Assignation (in security) meaning

This Practice Note aims to outline the principal distinctions between Scots law and English law concerning the creation of fixed security over land and buildings. These differences extend from the forms of security that can be taken over real property, to the ways in which such security is perfected and the significance of those perfection requirements. For broader guidance on taking security over land and, in particular, the position in England and Wales, see Practice Note: Taking security over land. Land and buildings A helpful place to begin is by considering what is meant by land and buildings for the purposes of fixed security. Under Scots law, a standard security can be taken as fixed security over property owned outright (heritable property) or property held under a lease. For leasehold property, a lease for a term of 20 years or less cannot be registered in the Land Register of Scotland or the General Register of Sasines (the Scottish Property Registers). As a result, it is not possible to...

STOP PRESS : The Moveable Transactions (Scotland) Act 2023 (the Act) took effect on 1 April 2025, together with the following connected regulations: The Moveable Transactions (Register of Assignations and Register of Statutory Pledges Rules) (Scotland) Regulations 2024, SSI 2024/381, which set out rules for the Register of Assignations and the Register of Statutory Pledges under the Act; The Moveable Transactions (Forms) (Scotland) Regulations 2024, SSI 2024/379, prescribing the form of a pledge enforcement notice and the form of a correction demand under the Act; The Moveable Transactions (Scotland) Act 2023 (Financial Collateral Arrangements and Financial Instruments) (Consequential Provisions and Modifications) Order 2025, SSI 2025/275, bringing financial collateral arrangements and financial instruments within the scope of the reforms; The Registers of Scotland (Fees and Plain Copies) Miscellaneous Amendments Order 2025, SSI 2025/103. General overview of the changes In Scots law, property is divided into heritable property (land, buildings and rights over land) and moveable property (everything else). Moveable property...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...