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Conveyancing and Feudal Reform (Scotland) Act 1970
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- UK Public General Acts
- 1970 c. 35
- Part III
- Section 41
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Changes over time for: Section 41
Alternative versions:
- 01/02/1991- Amendment
- 28/11/2004- Amendment
- 30/09/2010
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Conveyancing and Feudal Reform (Scotland) Act 1970, Section 41 is up to date with all changes known to be in force on or before 25 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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41 Restriction on effect of reduction of certain discharges of securities.S
(1)Where the discharge, in whole or in part, of a security over land is duly recorded, whether before or after the commencement of this Act, and that discharge bears to be granted by a person entitled so to do, the title of a person [F1who subsequently acquires the land or a real right in or over it] bona fide and for value, shall not be challengeable, after the expiration of a period of five years commencing with the date of the recording of the discharge, by reason only of the recording of an extract of a decree of reduction of the discharge, whether or not the date of that decree was before or after the date on which the acquisition F2. . . was duly recorded.
(2)Section 46 of the Act of 1924 (which requires extract decrees of reduction of certain deeds to be recorded) shall cease to apply in relation to a decree of reduction of a discharge of a security where that discharge has been duly recorded for a period of five years or more, but the provisions of this subsection shall not preclude the recording of such a decree of reduction as provided for in the said section 46.
(3)Nothing in the provisions of this section shall affect any rights of a creditor in a security as against the debtor therein.
(4)The provisions of this section shall not be pleadable to any effect in any action begun, whether before or after the date of the commencement of this Act, before the expiry of a period of two years beginning with that date.
[F3(5)This section shall apply to an order under section 8 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 rectifying a discharge as it applies to a decree of reduction of a discharge]
Textual Amendments
F1Words in s. 41(1) substituted (28.11.2004) by 2000 asp 5, ss. 76(1), 77(2)(c), sch. 12 Pt. 1 para. 30(18)(a) (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
F2Words in s. 41(1) repealed (28.11.2004) by 2000 asp 5, ss. 76(1)(2), 77(2)(c)(d), sch. 12 Pt. 1 para. 30(18)(b), sch. 13 Pt. 1 (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2
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