Prospective
(1)A statutory pledge is created over property which is identified in a constitutive document in accordance with section 45 on the requirements mentioned in subsection (2) all being met.
(2)Those requirements are that—
(a)the property is the provider’s,
(b)the statutory pledge is registered, and
(c)the property is identifiable as property to which the constitutive document relates.
(3)Subsection (2)(b) is subject to section 91 (effective registration of statutory pledge) and, accordingly, the requirement of that subsection—
(a)is not met if the registration of the constitutive document is ineffective in accordance with section 91(1), and
(b)is met if and when that registration becomes effective in accordance with section 91(3).
(4)This section is subject to section 50 (creation of statutory pledge: insolvency).
Commencement Information
I1S. 48 not in force at Royal Assent, see s. 121(2)