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Moveable Transactions (Scotland) Act 2023
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Status:
This version of this provision is prospective.
Status
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
- where the provision (Part, Chapter or section) has never come into force or;
- where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
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 21 December 2024. 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
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
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adran has no associated
Nodiadau Esboniadol
(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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