Amendment of the Moveable Transactions (Scotland) Act 2023

regulation 2 + 2.—(1) The Moveable Transactions (Scotland) Act 2023 is amended as follows.

(2) In section 4(6)(a) (assignation of claims: insolvency)—

regulation 2 2 a + (a)after sub-paragraph (iv), insert “or”,

regulation 2 2 b + (b)sub-paragraph (v), and “or” immediately following it, are repealed, and

regulation 2 2 c + (c)in sub-paragraph (vi) for “(v)” substitute “(iv)”.

(3) In section 6 (limitations as to assignability: general)—

regulation 2 3 a + (a)in subsection (3), for “assignation document in respect of the claim was granted” substitute “relevant time”,

regulation 2 3 b + (b)after subsection (3), insert—

“(3A) For the purposes of subsection (3), the “relevant time” is—

(a)where the claim is held by the holder immediately prior to the assignation document being granted in respect of the claim, the time at which the document is granted,

(b)where the claim is not held by the holder until after the assignation document is granted in respect of the claim, the time at which the claim would have otherwise transferred.”.

(4) In section 14 (asserting defence or right of compensation)—

regulation 2 4 a + (a)in subsection (1), for “an assignation document is granted in respect of the claim” substitute “the relevant time”,

regulation 2 4 b + (b)after subsection (1), insert—

“(1A) For the purposes of subsection (1), the “relevant time” is—

(a)where the claim is held by the assignor immediately prior to the assignation document being granted in respect of the claim, the time at which the document is granted,

(b)where the claim is not held by the assignor until after the assignation document is granted in respect of the claim, the time at which the claim is transferred.”.

regulation 2 4 c + (c)in subsection (3), for the words from “only” to the end substitute—

“by reason only of (any or all of)—

(a)an assignation document’s having been registered in respect of the claim,

(b)the application of section 8(9),

(c)the application of section 8(10).”.

(5) In section 39 (rules), for subsection (3) substitute—

“(3) Before making RoA Rules under subsection (1), the Scottish Ministers must consult the Keeper.”.

(6) In section 50(3)(a) (creation of statutory pledge: insolvency)—

regulation 2 6 a + (a)after sub-paragraph (iv), insert “or”,

regulation 2 6 b + (b)sub-paragraph (v), and “or” immediately following it, are repealed, and

regulation 2 6 c + (c)in sub-paragraph (vi), for “(v)” substitute “(iv)”.

(7) In section 111 (rules), for subsection (3) substitute—

“(3) Before making RSP Rules under subsection (1), the Scottish Ministers must consult the Keeper.”.