Moveable Transactions (Scotland) Act 2023 (asp 3)

Prospective

Part 2 S Security over Moveable Property

Chapter 1 S Pledge

Assignation, amendment, restriction or extinction of statutory pledge S

57 Assignation of statutory pledge S

(1) Except in so far as the provider and the secured creditor agree otherwise, a statutory pledge may be assigned.

(2) A statutory pledge is assigned only by the secured creditor executing or authenticating a document assigning the pledge.

(3) Subject to the provisions of that document, the assignation conveys to the assignee entitlement to the benefit of any notice served, or enforcement procedure commenced, by the assignor in respect of the statutory pledge before the assignation (to the effect that the assignee may proceed as if the assignee served that notice or commenced those procedures).

Commencement Information

I1 S. 57 not in force at Royal Assent, see s. 121(2)