(1)When a disposition of land or a bond and disposition in security has not been recorded in the appropriate Register of Sasines, or otherwise followed by infeftment, the grantee of such deed, or any person in right thereof, may assign the same by an assignation in or as nearly as may be in the terms of Form No. 1 of Schedule C to this Act in the case of a disposition of land, or of Form No. 2 of that Schedule in the case of a bond and disposition in security, and such assignation, or the first of a series of such assignations, shall be endorsed in whole or in part on some part of the deed assigned, and each subsequent assignation shall be endorsed in whole or in part on the same sheet as that on which the immediately preceding assignation ends: Provided that in any such assignation it shall not be necessary to deduce the title of the granter of the same if he is the grantee of the deed assigned, or of the immediately preceding assignation, but if he is not the grantee thereof, he shall deduce his title from such grantee; and provided further that nothing in this subsection contained shall authorise any partial assignation in such form of a disposition or bond and disposition in security.
(2)The grantee of such disposition or bond and " disposition in security, or the person in right thereof, may assign the same by a separate assignation in or as nearly as may be in the terms of the appropriate Form of the said Schedule C as modified by Note 2 to that Schedule, and if the granter of such assignation is not the grantee of the deed assigned, or of the assignation, or the last in date of a series of assignations, endorsed thereon in terms of subsection (1) of this section, he shall deduce his title from such grantee, and such disposition or bond and disposition in security, and any separate assignation or assignations thereof other than the separate assignation last in date, shall be docqueted as provided for in the said Note 2 before being recorded along with such last-mentioned assignation in the appropriate Register of Sasines.
(3)An assignation granted in terms of this section shall, unless otherwise expressed, imply a destination in favour of the heirs or assignees of the grantee thereof if it relates to a disposition and a destination in favour of the executors or assignees of the grantee thereof if it relates to a bond and disposition in security.
(4)On such disposition or bond and disposition in security, together with such assignation or assignations thereof, being recorded in the appropriate Register of Sasines, the grantee of such assignation, or, in the event of there being more than one such assignation, the grantee of the assignation last in date, shall be in all respects in the same position as if his title were completed as at the date of such recording by notarial instrument in the appropriate form duly expede and recorded according to the present law and practice.
(5)An unrecorded disposition or an unrecorded bond and disposition in security with an assignation or series of assignations endorsed thereon in terms of this section shall, for the purposes of paragraphs (2) and (4) of section four of this Act, be equivalent to an unrecorded disposition or unrecorded bond and disposition in security granted in favour of the grantee of such assignation, or, in the event of there being more than one such assignation, the grantee of the assignation last in date, from whom the person expeding a notice of title in terms of paragraphs (2) and (4) of the said section four shall deduce his title, and in such notice of title such disposition or bond and - disposition in security, and the assignation or assignations endorsed thereon, shall be referred to in the manner indicated in Note 5 to Schedule B to this Act.