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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 68 is up to date with all changes known to be in force on or before 26 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 68:
- s. 68 coming into force by S.S.I. 2024/378 reg. 2
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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