The Moveable Transactions (Forms) (Scotland) Regulations 2024

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.

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.