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The recent case of The Trustees of Beardsley Theobalds Retirement Benefit Scheme v Yardley makes clear the importance for lenders to obtain confirmation that an individual signing a security document has received independent legal advice
In determining whether a security interest has been validly created in accordance with the requirements of Scots law, the key considerations are whether the security transaction has been carried out publicly or in secret and whether the requirements of legal validity have been met and, unlike under English law, the concept of equity is irrelevant
