92 Regulated heritable securities.S
(1)Subject to subsection (2) below, a heritable security which falls within section 91(1)(a) is a regulated heritable security if—
(a)it is a heritable security over land consisting of or including a dwelling-house which is let on or subject to a regulated tenancy; and
(b)the regulated tenancy is binding on the creditor in the heritable security.
(2)Notwithstanding that a heritable security falls within subsection (1) above, it is not a regulated heritable security if—
(a)the rateable value on the appropriate day of the dwelling-house which falls within subsection (1)(a) above, or if there is more than one such dwelling-house comprised in the heritable security, the aggregate of the rateable values of those dwelling-houses on the appropriate day, is less than one-tenth of the rateable value on the appropriate day of the whole of the land comprised in the heritable security; or
(b)the debtor in the heritable security is in breach of agreement, but for this purpose a breach of the agreement for the repayment of the principal money shall be disregarded unless it provides for repayment by instalments.