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Glossary of Terms Beginning with S

Sale and Purchase Agreement:
The name given to the document which sets out the terms on which a buyer agrees to buy shares in a limited company.

Search in the Register of Inhibitions and Adjudications:
Always carried out against the Seller when selling a heritable property. Also carried out when purchasing or taking security over heritable or leasehold property. Search is made against vendor and purchaser.

Search in the Register of Sasines:
Always obtained when buying or taking security over heritable or leasehold property. Will disclose all Dispositions and Standard Securities affecting property.

Bankruptcy of an individual.

Sheriff Officers:
The equivalent of Bailiffs in English Law. Responsible for service of Sheriff Court papers and other documents.

Stamp Duty:
Now known as SDLT (stamp duty land tax). The tax payable on transfer of certain types of property or shares.

Standard Security:
Fixed charge over heritable or leasehold property.

Subscription Agreement:
An agreement prepared by an Investor to a limited company setting out the basis of the investment. It will include the price being paid, ongoing controls on the operation of the company and warranties and indemnities.

Superior or Feudal Superior:
Party formerly entitled to enforce feuing conditions. Removed (in most cases) by recent legislation.

Last updated: 4.39pm, Wednesday 28th April 2010

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