As part of its Eighth Programme of Law Reform the Scottish Law Commission is considering security over moveable property, both corporeal and incorporeal, and the outright transfer of incorporeal property in its project on moveable transactions. All three areas are crucial to widening access to finance, but here Scots law is unduly restrictive and insufficiently business friendly. The Commission published a Discussion Paper on Moveable Transactions (DP 151) in June 2011.
It proposed that there should be a new type of security right that could cover both corporeal and incorporeal moveable property. There would be a new electronic Register of Moveable Transactions, in which the security could be registered. Further information can be found on the Commission’s website.
More details are available on the website of the Scottish Law Commission.
A. Steven, Secured Transaction Reform (2013) 17 Edinburgh Law Review 251