Part IIS The Standard Security

30 Interpretation of Part II.S

(1)In this Part of this Act, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say—

• “creditor” and “debtor” shall include any successor in title, assignee or representative of a creditor or debtor;

• “debt” and “creditor” and “debtor”, in relation to a standard security, have the meanings assigned to them by section 9(8) of this Act;

• [F1“duly registered or recorded” means registered in the Land Register of Scotland or recorded in the Register of Sasines;]

• “exposure to sale” means exposure to sale by public roup, and exposed or re-exposed to sale shall be construed accordingly;

• “heritable security” has the meaning assigned to it by the said section 9(8);

• [F2“real right in land” has the meaning assigned to it by the said section 9(8);]

• [F3“recorded” means recorded in the Register of Sasines;]

• “Register of Sasines” means the appropriate division of the General Register of Sasines;

• [F4“registered” means registered in the Land Register of Scotland;]

• “the standard conditions” are the conditions (whether varied or not) referred to in section 11(2) of this Act;

• “whole amount due” has the meaning assigned to it by section 18(4) of this Act.

(2)For the purpose of construing this Part of this Act in relation to the creation of a security over a registered lease and to any subsequent transactions connected with that security, the following expressions shall have the meanings hereby respectively assigned to them, that is to say—

• “conveyance” or “disposition” means assignation;

• “convey” or “dispone” means assign;

• F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “proprietor” means lessee;

• “security subjects” means a registered lease subject to a security.