§ 8.45 p.m.
§ Mr. BuchanI beg to move Amendment No. 55, in page 22, line 37, leave out ' is in existence at ' and insert:
has been duly recorded before.This Amendment seeks to clarify that the heritable securities whose validity is preserved by the Clause are those which have been duly recorded before the beginning of the operation of the Bill when enacted. The hon. and learned Gentleman drew attention to the vagueness of 931 the expression "in existence" and proposed that the difficulty should be resolved by providing, in effect, that "in existence" meant executed by the debtor. We have considered this matter. On the whole, we prefer our method to the formula proposed by the hon. and learned Gentleman; because a deed is not a true heritable security until it is recorded.
§ Amendment agreed to.