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The Protected Trust Deeds (Scotland) Amendment Regulations 2010
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- Scottish Statutory Instruments
- 2010 No. 398
- Regulation 4
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Amendment of the Protected Trust Deeds (Scotland) Regulations 2008
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4. After regulation 5 (qualifications of trustee), insert—
“Exclusion of a secured creditor
5A. Where a secured creditor is excluded from a trust deed under section 5(4A)(b)(ii) of the Act, prior to the debtor granting the trust deed—
(a)the trustee must provide the debtor and the secured creditor with a valuation made by a third party of the debtor’s dwellinghouse (or part thereof) which is to be excluded from the trust deed under section 5(4A)(b)(i) of the Act;
(b)the debtor must consent in terms of Part 1 of Form A1 set out in Schedule 1 to these Regulations; and
(c)the secured creditor must consent in terms of Part 2 of Form A1 set out in Schedule 1 to these Regulations.”.
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