S11.9 Ranking Agreements

The ranking of Standard Securities may be altered by a separate Ranking Agreement or Deed of Variation.

These deeds must clearly identify the Security deeds affected. This may be achieved by referring to the recording dates of the Securities, but often Ranking Agreements are submitted along with the Securities affected, and refer to "a Standard Security by A to B, dated ... and recorded or about to be recorded. This is acceptable, as long as the subjects affected by the Security deeds are narrated in gremio of the Ranking Agreement. In addition, a Ranking Agreement may rank a Standard Security against a Floating Charge. Although Floating Charges are not able to be recorded in the Register of Sasines, a ranking Agreement which refers to a Standard Security and a Floating Charge can be recorded.

Note: It is felt that to be fully effective these should always be recorded on behalf of all creditors thereto. That is, all the Banks/Building Societies, etc. should be in the Applicants section of the Sasine Application Form.

Reference: McDonald’s Conveyancing Manual, 7th Edition, 22.16.

Minuting of Ranking Agreements

Where the recording dates of the Standard Securities are given:

RANKING AGREEMENT among ?p?nLOMBARD NORTH CENTRAL PLC?z (First Party), ?p?nROYAL BANK OF SCOTLAND PLC?z (Second Party) and ?pMATTHEW JAMES ?nHAMILTON?z, Crosswoodhill, West Calder and ?pPETER JAMES ?nMACLAREN?z, 2 Glencairn Crescent, Edinburgh (Third Party) - containing provisions as to the ranking of Standard Security (recorded 7 Nov. 2002) to First Party with Standard Security (recorded 15 Oct. 2005) to Second Party, both by Third Party, - over Lands and Farm of ?q?nHANDAXWOOD?z &c, referred to in Disp. to Robert Cadzow Hamilton, recorded 8 May 1959. Dated 3,8 and 16 Dec.2009.

Where the recording dates of the Standard Securities are not given:

RANKING AGREEMENT among ?p?nLOMBARD NORTH CENTRAL PLC?z (First Party), ?p?nROYAL BANK OF SCOTLAND PLC?z (Second Party) and ?pMATTHEW JAMES ?nHAMILTON?z, Crosswoodhill, West Calder and ?pPETER JAMES ?nMACLAREN?z, 2 Glencairn Crescent, Edinburgh (Third Party) - containing provisions as to the ranking of Standard Security to First Party with Standard Security to Second Party, both by Third Party, - over Lands and Farm of ?q?nHANDAXWOOD?z &c, referred to in Disp. to Robert Cadzow Hamilton, recorded 8 May 1959. Dated 3,8 and 16 Dec.2009.

Where Standard Securities and Floating Charges are affected:

As Floating Charges are not recordable in the Register of Sasines, no mention is made of them when minuting Ranking Agreements:

RANKING AGREEMENT among ?p?nINVERESK PAPER LIMITED?z (First Party) and ?p?nROYAL BANK OF SCOTLAND PLC?z (Second Party) - containing provisions as to ranking of Standard Security (recorded 1 Oct. 1990) by First Party, - over ?q?nINVERESK PAPERMILLS?z , ?q?nMILL ROAD?z, MUSSELBURGH. Dated 15 Jul. 2009.