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Moveable Transactions (Scotland) Act 2023
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Moveable Transactions (Scotland) Act 2023, Section 72 is up to date with all changes known to be in force on or before 14 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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- s. 72 coming into force by S.S.I. 2024/378 reg. 2
Prospective
72Secured creditor’s right to protect and manage the propertyS
This section has no associated Explanatory Notes
(1)A secured creditor who, by virtue of section 68(1), is entitled to sell property is entitled to take reasonable steps to—
(a)protect, maintain and manage it, and
(b)preserve its value.
(2)The right under subsection (1) includes, for example, the right of the secured creditor to—
(a)effect or maintain an insurance policy in relation to the property,
(b)settle any liability in relation to the property,
(c)bring, defend or continue legal proceedings in relation to the property,
(d)take such other steps as the provider has agreed (whether before or after the pledge becomes enforceable by virtue of section 64(2)) may be taken by the secured creditor.
(3)Subsection (1) is without prejudice to section 67(2)(b).
Commencement Information
I1S. 72 not in force at Royal Assent, see s. 121(2)
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