The Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025
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Change 1
15 Secured creditor’s right to take possession of certificate of financial instrument
(1) This article applies in relation to a certificated financial instrument in respect of which a secured creditor in a statutory pledge has served a pledge enforcement notice. (2) Subject to any court order that is required under article 14, the secured creditor is entitled to take possession of the certificate of the instrument but only in accordance with paragraph (3) or, as the case may be, paragraph (4). (3) Where the certificate is in the possession of a relevant person, the secured creditor may take possession under paragraph (2)— (a) with the consent of the relevant person, (b) with the consent of the court, through the agency of an authorised person, or (c) personally, if authorised to do so by the court. (4) Where the certificate is not in the possession of a relevant person, the secured creditor may take possession under paragraph (2)— (a) with the consent of— (i) the provider, given after the pledge becomes enforceable, and (ii) any third party who for the time being either is in direct possession of, or has custody of, the certificate, (b) through the agency of an authorised person, or (c) personally, if authorised to do so by the court. (5) For the purposes of paragraphs (3) and (4), a “relevant person” is a person who, in respect of the instrument— (a) has a right in security which has priority in ranking over, or ranks equally with, the pledge to which the pledge enforcement notice relates, or (b) has executed diligence which has priority in ranking over, or ranks equally with, that pledge. (6) In this article, “authorised person” has the same meaning as in section 67(7) of the Act (secured creditor’s right to take possession of, or steps in relation to, corporeal property).
15 Secured creditor’s right to take possession of certificate of financial instrument
(1) This article applies in relation to a certificated financial instrument in respect of which a secured creditor in a statutory pledge has served a pledge enforcement notice. (2) Subject to any court order that is required under article 14, the secured creditor is entitled to take possession of the certificate of the instrument but only in accordance with paragraph (3) or, as the case may be, paragraph (4). (3) Where the certificate is in the possession of a relevant person, the secured creditor may take possession under paragraph (2)— (a) with the consent of the relevant person, (b) with the consent of the court, through the agency of an authorised person, or (c) personally, if authorised to do so by the court. (4) Where the certificate is not in the possession of a relevant person, the secured creditor may take possession under paragraph (2)— (a) with the consent of— (i) the provider, given after the pledge becomes enforceable, and (ii) any third party who for the time being either is in direct possession of, or has custody of, the certificate, (b) through the agency of an authorised person, or (c) personally, if authorised to do so by the court. (5) For the purposes of paragraphs (3) and (4), a “relevant person” is a person who, in respect of the instrument— (a) has a right in security which has priority in ranking over, or ranks equally with, the pledge to which the pledge enforcement notice relates, or (b) has executed diligence which has priority in ranking over, or ranks equally with, that pledge. (6) In this article, “authorised person” has the same meaning as in section 67(7) of the Act (secured creditor’s right to take possession of, or steps in relation to, corporeal property).
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