Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Moveable Transactions (Forms) (Scotland) Regulations 2024 and come into force on 1 April 2025.

(2) In these Regulations, “ the Act” means the Moveable Transactions (Scotland) Act 2023.

Pledge enforcement notice

2.  The form of a pledge enforcement notice under section 65(1) (pledge enforcement notice) of the Act is the form set out in Part 1 of the schedule.

Correction demand in respect of entry in statutory pledges record

3.  The form of a correction demand under section 98(1) (demand that application for correction be made under section 96) of the Act is the form set out in Part 2 of the schedule.

SCHEDULE

Regulation 2

PART 1

Regulation 3

PART 2

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations prescribe the forms to be used for the purposes of sections 65(1) and 98(1) of the Moveable Transactions (Scotland) Act 2023 (asp 3)(“ the Act”).

Regulation 2 prescribes the form a pledge enforcement notice must be in. Section 65(1) of the Act provides that a secured creditor must serve a pledge enforcement notice, in the prescribed form, on those persons noted in that section before taking any other steps to enforce the statutory pledge.

Regulation 3 prescribes the form a correction demand must be in. Section 98(1) of the Act provides that a person may serve a correction demand, in the prescribed form, on the registered creditor to demand they apply to the Keeper of the Register of Scotland to have a relevant entry in the Register of Statutory Pledges corrected.