STANDARD
SECURITIES
QA.
I am drawing up a Standard Security for first registration, and
intend to describe the subjects as being those in a Disposition
"registered in the Land Register of even date herewith".
Will this be acceptable to the Keeper?
A.
The description in a Standard Security must comply with the requirements
of Note 1 to Schedule 2 to the Conveyancing and Feudal Reform (Scotland)
Act 1970, as amended by Section 77(3) of the Abolition of Feudal
Tenure (Scotland) Act 2000. In other words, the subjects must be
described "sufficiently to identify them", although this
is "without prejudice to any additional requirement imposed
as respects any register". In view of the terms of Section
29 of the Land Registration (Scotland) Act 1979, the words "registered
in the Land Register of even date herewith" do not constitute
a statutory reference description. However, the Keeper is able to
overlook such a reference if the subjects are otherwise adequately
described. Where the Standard Security accompanies a Disposition
which contains a description which relies on a plan, the best course
is normally to annex a copy of the same plan, with a suitable docket,
to the Standard Security and to repeat the description given in
the Disposition.
QB.
I am acting for a heritable creditor exercising a power of sale
under a Standard Security. Will the Keeper require to see the Calling-up
Notice etc.?
A.
The Keeper relies on the answer given to question 10 on Form 1 (or
the equivalent questions on Forms 2 and 3). If the question is answered
in the affirmative, the Keeper does not ask to see evidence of the
statutory powers.
QC.
Question 10 on Form 1 is not applicable if the exercise of power
of sale is earlier in the prescriptive progress. In that case, will
the Keeper need to see the evidence?
A.
No. The Keeper considers he is adequately protected by the answer
to Question 14 on Form 1, which will be taken as inter alia an assurance
that the evidence of the power of sale is satisfactory.
|