The Moveable Transactions (Forms) (Scotland) Regulations 2024
The Moveable Transactions (Forms) (Scotland) Regulations 2024 (SSI 2024/123) were made on 12 December 2024 and come into force on 16 December 2024.
These Regulations prescribe the forms of the following documents:
- the notice required to be given under section 10(4) of the Moveable Transactions (Scotland) Act 2017 (notice of a perfected security right);
- the certificate required to be issued under section 17(2) of that Act (certificate of non-perfection);
- the certificate required to be issued under section 28(2)(b) of that Act (certificate of satisfaction of perfected security right);
- the notice required to be given to other holders of perfected security rights under section 43(2) of that Act (notice of acquisition).
These forms can be found on the Scottish Government website.
The Regulations also amend the Security Interests (Enforcement and Sale) (Scotland) Regulations 2012 (SSI 2012/265) to make it clear that the forms prescribed by these Regulations may be used for the purposes of that Act.
What is a moveable transaction?
A moveable transaction is a transaction that creates or transfers an interest in a moveable. Moveables are things that can be moved, such as cars, furniture, and equipment.
What is a perfected security right?
A perfected security right is a security right that is enforceable against third parties. This means that if the debtor (the person who owes the money) becomes insolvent, the secured creditor (the person who holds the security right) will be able to claim the moveable from the debtor’s insolvency estate.
Why are these Regulations important?
These Regulations are important because they provide the forms that must be used for certain transactions involving moveables. This will help to ensure that these transactions are properly documented and that the rights of the parties involved are protected.
Further information
Further information on the Moveable Transactions (Scotland) Act 2017 can be found on the Scottish Government website.
The Moveable Transactions (Forms) (Scotland) Regulations 2024
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