S11.10 Deed of Postponement
A Deed of Postponement is granted by a creditor who is prepared to allow the security he/she holds to rank postponed to another security over the same subjects.
The minute is normally:
DEED OF POSTPONEMENT by ?p?nFIRSTPLUS FINANCIAL GROUP PLC?z, - of Standard Security (recorded 5 Apr. 2006), to Standard Security (recorded 7 Dec. 2009) to ?p?nACCORD MORTGAGES LIMITED?z, both by ?pDONALD ?nSCOTT?z, 5 Wytches Lynn, Ardrossan. Dated 2 Nov. 2009.
?l- ?B?q5?nWYTCHES LYNN?z, ARDROSSAN?D.
The preferred creditor should be the Applicant in the Sasine Application Form.
Sometimes the preferred security has not yet been recorded when the Postponement is drawn up and so there is no recording date. This can be minuted as:
DEED OF POSTPONEMENT by ?p?nFIRSTPLUS FINANCIAL GROUP PLC?z, - of Standard Security (recorded 27 Nov. 2005) to said Granter, to Standard Security to ?p?nBANK OF SCOTLAND PLC?z, both by ?pCOLIN JOHN ?nMAXWELL?z and ?pLYNNE ?nMAXWELL?z, both 64 Mountcastle Drive North, Edinburgh. Dated 20 Jan. 2010.
?l- ?B?q64?nMOUNTCASTLE DRIVE NORTH?z, EDINBURGH?D.
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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