F1F1Part 3AArrestment and action of furthcoming
73EFunds attached
1
Subsections (2) to (5) below apply—
a
where a creditor arrests in execution of —
i
a decree and the creditor has not executed an arrestment on the dependence of the action; or
ii
a document of debt; and
b
only to the extent that the arrestee holds funds due to the debtor the value of which, at the time the arrestment is executed, is or can be ascertained (whether or not that arrestee also holds other moveable property of the debtor).
2
Subject to subsection (4) below and to section 73F of this Act, the funds mentioned in subsection (1)(b) above attached by the arrestment shall be the lesser of—
a
the sum due by the arrestee to the debtor; or
b
the aggregate of—
i
the principal sum, in relation to which the decree or document is executed, owed by the debtor to the creditor;
ii
any judicial expenses chargeable against the debtor by virtue of the decree;
iii
the expenses of executing the arrestment;
iv
interest on the principal sum up to and including the date of service of the schedule of arrestment;
v
the interest on the principal sum which would be accrued in the period of 1 year beginning with the day after the date mentioned in sub-paragraph (iv) above;
vi
any interest on the expenses of executing the arrestment which is chargeable against the debtor; and
vii
any sum prescribed under subsection (3) below.
3
The Scottish Ministers may, by regulations, prescribe a sum which appears to them to be reasonable having regard to the average expenses likely to be incurred and chargeable against a debtor in a typical action of furthcoming.
4
Where—
a
the arrestee holds both funds due to and other moveable property of the debtor; and
b
the sum mentioned in paragraph (b) of subsection (2) above exceeds the sum mentioned in paragraph (a) of that subsection,
the arrestment shall, in addition to the funds equal to the sum mentioned in that paragraph (a), attach the whole moveable property so held.
5
Except as provided for in subsection (4) above, an arrestment to which this section applies shall not attach any moveable property of the debtor other than the sum attached under subsection (2) above.
6
Where, in a case to which subsections (2) to (5) above apply—
a
in addition to the funds mentioned in subsection (1)(b) above, the arrestee holds funds due to the debtor the value of which is not or cannot be ascertained; and
b
the sum mentioned in paragraph (a) of subsection (2) above exceeds the sum mentioned in paragraph (b) of that subsection,
the arrestment shall not attach any of the funds mentioned in paragraph (a) above.
Pt. 3A inserted (1.4.2008 for the insertion of ss. 73A(5), 73B(2), 73C(2), 73E(3), 73F(6), 73G(2), 73H(1)(2), 73M(2)(a), 73Q(3)(a), 73S(1)(2) for specified purposes and for the insertion of s. 73A(2), 22.4.2009 otherwise except for the insertion of s. 73D) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 206, 227(3) (with s. 223); S.S.I. 2008/115, art. 3(1)(e)(4), sch. 3 (with arts. 4-6, 10, 15) (as amended: (23.2.2009) by S.S.I. 2009/67, art. 7; (31.1.2011) by S.S.I. 2011/31, art. 5(a); and (4.10.2014) by S.S.I. 2014/173, arts. 1(2), 3); S.S.I. 2009/67, art. 3(1)(b) (with arts. 4-6) (as amended (31.1.2011) by S.S.I. 2011/31, art. 5(b))