The Redemption of Heritable Securities (Excluded Securities) (Scotland) Order 2018

Explanatory note

Reproduced verbatim from the instrument as published on legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). The note is prepared by the responsible government department and is not part of the instrument itself.

This Order provides that section 11(2) of the Land Tenure Reform (Scotland) Act 1974 will not apply to the heritable securities granted in pursuance of the schemes mentioned in articles 2 and 3.

The effect is that the debtor will not be entitled to redeem the security after 20 years have passed since it was executed, under the terms provided by section 11 of that Act.

For the schemes mentioned in article 2(2), the entitlement is removed for securities granted both before and after this Order comes into force, while for schemes mentioned in article 3(2) the entitlement is only removed for securities granted after this Order comes into force.

Administrative procedures for the schemes mentioned in articles 2 and 3 are published on the Scottish Government website at this link: https://www.gov.scot/publications/twenty-year-security-rule-removal-of-right-to-redeem/