any court order that is required under section 66, entitled to sell all or any of that property.

(2)In selling property by virtue of subsection (1), the secured creditor must take all reasonable steps to ensure that the price obtained is the best reasonably obtainable.

(3)The secured creditor is entitled to purchase all or any of the property but only—

(a)in a sale by public auction, and

(b)for a price no lower than one which bears a reasonable relationship to market value.

(4)Any proceeds obtained by virtue of subsection (1) are to be held in trust by the secured creditor until applied under section 77.

Commencement Information

I1S. 68 not in force at Royal Assent, see s. 121(2)

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