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ARTICLE · 31 MAY 2023

Moveable Transactions Bill Passed By Scottish Parliament

Shepherd and Wedderburn
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The Bill simplifies and clarifies the existing Scots law relating to assignation of rights and introduces a new form of Scots law fixed security that can be granted over tangible...

United KingdomFinance and Banking
Neil Campbell
Neil Campbell
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On 4 May 2023 the Scottish Parliament passed the long-awaited Moveable Transactions (Scotland) Bill. The Bill introduces wide-ranging reforms to the Scots law of assignation of rights and of security over moveable property, and heralds one of the biggest changes to commercial law in Scotland – and for the ability of Scottish businesses to access finance - for many years.

Almost 20 years in the making the package is the result of extensive consultation with stakeholders across the legal, financial services and general business communities, particularly in recent years as the final legislation was being drafted.

What does the Bill do?

The Bill simplifies and clarifies the existing Scots law relating to assignation of rights and introduces a new form of Scots law fixed security that can be granted over tangible moveable property and certain intangible moveable property known as the "Statutory Pledge". The Bill also introduces two new online registers – the Register

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