standard security

standard security

the only competent way to obtain a security over heritable property in Scotland or, more accurately, over an interest in land since 1970. Standard terms are included and those in relation to the power of sale and foreclosure cannot be varied although others can. Preliminary procedures to sale include calling up and notice of default. Apart from sale, the creditor can on default enter into possession and also has powers to effect repairs. For England, see MORTGAGE.
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