S11.1 Introduction
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Since 29 November 1970, the usual method of obtaining a loan over heritable property is by granting a Standard Security. This is the deed which narrates the details of the loan and was introduced by the Conveyancing and Feudal Reform (Scotland) Act 1970. Section 9 of the Act authorises the use of two forms of Standard Security and the styles for these are provided in Schedule 2. A Standard Security would be drawn up to conform to either Form A or Form B of Schedule 2.
The legal effect of recording the Standard Security is to vest the “interest in land” over which it is granted in the creditor as a security for the loan. The title of the creditor is a limited one: an infeftment in security.
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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