Scottish Law Commission Proposal for reform of the Standard Security
The Standard Security is of vital importance as it is the primary means by which individuals are able to obtain loan finance to buy property in Scotland. It was introduced by the Conveyancing and Feudal Reform (Scotland) Act 1970 following the Halliday Report of 1966 that recommended that the law should be simplified and the existing forms of heritable security should be consolidated. The 1970 Act has proved largely to have been a success but as time has gone on, a number of issues have been identified.
