This section covers our procedures around correcting inaccuracies in the Registers of Moveable Transactions.
References in this section to the “2023 Act” refer to the Moveable Transactions (Scotland) Act 2023.
References in this section to the “2024 Rules” refer to The Moveable Transactions (Register of Assignations and Register of Statutory Pledges Rules) (Scotland) Regulations 2024.
Inaccuracies in both the Register of Assignations (RoA) and Register of Statutory Pledges (RSP) can be corrected but very different approaches to corrections apply between registers, largely due to the nature of each register.
The RoA is a register of transfer (assignation) documents. Once an assignation has taken place and been registered, it cannot unhappen, unless at the insistence of a court.
If the information contained in a registered assignation document is accurate to begin with, the Assignations Record entry for that assignation document cannot become inaccurate, unless, again, at the insistence of a court.
The RoA is therefore a snapshot “moment in time” register.
In particular, a registered assignation is incapable of being affected by future off-register events, such as name changes and retrocessions, other than an order of a court.
As a consequence, court intervention apart, the content of an entry in the Assignations Record will always be correct unless it was never correct in the first place – in which case, correction would be possible.
Contrastingly, the RSP is a “live” register of fixed security rights which have been created by the registration of a statutory pledge.
Security rights are capable of restriction, discharge, assignation etc, each of which take place off-register and each of which make the register inaccurate.
Supervening events, such as name changes and correspondence address detail changes, can also result in the register becoming inaccurate.
The approach to inaccuracy and correction under the 2023 Act reflects these differences between the RoA and RSP, leading to differing definitions of what comprises an “inaccuracy” in each register and differing approaches as to the route to correction.