The Moveable Transactions (Scotland) Act 2023 is an act of the Scottish Parliament relating to taking security over "moveable" property, defined as property which can be moved as well as intellectual property.
Background.
Before the act was passed, Scottish law on borrowing against "moveable" property required delivering the asset to the secured party.
Lenders in Scotland therefore relied on floating charges, which are not attached to any particular asset when granted.
Provisions.
The act creates a new form of security ("statutory pledge"), where security can be granted over moveable property without requireing delivering the asset to the secured party.
The act creates two register: the Register of Assignations, and the Registers of Statutory Pledges.
Implementation.
The creation of the two registers operated alongside the existing means of creation of pledges and assignations.
The act was commenced on 1 April 2025.