About
The Register of Statutory Pledges (RSP) allows the legal creation of statutory pledges in Scotland under the Moveable Transactions (Scotland) Act 2023.
This means that physical moveable property, intellectual property, and financial instruments can be used as security for loans and can be registered as a Statutory Pledge on the RSP.
Terminology
| Term | Meaning |
|---|---|
| Statutory pledge | This is a fixed security over moveable asset(s). |
| Provider | This is the company or person who has granted the pledge. |
| Secured creditor | This is the company or person who has been granted the statutory pledge. |
| Encumbered Property | The asset(s) over which the pledge has been granted. |
| Statutory pledge constitutive document | This is the document that creates the statutory pledge and which is registered in the RSP. |
Using the register
You can:
Fees
- Registration = £30
- Search = £3 (plus VAT)
- Correction = £10
- Amendment = £30
- Discharge = £10
- Extract =£35 (plus VAT)
Multiple registrations = £30 + £5* the number of secondary registrations.
There are two ways to pay for transactions on the Register of Statutory Pledges.
You can pay by:
- Direct Debit
- card
If you have a FAS account with RoS, you can set up a Direct Debit. This will be a different Direct Debit than the one you use to pay for ScotLIS.
If you pay by card, you’ll receive a receipt.
Go to the Register of Statutory Pledges
Support
Customer Services 0800 169 9391
Post
Registers of Scotland
Meadowbank House
153 London Road
Edinburgh
EH8 7AU
You must contact the secured creditor and ask that they correct the record before you apply for a correction demand.
A correction demand can only be requested by:
- a provider
- an individual acting on behalf of a provider named in a registration
- a person who has a right in a property named in a registration.
Where:
- the provider is not a provider of the statutory pledge, or
- all or part of the property in the pledge is not encumbered property.
When you apply, the secured creditor will be contacted to confirm a request to correct the register has been made.
If, after a minimum of 21 days, the secured creditor has not:
- made the correction, or
- applied to a court to oppose the correction.
The correction demand will be actioned.
Before you begin
You must have requested the secured creditor make the change and allowed the specified time to pass.
To make a correction demand you will be asked for:
- Register of Statutory Pledges registration number
- provider name(s) (optional)
- secured creditor(s) who have been contacted
- description of the correction.
You will be charged £10 to apply for a correction demand
A manifest inaccuracy is where it is obvious that there is an error in the registration record that results in that record being misleading.
An application should be made where it is clear there is a manifest inaccuracy.
Once an application is made this will be assessed to determine whether the correction will be applied.
Before you begin
To make a manifest inaccuracy request you will be asked for:
- Register of Statutory Pledges registration number
- your name and address
- a description of the inaccuracy and how to resolve it