Debtors (Scotland) Act 1987

[F1 73J F1 Automatic release of arrested funds S

(1) This section applies where—

(a) a creditor—

(i) obtains a final decree in an action on the dependence of which the creditor has executed an arrestment; or

(ii) arrests in execution of a decree or document of debt; and

(b) the arrestment attaches funds which are due to the debtor (whether or not it also attaches other moveable property of the debtor).

(2) Subject to section 73L of this Act, the arrestee—

(a) shall, on the expiry of the period mentioned in subsection (3) below, release to the creditor, from the attached funds, a sum calculated in accordance with section 73K of this Act; and

(b) may, where a mandate authorises the arrestee to do so, release that sum before the expiry of that period.

(3) The period referred to in subsection (2) above is the period of 14 weeks beginning with the date of service of a copy of the final decree under section 73C(2) of this Act or, as the case may be, the date of service of the schedule of arrestment.

(4) In this section and in sections 73K to 73P of this Act, references to funds or sums due to or by any person do not include references to funds or sums due in respect of future or contingent debts.]

Textual Amendments

F1 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))

Modifications etc. (not altering text)

C1 S. 73J(2) modified (22.4.2009) by The Enforcement of Fines etc. (Diligence) (Scotland) Regulations 2009 (S.S.I. 2009/110), regs. 1(1), 2(c)