PART IIIProvisions as to Heritable Securities

35Power of creditor in bond and disposition in security to sell to include power to sell by private bargain

1

The creditor in a bond and disposition in security may exercise his power to sell the land disponed in security by way of sale by private bargain for the best price that can be reasonably obtained.

2

In relation to a sale by private bargain, the Act of 1924, except as respects amendments thereto made by this Act, shall have effect subject to the following modifications—

a

any reference to sale by public roup shall include a reference to a sale by private bargain, and any reference to exposure to sale, however worded, shall include a reference to an offer for sale;

b

any reference to the upset price of the land, or any part thereof, shall be omitted ;

c

section 39 shall be omitted.

3

Nothing in the provisions of this section shall authorise a sale under warrant of the sheriff in pursuance of section 11 of the Act of 1894 (empowering by sheriff of pari passu security holder to sell pari passu security) to be by way of private bargain.