Revolution or Riddle? Decoding the Moveable Transactions (Scotland) Act 2023

This paper critically examines the Moveable Transactions (Scotland) Act 2023 (“the 2023 Act”) through the dual lenses of revolution or riddle. Enacted on 13 June 2023 and in force from 1 April 2025, the Act modernises Scots law by introducing registration‑based publicity via two new statutory registers: the Register of Assignations and the Register of Statutory Pledges. Structurally, the Act comprises two principal parts: Part 1 reforms the law on assignation of claims, replacing the historic reliance on intimation with a registration alternative; Part 2 covers security over moveable property, introduces the statutory pledge, establishes the Register of Statutory Pledges, and codifies enforcement rules for possessory pledges. Together, these provisions aim to widen access to secured finance and clarify real rights in security for businesses. Nevertheless, alongside this revolution, nascent appellate authority highlights a continuing riddle for practitioners in the recent decision of McKinlay v Avellierie Ltd [2025] SAC (Civ) 6, which illustrates that, notwithstanding the Act’s facilitative registration regime, precision in drafting remains essential to capture accessory security rights. By situating the Act within its historical and comparative context, analysing its key innovations, and examining unresolved interpretative challenges, the paper assesses whether this reform represents a genuine revolution in Scots property law or an intricate riddle for practitioners navigating commercial transactions.