Standard Security - Example Deeds

General

A standard security is registrable by virtue of section 9 of the Conveyancing and Feudal Reform (Scotland) Act 1970. A standard security is entered in the securities section of the title sheet by virtue of section 8 of the 2012 Act.

There are two statutory forms of standard security permitted and set out in Schedule 2 of the 1970 Act. A standard security must either be in, or closely resemble either Form A (which incorporates the personal obligation, usually repayment of monetary loan, undertaken by the debtor) or Form B (which does not incorporate the personal obligation but will refer to the nature of the debt and a separate instrument by which the personal obligation is constituted). For the avoidance of doubt, although minor deviations from the prescribed styles may be acceptable, the omission of any clause e.g. reference to the standard conditions in Schedule 3, is a fatal error and the deed must be rejected.

For the minimum content of the securities section, see Securities Section Information.

For securities granted in favour of most major lenders, LRS system uses Creditor Codes which allow the completion of an entry in the Securities Section quickly. Use the correct Creditor Code, and ensure where your creditor applicant is a non-natural person that sufficient information is provided in the deed or application form for completing their designation. See Designations.

Useful links

Example assignation of standard security

Discharge of standard security

Securities Section Information

Form A statutory style

I, A.B. (designation), hereby undertake to pay to C.D. (designation), the sum of £ (or a maximum sum of £ ) (or all sums due and that may become due by me to the said C.D. in respect of ......... (here specify the matter for which the undertaking is granted)) with interest from ........................ (or from the respective times of advance) at ............ per centum per annum (or otherwise as the case may be) (annually, half-yearly, or otherwise as the case may be) on ..................... in each year commencing on .....................; For which I grant a standard security in favour of the said C.D. over All and Whole (describe the security subjects): The standard conditions specified in Schedule 3 to the Conveyancing and Feudal Reform (Scotland) Act 1970, and any lawful variation thereof operative for the time being, shall apply: And I grant warrandice: And I consent to registration for execution.

Completed Form A

The Debtor: JANIS JANE YOUNG 154 Queenslie Crescent, Glasgow G27 9RT

The Lender: EXCELLENT MORTGAGES LIMITED, a company incorporated under the Companies Acts, whose registered office is at 125 Wimbourne Street, Bradford, BD1 5AT (Company Registered Number 224567)

The property: The heritable property known AS FLAT 1/L 351 HOLMLEA QUADRANT, CATHCART, GLASGOW G54 4JA more fully described below

The Loan: One Hundred and Thirty Thousand pounds (£130,000 sterling)

The Debtor acknowledges receipt of the Loan and hereby undertakes to pay the Lender all monies which are or may become payable to the Lender by the Debtor including the Loan and any further advance made by the Lender to the Debtor with interest computed in accordance with the practice of the lender at the interest rate by monthly payments the first of which is to be made on the date specified by the Lender and notified to the Debtor and subsequent payments at successive intervals of one month thereafter until the whole sums hereby secured are paid and satisfied: for which the Debtor hereby GRANTS a standard security in favour of the Lender over the property being ALL and WHOLE the subjects being the southmost house on the first floor above the ground floor of Three Hundred and Fifty-one Holmlea Quadrant, Cathcart, Glasgow registered under the Title Number GLA54321

The Standard Conditions specified in Schedule 3 to the Conveyancing and Feudal Reform (Scotland) Act 1970 as amended, and as varied by the Schedule of variations made by the Lender dated the seventeenth day of September two thousand and twelve and registered in the Books of Council and Session on the eighteenth day of September two thousand and twelve which are referred to as the Excellent Mortgage conditions 2012 receipt of a copy whereof is acknowledged by the Debtor and any lawful variation thereof operative for the time being shall apply: And the Debtor grants warrandice: And the debtor consents to registration for execution.

IN WITNESS WHEREOF these presents are executed by the Debtor and witnessed as below

Signature of debtor	Janis Jane Young
Signature of witness	Christina Mitchell
Full name of witness	Christina Mitchell
Occupation	Accountants Assistant
Address	547 Pollokshaws Road, Glasgow, G44 3PR
Date	9 March 2011	Place	Glasgow

Securities section entry - Form A

ENTRY NO	SPECIFICATION	DATE OF REGISTRATION
[ ]	Standard Security for £130000 and further sums by said JANIS JANE YOUNG to EXCELLENT MORTGAGES LIMITED, a company incorporated under the Companies Acts, Registered Office 125 Wimbourne Street, Bradford BD1 5AT (Company Registered Number 224567).	19 DEC 2014

Form B statutory style

I, A.B. (designation) hereby in security of (here specify the nature of the debt or obligation in respect of which the security is given and the instrument(s) by which it is constituted in such manner as will identify these instruments) grant a standard security in favour of C.D. (designation) over All and Whole (here describe the security subjects as indicated in Note 1 hereto): The standard conditions specified in Schedule 3 to the Conveyancing and Feudal Reform (Scotland) Act 1970, and any lawful variation thereof operative for the time being, shall apply: And I grant warrandice.

Completed Form B

This document creates security for the Owner’s debts to the Bank over:

(1) The land and buildings described in it; and

(2) Any claim arising under the insurance policies for the land and buildings described in it.

We recommend that you take legal advice on its terms and on the terms of the Deed of Conditions and the Standard Conditions which form part of this standard security and are referred to below.

In this Standard Security the following expressions shall have the meanings and effect respectively set opposite them:

Owner:	DONALD McDONALD and MRS SENGA McDONALD, Spouses, both residing at Thirty Five Dunrovin Drive, Dunfermline
Personal Bond:	The personal bond granted by the Owner in favour of the Bank dated of even date with these presents as varied, amended or supplemented from time to time
Bank:	THE BANK OF ALBA incorporated by Act of Parliament and having its Head Office at The Thistles Business Centre, Edinburgh EH1 1YZ and its successors and assignees whomsoever
Property:	the property known as that second floor dwellinghouse at Three Beanfield Place, Kirkcaldy in the County of Fife more particularly described in Part 1 of the Schedule
Property Insurance Proceeds:	all rights, benefits and claims (whether existing now or arising at any time in the future) under the policy or policies of insurance for covering the Property or any interest in the Property effected from time to time in accordance with the provisions of the Deed of Conditions.
Deed of Conditions:	the deed of standard security conditions by the Bank dated Sixteenth May Two thousand and Seven and registered in the Books of Council and Session on Eighteenth May Two thousand and Seven.
The Schedule:	the schedule in three parts annexed and signed as part of this standard security

The Owner in security of all present and future sums of money (howsoever arising) due and that may become due to the Bank in terms of the Personal Bond hereby:

(1) GRANTS a Standard Security in favour of the Bank over ALL and WHOLE the Property; the Standard Conditions specified in Schedule 3 to the Conveyancing and Feudal Reform (Scotland) Act 1970 and 1971 as varied by the Deed of Conditions (receipt of a copy of which the Owner hereby acknowledges) and any lawful variation thereof operative for the time being shall apply. The standard security hereby granted is subject to the heritable security, if any, and/or any agreement regulating its ranking detailed in Part 2 of the Schedule; the Owner grants warrandice, subject to the heritable security, if any, detailed in Part 2 of the Schedule and subject to the existing leases (if any) detailed in Part 3 of the Schedule; and

(2) ASSIGNS its whole right title and interest in and to the Property Insurance Proceeds to the Bank.

IN WITNESS WHEREOF these presents consisting of this and the preceding page together with the Schedule annexed and signed as relative hereto are signed by the said Donald McDonald and Mrs Senga McDonald together at Dunfermline on the Second day of July Two Thousand and eleven in the presence of Duncan Thor, Solicitor of 6-8 High Street, Dunfermline .

Donald McDonald	S McDonald
M Ross (Witness)

Please remember to execute the Schedule

SCHEDULE REFERRED TO IN THE

FOREGOING STANDARD SECURITY

BY

DONALD McDONALD and MRS SENGA McDONALD

In favour of

The Bank of Alba

PART 1

ALL and WHOLE that second floor dwellinghouse at Three Beanfield Place, Kirkcaldy in the County of Fife being the subjects registered under the Title Number FFExxx

PART 2

NONE

PART 3

NONE

Donald McDonald

S McDonald

(to be executed by the Owner)

Securities section entry - Form B

ENTRY NO	SPECIFICATION	DATE OF REGISTRATION
[ ]	Standard Security by said DONALD MCDONALD AND SENGA MCDONALD to THE BANK OF ALBA, incorporated by Act of Parliament, Head Office at The Thistles Business Centre, Edinburgh EH1 1YZ.	23 DEC 2014

2012 Act Registration Manual

Standard Security - Example Deeds

General

Examples