Part 2Security over Moveable Property
Chapter 1Pledge
Statutory pledge
I149Creation of statutory pledge over added property
1
Where a statutory pledge is amended so as to add property to the encumbered property by means of an amendment document under section 58, a statutory pledge is created over the added property on the requirements mentioned in subsection (2) all being met.
2
Those requirements are that—
a
the added property is the provider’s,
b
the amendment is registered, and
c
the added property is identifiable as property to which the amendment document relates.
3
Subsection (2)(b) is subject to section 92 (effective registration of amendment to statutory pledge) and, accordingly, the requirement of that subsection—
a
is not met if the registration of the amendment document is ineffective in accordance with section 92(1), and
b
is met if and when that registration becomes effective in accordance with section 92(3).
4
This section is subject to section 50 (creation of statutory pledge: insolvency).