Church of Scotland (Property And Endowments) Act 1925

35 Provisions relating to the allocation and redemption of bonds of annual rent held for behoof of quoad sacra churches. U.K.

(1) Where the debtor under any bond and disposition in security, bond of annual rent, or other heritable security, whereby the payment of any annual sum is secured over land in favour of the minister of any parish quoad sacra erected under the M1 New Parishes (Scotland) Act 1844, the M2 United Parishes (Scotland) Act 1868, and the M3 United Parishes (Scotland) Act 1876, or in favour of the trustees acting under the deed of constitution of any such parish or of the General Trustees as coming in place of such minister or trustees (such minister or trustees or the General Trustees, as the case may be, being hereinafter in this section referred to as “the creditor”), sells or has sold any portion of such land the debtor shall be entitled to allocate upon the portion of such land so sold such a proportion of such annual sum as may be agreed upon between the debtor and the creditor, or, failing agreement, as may be fixed by the sheriff of the county in which such land is situated upon the application of the debtor.

(2) If, as a result of any such allocation as is provided in the preceding subsection, the proportion of such annual sum so allocated, or the proportion of such annual sum remaining unallocated, does not exceed one pound in amount, the debtor shall forthwith redeem the same by payment to the General Trustees of a sum equal to the proportion of such annual sum so allocated, or to the proportion of such annual sum remaining unallocated, as the case may be, multiplied by twenty, and if the proportion of such annual sum so allocated, or the proportion of such annual sum remaining unallocated, exceeds one pound but is less than fifteen pounds in amount, such proportion shall be increased from the date when such allocation takes effect by five per cent.

(3) Where the debtor and the creditor have agreed upon, or the sheriff has fixed, the proportion of such annual sum to be allocated the debtor shall be entitled to obtain from the creditor a memorandum of allocation in or as nearly as may be in the form of the Thirteenth Schedule to this Act, and upon such memorandum of allocation being recorded in the appropriate register of sasines the allocation contained therein shall be binding on all having interest.

(4) Such annual sum or an allocated proportion thereof exceeding one pound may at any time be redeemed by and in the option of the debtor either

(a) for such consideration or in such manner as may be agreed upon between the debtor and the creditor; or

(b) at any term of Whitsunday or Martinmas after three months’ notice either

(i) by payment to the creditor of such a sum as would, if invested at the time of payment in Consolidated 2½ per cent. annuities produce a yearly amount equal to the annual sum to be redeemed, or

(ii) by transfer to the creditor of such an amount of Consolidated 2½ per cent. annuities as would produce a yearly amount equal to the annual sum to be redeemed.

(5) Upon such annual sum or the allocated proportion thereof being redeemed by the debtor, as in this section provided, the debtor shall be entitled to obtain from the creditor a deed or other document disburdening the land over which the same is secured, which shall be recorded on behalf of the debtor in the appropriate register of sasines.

(6) The whole expenses of any allocation of such annual sum and of the redemption of such annual sum or a proportion thereof shall be defrayed by the debtor.

(7) In this section the word “debtor” includes the original debtor, his successor in such land, any F1 ... purchaser of such land or portion thereof, or any disponee to whom such land or portion thereof may be disponed.

Textual Amendments

F1 Words in s. 35(7) repealed (S.) (28.11.2004) by Abolition of Feudal Tenure etc. (Scotland) Act 2000 (asp 5), ss. 71, 77(2), Sch. 12 paras. 16(8), Sch. 13 Pt. 1 (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2

Modifications etc. (not altering text)

C1 S. 35(3) amended by Land Registration (Scotland) Act 1979 (c.33, SIF 31:3), s. 29(2)(3)

Marginal Citations

M1 1844 c. 44.

M2 1868 c. 30.

M3 1876 c. 11.