Reflections on the Future of Moveable Security in Scotland: Property and Ranking Challenges

The Moveable Transactions (Scotland) Act 2023 (“the 2023 Act”) is arguably the most important development in Scots commercial law in the twenty-first century (so far) and will significantly improve the law of security over moveable property. 1 The road to reform has been a long and winding one, given previous reform attempts and the length of time that has elapsed since the Scottish Law Commission embarked on its project on moveable transactions.2 While there is currently a hiatus as we await the 2023 Act being brought into force, we know (and have largely known for some time) what to expect when the future of moveable security finally arrives. It is therefore desirable to reflect upon various aspects of the awaited law, including in relation to property matters and the ranking of security rights. This contribution will discuss a selection of the challenges arising from the 2023 Act in these areas.