The Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025
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Change 1
11 Restriction, discharge or extinction of unregistered statutory pledge over financial instrument
(1) An unregistered statutory pledge may be— (a) restricted to only part of the encumbered property, or (b) discharged, by means of an evidenced statement by or on behalf of the collateral-taker. (2) An unregistered statutory pledge is extinguished in relation to a financial instrument over which the pledge was created on the financial instrument ceasing to be in the possession, or under the control, of— (a) the collateral-taker, or (b) a person authorised to act on behalf of the collateral-taker. (3) Section 52 of the Act (extinction of a statutory pledge where dealings inconsistent with a fixed security) does not apply to an unregistered statutory pledge where— (a) two or more financial instruments are encumbered property under the pledge, and (b) the pledge is extinguished in relation to one or more of those instruments under paragraph (2). (4) Section 59 of the Act (restriction or discharge of statutory pledge) does not apply to an unregistered statutory pledge.
11 Restriction, discharge or extinction of unregistered statutory pledge over financial instrument
(1) An unregistered statutory pledge may be— (a) restricted to only part of the encumbered property, or (b) discharged, by means of an evidenced statement by or on behalf of the collateral-taker. (2) An unregistered statutory pledge is extinguished in relation to a financial instrument over which the pledge was created on the financial instrument ceasing to be in the possession, or under the control, of— (a) the collateral-taker, or (b) a person authorised to act on behalf of the collateral-taker. (3) Section 52 of the Act (extinction of a statutory pledge where dealings inconsistent with a fixed security) does not apply to an unregistered statutory pledge where— (a) two or more financial instruments are encumbered property under the pledge, and (b) the pledge is extinguished in relation to one or more of those instruments under paragraph (2). (4) Section 59 of the Act (restriction or discharge of statutory pledge) does not apply to an unregistered statutory pledge.
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