http://www.legislation.gov.uk/ukpga/1970/35/section/27Conveyancing and Feudal Reform (Scotland) Act 1970An Act to provide as respects Scotland for the variation and discharge of certain obligations relating to land; to facilitate the allocation of feuduties and ground annuals; to reduce the period of positive prescription of 20 years to 10 years; to provide for a new form of heritable security; to make certain amendments to the existing law relating to heritable securities; to make certain other amendments to the law relating to conveyancing; to abolish the rights of pre-emption of heritors in respect of glebes; to amend the Lands Tribunal Act 1949; and for connected purposes.1972-12-31texttext/xmlenStatute Law Database2024-10-11Expert Participation2016-11-30 Part II The Standard Security Application of proceeds of sale.271The money which is received by the creditor in a standard security, arising from any sale by him of the security subjects, shall be held by him in trust to be applied by him in accordance with the following order of priority—afirst, in payment of all expenses properly incurred by him in connection with the sale, or any attempted sale;bsecondly, in payment of the whole amount due under any prior security to which the sale is not made subject;cthirdly, in payment of the whole amount due under the standard security, and in payment, in due proportion, of the whole amount due under a security, if any, ranking pari passu with his own security, which has been duly registered or recorded;dfourthly, in payment of any amounts due under any securities with a ranking postponed to that of his own security, according to their ranking,and any residue of the money so received shall be paid to the person entitled to the security subjects at the time of sale, or to any person authorised to give receipts for the proceeds of the sale thereof.2Where owing to the death or absence of any other creditor, or to any other cause, a creditor is unable to obtain a receipt or discharge for any payment he is required to make under the provisions of the foregoing subsection, he may, without prejudice to his liability to account therefor, consign the amount due (so far as ascertainable) in the sheriff court for the person appearing to have the best right thereto; and where consignation is so made, the creditor shall lodge in court a statement of the amount consigned.3A consignation made in pursuance of the last foregoing subsection shall operate as a discharge of the payment of the amount due, and a certificate under the hand of the sheriff clerk shall be sufficient evidence thereof.Ss. 14-30 applied (with modifications) (28.11.2004) by 2000 asp 5, ss. 69, 77(2)(a) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2S. 27 applied (23.12.1999) by S.S.I. 1999/201, art. 18(1)(c)S. 27 applied (23.12.1999) by S.S.I. 1999/203, art. 19(1)(c)S. 27 applied (2.4.2004) by The Highland Council (Inverie) Harbour Empowerment Order 2004 (S.S.I. 2004/171), art. 18(c)Pt. II explained by Redemption of Standard Securities (Scotland) Act 1971 (c. 45), s. 2Pt. 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. 5The 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)Words in s. 27(1)(c) inserted (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 17(15) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
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Part II
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<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27" id="section-27">
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<CommentaryRef Ref="c21482631"/>
<CommentaryRef Ref="c8427881"/>
<CommentaryRef Ref="c21082371"/>
27
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27/1" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/1" id="section-27-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>The money which is received by the creditor in a standard security, arising from any sale by him of the security subjects, shall be held by him in trust to be applied by him in accordance with the following order of priority—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27/1/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/1/a" id="section-27-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>first, in payment of all expenses properly incurred by him in connection with the sale, or any attempted sale;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27/1/b" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/1/b" id="section-27-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>secondly, in payment of the whole amount due under any prior security to which the sale is not made subject;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27/1/c" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/1/c" id="section-27-1-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
thirdly, in payment of the whole amount due under the standard security, and in payment, in due proportion, of the whole amount due under a security, if any, ranking
<Emphasis> pari passu</Emphasis>
with his own security, which has been duly
<Addition ChangeId="key-760e53921e7b4d7ca9ff012a67d7ad91-1530186763451" CommentaryRef="key-760e53921e7b4d7ca9ff012a67d7ad91">registered or</Addition>
recorded;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27/1/d" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/1/d" id="section-27-1-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>fourthly, in payment of any amounts due under any securities with a ranking postponed to that of his own security, according to their ranking,</Text>
</P3para>
</P3>
<Text>and any residue of the money so received shall be paid to the person entitled to the security subjects at the time of sale, or to any person authorised to give receipts for the proceeds of the sale thereof.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/2" id="section-27-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Where owing to the death or absence of any other creditor, or to any other cause, a creditor is unable to obtain a receipt or discharge for any payment he is required to make under the provisions of the foregoing subsection, he may, without prejudice to his liability to account therefor, consign the amount due (so far as ascertainable) in the sheriff court for the person appearing to have the best right thereto; and where consignation is so made, the creditor shall lodge in court a statement of the amount consigned.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1970/35/section/27/3" IdURI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/3" id="section-27-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>A consignation made in pursuance of the last foregoing subsection shall operate as a discharge of the payment of the amount due, and a certificate under the hand of the sheriff clerk shall be sufficient evidence thereof.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Body>
</Primary>
<Commentaries>
<Commentary id="c21482631" Type="C">
<Para>
<Text>
Ss. 14-30 applied (with modifications) (28.11.2004) by
<Citation URI="http://www.legislation.gov.uk/id/asp/2000/5" id="c00659" Class="ScottishAct" Year="2000" Number="5">2000 asp 5</Citation>
,
<CitationSubRef id="c00660" CitationRef="c00659" URI="http://www.legislation.gov.uk/id/asp/2000/5/section/69" SectionRef="section-69" Operative="true">ss. 69</CitationSubRef>
,
<CitationSubRef id="c00661" CitationRef="c00659" URI="http://www.legislation.gov.uk/id/asp/2000/5/section/77/2/a" SectionRef="section-77-2-a">77(2)(a)</CitationSubRef>
(with
<CitationSubRef id="c00662" CitationRef="c00659" URI="http://www.legislation.gov.uk/id/asp/2000/5/section/58" SectionRef="section-58">ss. 58</CitationSubRef>
,
<CitationSubRef id="c00663" CitationRef="c00659" URI="http://www.legislation.gov.uk/id/asp/2000/5/section/62" SectionRef="section-62">62</CitationSubRef>
,
<CitationSubRef id="c00664" CitationRef="c00659" URI="http://www.legislation.gov.uk/id/asp/2000/5/section/75" SectionRef="section-75">75</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ssi/2003/456" id="c00665" Class="ScottishStatutoryInstrument" Year="2003" Number="456">S.S.I. 2003/456</Citation>
,
<CitationSubRef id="c00666" CitationRef="c00665" URI="http://www.legislation.gov.uk/id/ssi/2003/456/article/2" SectionRef="article-2" Operative="true">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c8427881" Type="C">
<Para>
<Text>
S. 27 applied (23.12.1999) by
<Citation URI="http://www.legislation.gov.uk/id/ssi/1999/201" id="c00668" Class="ScottishStatutoryInstrument" Year="1999" Number="201">S.S.I. 1999/201</Citation>
,
<CitationSubRef id="c00669" CitationRef="c00668" URI="http://www.legislation.gov.uk/id/ssi/1999/201/article/18/1/c" Operative="true" SectionRef="article-18-1-c">art. 18(1)(c)</CitationSubRef>
</Text>
</Para>
<Para>
<Text>
S. 27 applied (23.12.1999) by
<Citation URI="http://www.legislation.gov.uk/id/ssi/1999/203" id="c00671" Class="ScottishStatutoryInstrument" Year="1999" Number="203">S.S.I. 1999/203</Citation>
,
<CitationSubRef id="c00672" CitationRef="c00671" URI="http://www.legislation.gov.uk/id/ssi/1999/203/article/19/1/c" Operative="true" SectionRef="article-19-1-c">art. 19(1)(c)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c21082371" Type="C">
<Para>
<Text>
S. 27 applied (2.4.2004) by
<Citation URI="http://www.legislation.gov.uk/id/ssi/2004/171" id="c00674" Class="ScottishStatutoryInstrument" Year="2004" Number="171" Title="The Highland Council (Inverie) Harbour Empowerment Order 2004">The Highland Council (Inverie) Harbour Empowerment Order 2004 (S.S.I. 2004/171)</Citation>
,
<CitationSubRef id="c00675" CitationRef="c00674" URI="http://www.legislation.gov.uk/id/ssi/2004/171/article/18/c" SectionRef="article-18-c" Operative="true">art. 18(c)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c8426991" Type="C">
<Para>
<Text>
<CitationSubRef id="c00736" URI="http://www.legislation.gov.uk/id/ukpga/1970/35/part/II" SectionRef="part-II">Pt. II</CitationSubRef>
explained by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1971/45" id="c00737" Year="1971" Class="UnitedKingdomPublicGeneralAct" Number="45" Title="Redemption of Standard Securities (Scotland) Act 1971">Redemption of Standard Securities (Scotland) Act 1971 (c. 45)</Citation>
,
<CitationSubRef id="c00738" URI="http://www.legislation.gov.uk/id/ukpga/1971/45/section/2" Operative="true" CitationRef="c00737" SectionRef="section-2">s. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c8427001" Type="C">
<Para>
<Text>
<CitationSubRef id="c00739" URI="http://www.legislation.gov.uk/id/ukpga/1970/35/part/II" SectionRef="part-II">Pt. II</CitationSubRef>
(ss. 9-32) applied (with modifications) (12.4.1993) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1983/41" id="c00740" Year="1983" Class="UnitedKingdomPublicGeneralAct" Number="41" Title="Health and Social Services and Social Security Adjudications Act 1983">Health and Social Services and Social Security Adjudications Act 1983 (c. 41, SIF 113:3)</Citation>
,
<CitationSubRef id="c00741" URI="http://www.legislation.gov.uk/id/ukpga/1983/41/section/23/6" Operative="true" CitationRef="c00740" SectionRef="section-23-6">s. 23(6)</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/1992/2974" id="c00742" Class="UnitedKingdomStatutoryInstrument" Year="1992" Number="2974">S.I. 1992/2974</Citation>
,
<CitationSubRef id="c00743" URI="http://www.legislation.gov.uk/id/uksi/1992/2974/article/2" CitationRef="c00742" SectionRef="article-2">art. 2</CitationSubRef>
,
<CitationSubRef id="c00744" URI="http://www.legislation.gov.uk/id/uksi/1992/2974/schedule" Operative="true" CitationRef="c00742" SectionRef="schedule">Sch.</CitationSubRef>
</Text>
</Para>
<Para>
<Text>
<CitationSubRef id="c00745" URI="http://www.legislation.gov.uk/id/ukpga/1970/35/part/II" SectionRef="part-II">Pt. II</CitationSubRef>
(ss. 9-32) applied (with modifications) (16.7.1993) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1993/1516" id="c00746" Class="UnitedKingdomStatutoryInstrument" Year="1993" Number="1516">S.I. 1993/1516</Citation>
,
<CitationSubRef id="c00747" URI="http://www.legislation.gov.uk/id/uksi/1993/1516/article/5" Operative="true" CitationRef="c00746" SectionRef="article-5">art. 5</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="c8427011" Type="C">
<Para>
<Text>
The provisions of Pt. II, other than ss. 9(1) and (2), 12 and 14, applied (with modifications) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/1987/381" id="c00748" Class="UnitedKingdomStatutoryInstrument" Year="1987" Number="381">S.I. 1987/381</Citation>
,
<CitationSubRef id="c00749" URI="http://www.legislation.gov.uk/id/uksi/1987/381/regulation/40/5" Operative="true" CitationRef="c00748" SectionRef="regulation-40-5">reg. 40(5)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-760e53921e7b4d7ca9ff012a67d7ad91" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="c0ksw0aj3-00006" SectionRef="section-27-1-c" URI="http://www.legislation.gov.uk/id/ukpga/1970/35/section/27/1/c">s. 27(1)(c)</CitationSubRef>
inserted (8.12.2014) by
<Citation URI="http://www.legislation.gov.uk/id/asp/2012/5" id="c0ksw0aj3-00007" Class="ScottishAct" Year="2012" Number="5" Title="Land Registration etc. (Scotland) Act 2012">Land Registration etc. (Scotland) Act 2012 (asp 5)</Citation>
,
<CitationSubRef id="c0ksw0aj3-00008" CitationRef="c0ksw0aj3-00007" SectionRef="section-122" URI="http://www.legislation.gov.uk/id/asp/2012/5/section/122">ss. 122</CitationSubRef>
,
<CitationSubRef id="c0ksw0aj3-00009" CitationRef="c0ksw0aj3-00007" SectionRef="section-123" URI="http://www.legislation.gov.uk/id/asp/2012/5/section/123">123</CitationSubRef>
,
<CitationSubRef id="c0ksw0aj3-00010" CitationRef="c0ksw0aj3-00007" SectionRef="schedule-5-paragraph-17-15" URI="http://www.legislation.gov.uk/id/asp/2012/5/schedule/5/paragraph/17/15" Operative="true">sch. 5 para. 17(15)</CitationSubRef>
(with
<CitationSubRef id="c0ksw0aj3-00011" CitationRef="c0ksw0aj3-00007" SectionRef="section-121" URI="http://www.legislation.gov.uk/id/asp/2012/5/section/121">s. 121</CitationSubRef>
,
<CitationSubRef id="c0ksw0aj3-00012" CitationRef="c0ksw0aj3-00007" SectionRef="schedule-4-paragraph-13" URI="http://www.legislation.gov.uk/id/asp/2012/5/schedule/4/paragraph/13">sch. 4 paras. 13</CitationSubRef>
,
<CitationSubRef id="c0ksw0aj3-00013" CitationRef="c0ksw0aj3-00007" SectionRef="schedule-4-paragraph-16" URI="http://www.legislation.gov.uk/id/asp/2012/5/schedule/4/paragraph/16">16</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ssi/2014/127" id="c0ksw0aj3-00014" Class="ScottishStatutoryInstrument" Year="2014" Number="127" Title="The Land Registration etc. (Scotland) Act 2012 (Designated Day) Order 2014">S.S.I. 2014/127</Citation>
,
<CitationSubRef id="c0ksw0aj3-00015" CitationRef="c0ksw0aj3-00014" SectionRef="article-2" URI="http://www.legislation.gov.uk/id/ssi/2014/127/article/2">art. 2</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>