C2C3C4Part II The Standard Security

Annotations:
Modifications etc. (not altering text)
C3

Pt. II (ss. 9-32) applied (with modifications) (12.4.1993) by Health and Social Services and Social Security Adjudications Act 1983 (c. 41, SIF 113:3), s. 23(6); S.I. 1992/2974, art. 2, Sch.

Pt. II (ss. 9-32) applied (with modifications) (16.7.1993) by S.I. 1993/1516, art. 5

C4

The provisions of Pt. II, other than ss. 9(1) and (2), 12 and 14, applied (with modifications) by S.I. 1987/381, reg. 40(5)

C130 Interpretation of Part II.

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;

  • F3“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);

  • F1“real right in land” has the meaning assigned to it by the said section 9(8);

  • F4“recorded” means recorded in the Register of Sasines;

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

  • F5“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;

  • F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  • “proprietor” means lessee;

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