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 29 November 1970, as a result of the Conveyancing and Feudal Reform (Scotland) Act 1970, this has been the case. Two standard forms are provided – Form A has the Personal Bond as its first part, but Form B merely refers to some other source. 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.

Collins dictionary of law. . 2001.

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