S11.11.4 Discharge of Securities where there is a recorded Variation
When Discharging a Security where there has been a Variation recorded, then the original granters of the Security should be narrated in order to identify the Security but only the current debtors require to be named as Applicants in the SAF. In the following example, John and Heidi Smith were current proprietors of a property and took out a loan with the Nationwide, which was duly recorded. Some time after, they divorced and then John married Victoria. A Disposition by John and Helen to John and Victoria was recorded followed by a deed of variation releasing Heidi from her obligations and incorporating Victoria as a debtor in the Security. John and Victoria are named as Applicants on the SAF for the Discharge.
Example:
(No. 54) 8 Sep. 2009
DISCHARGE by ?p?nNATIONWIDE BUILDING SOCIETY?z, - of Standard Security (recorded 18 Nov. 2000) by ?pJOHN BRIAN ?nSMITH?z and ?pHEIDI ?nSMITH?z, both formerly 26 Buckstone Court, now 40 Carrick Knowe Place, Edinburgh and 22 C H 9470 Bucks/SG, Switzerland, respectively. Dated 24 Aug. and 1 Sep. 2009; with Application on behalf of said John Brian Smith and his wife ?pVICTORIA ?nSMITH?z.
?l- ?q198?nLIBERTON BRAE?z, EDINBURGH.
Registers of Scotland (RoS) seeks to ensure that the information published in the Sasines Manual is up to date and accurate but it may be amended from time to time.
The Manual is an internal document intended for RoS staff only. The information in the Manual does not constitute legal or professional advice and RoS cannot accept any liability for actions arising from its use.
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