C2C3C4Part II The Standard Security
Pt. II (ss. 9-32) applied (with modifications) (12.4.1993) by Health and Social Services and Social Security Adjudications Act 1983 (c. 41, SIF 113:3), s. 23(6); S.I. 1992/2974, art. 2, Sch.
Pt. II (ss. 9-32) applied (with modifications) (16.7.1993) by S.I. 1993/1516, art. 5
The provisions of Pt. II, other than ss. 9(1) and (2), 12 and 14, applied (with modifications) by S.I. 1987/381, reg. 40(5)
C126 Disposition by creditor on sale.
1
Where a creditor in a standard security has effected a sale of the security subjects, or any part thereof, and grants to the purchaser of his nominee a disposition of the subjects sold thereby, which bears to be in implement of the sale, then, on that disposition being duly F1registered or recorded, those subjects shall be disburdened of the standard security and of all other heritable securities and diligences rankingpari passuwith, or postponed to that security.
2
Where on a sale as aforesaid the security subjects remain subject to a prior security, the F2registration or recording of a disposition under the foregoing subsection shall not affect the rights of the creditor in that security, but the creditor who has effected the sale shall have the like right as the debtor to redeem the security.
Pt. II explained by Redemption of Standard Securities (Scotland) Act 1971 (c. 45), s. 2