Search Legislation

Moveable Transactions (Scotland) Act 2023

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Status:

This is the original version (as it was originally enacted).

68Secured creditor’s right to sell
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.

Back to top

Options/Help