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The Moveable Transactions (Forms) (Scotland) Regulations 2024

Type Scottish-Statutory-Instrument
Publication 2024-12-12
State In force
Jurisdiction Scotland
Department King's Printer for Scotland
Source legislation.gov.uk
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Made: 12th December 2024

Laid before the Scottish Parliament: 16th December 2024

Coming into force: 1st April 2025

The Scottish Ministers make the following Regulations in exercise of the powers conferred by sections 65(1), 98(4)(a) and 118(1) of the Moveable Transactions (Scotland) Act 2023[^f00001] and all other powers enabling them to do so.

Citation, commencement and interpretation

1

Pledge enforcement notice

2

The form of a pledge enforcement notice under section 65(1) (pledge enforcement notice) of the Act is the form set out in Part 1 of the schedule.

Correction demand in respect of entry in statutory pledges record

3

The form of a correction demand under section 98(1) (demand that application for correction be made under section 96) of the Act is the form set out in Part 2 of the schedule.

SCHEDULE

PART 1

PART 2

Signed

IVAN MCKEE — Authorised to sign by the Scottish Ministers — 12th December 2024

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations prescribe the forms to be used for the purposes of sections 65(1) and 98(1) of the Moveable Transactions (Scotland) Act 2023 (asp 3) (“the Act”).

Regulation 2 prescribes the form a pledge enforcement notice must be in. Section 65(1) of the Act provides that a secured creditor must serve a pledge enforcement notice, in the prescribed form, on those persons noted in that section before taking any other steps to enforce the statutory pledge.

Regulation 3 prescribes the form a correction demand must be in. Section 98(1) of the Act provides that a person may serve a correction demand, in the prescribed form, on the registered creditor to demand they apply to the Keeper of the Register of Scotland to have a relevant entry in the Register of Statutory Pledges corrected.

Footnotes

[^f00001]: 2023 asp 3; section 120(1) contains a definition of “prescribed” relevant to the use of powers in these Regulations.

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