The‘Pre-History’ of Floating Charges in Scots Law

Abstract

This chapter examines the position(s) on floating security under Scots law prior to the introduction of the statutory floating charge; what may be referred to as the ‘pre-history’ of floating charges. After briefly considering the Roman law position, the chapter spans a period from early Scots law up to the mid-twentieth century. It explores the rejection of general express hypothecs, including floating security, at common law in Scotland as well as the emergence of the English floating charge and Scottish reactions to that development.