Sections 14, 15, 16 and 17.
I, A.B. (designation), in consideration of £ hereby assign to C.D. (designation) a standard security for £ (ora maximum sum of £ , to the extent of £ being the amount now due thereunder;in other cases describe as indicated in Note 2 to this Schedule) by E.F. in my favour (orin favour of G.H.) recorded in the Register for ........................ on ........................ (adding if necessary, but only to the extent of £ of principal);
With interest from ........................ [To be attested]
[To be endorsed on the standard security]
As above save that instead of the words “a standard security for £” (or otherwise, as the case may be) insert “the foregoing standard security” Where the security is a fluctuating amount whether subject to a maximum or not, add “to the extent of £ being the amount now due thereunder”.
I, A.B. (designation), in consideration of (specify consideration, if any) hereby disburden of a standard security for £ (ora maximum sum of £ ;in other cases, describe as indicated in Note 2 to this Schedule) by C.D. in my favour (orin favour of E.F.) recorded in the Register for .................. on .................. (adding if necessary, but only to the extent of £ of principal)ALL andWHOLE (describe the subjects disburdened in the same way as directed in Note 1 to Schedule 2 to this Act in the case of a description of security subjects).
[To be attested]
I, A.B. (designation) in consideration of £ paid by C.D. (designation) (or, as the case may be), hereby discharge a standard security for £ (ora maximum sum of £ ;in other cases, describe as indicated in Note 2 to this Schedule) by the said C.D. (orby E.F.) in my favour (orin favour of G.H.) recorded in the Register for ........................ on ........................, but only to the extent of £ of principal; And I disburden of the said standard security (adding if necessary, but only to the extent of £ of principal)ALL andWHOLE (describe the subjects disburdened in the same way as directed in Note 1 to Schedule 2 to this Act in the case of a description of security subjects).
[To be attested]
[To be endorsed on the standard security]
I, A.B. (designation), agree that the foregoing standard security granted by me (orby C,D.) in favour of E.F. recorded in the Register for ........................ on ........................ (if there have been previous variations insert “as varied”) shall with effect from .................. be varied so that (here insert particulars of the variation agreed); And I, E.F. (designation) (or if the creditor is not the person in whose favour the standard security was granted sayG.H. (designation) the creditor now in right of the said standard security) consent to the variation hereby effected.
[To be attested]
I, A.B. (designation), in consideration of £ (where the security is in respect of a maximum sum or of all sums due or to become due or is in respect of a personal obligation constituted in an instrument or instruments other than the standard security addbeing the whole amount secured by the standard security aftermentioned) paid by C.D., (designation) (or, as the case may be) hereby discharge a standard security for £ (or a maximum sum of £in other cases describe as indicated in Note 2 to this Schedule)by the said C.D. (or by E.F.) in my favour (orin favour of G.H.) recorded in the Register for . . . . . . . . . . . . on . . . . . . . . . . . . (adding if necessary,but only to the extent of £ of principal).
[to be attested]
[To be endorsed on the standard security]
As above save that instead of the words “a standard security for £ (ora maximum sum of £in other cases describe as indicated in Note 2 to this Schedule)” insert “the foregoing standard security.”
Note 1.—Where the grantor of an assignation, discharge or deed of restriction of a standard security, or the creditor consenting to a variation of a standard security, is not the original creditor and has not a recorded title, insert at the end of the deed a clause of deduction of title as follows:Which standard security(adding, if necessary,to the extent aforesaidor, as the case may be)was last vested in the said(give name of original creditor)as aforesaid(or where the last recorded title to the standard security was in favour of a person other than the original creditor say in J.K. whose title thereto was recorded in the said Register of Sasines on ..................) and from whom I acquired right by (here specify shortly the writ or writs by which right was so acquired).
Where the grantor of an assignation, discharge or deed of restriction of a standard security, or the creditor consenting to a variation of a standard security, although not the original creditor, has a recorded title, no specification of the title of the grantor or creditor is required.
Note 2.—In an assignation, discharge or deed of restriction, (1) a standard security in respect of an uncertain amount may be described by specifying shortly the nature of the debt or obligation (e.g., all sums due or to become due) for which the security was granted, adding in the case of an assignation,to the extent of £ being the amount now due thereunderand (2) a standard security in respect of a personal obligation constituted in an instrument or instruments other than the standard security itself may be described by specifying shortly the nature of the debt or obligation and referring to the other instrument or instruments by which it is constituted in such manner as will be sufficient identification thereof.
Note 3.—If the original infeftment upon a standard security has been taken otherwise than by recording the security in the Register of Sasines, insert immediately after the word “recorded” the wordsalong with notice of title thereon(adding, if such notice is not in favour of the original creditor, the name of the person in whose favour it is drawn).
Note 4.—If part of the security subjects has already been disburdened, there may be inserted in an assignation, after the specification of the standard security assigned, a reference to the previous partial discharge or deed of restriction.
Note 5.—The variation docket Form E of this Schedule shall be used only when the personal obligation or other matter to which the variation relates was contained in the standard security, or in a variation thereof which has been duly recorded. Variations in a personal obligation or other matter constituted in an instrument or instruments which have not been so recorded may be altered by an instrument in appropriate terms which shall not be required to be recorded in the Register of Sasines.
Note 6.—Where the grantor of a variation docket does not have a recorded title to the security subjects, insert at the end of the variation and immediately before the consent by the creditor a clause of deduction of title as follows:the security subjects to which the said standard security relates being last vested in(give the name of the person in whom the security subjects were last vested)whose title thereto was recorded in the said Register of Sasines on .................. and from whom I acquired right by(here specify the writ or writs by which such right was so acquired).