Any alteration in the provisions (including any standard condition) of a standard security duly registered or recorded, other than an alteration which may appropriately be effected by an assignation, discharge or restriction of that standard security, or an alteration which involves an addition to, or an extension of, the land or real right in land mentioned therein, may be effected by a variation endorsed on the standard security in conformity with Form E of Schedule 4 to this Act, or by a variation contained in a separate deed in a form appropriate for that purpose, duly registered or recorded in either case.
Where a standard security has been duly registered or recorded, but the personal obligation or any other provision (including any standard condition) relating to the security has been created or specified in a deed which has not been so registered or recorded, nothing contained in this section shall prevent any alteration in that personal obligation or provision, other than an alteration which may be appropriately effected by an assignation, discharge or restriction of the standard security, or an alteration which involves an addition to, or an extension of, the land or real right in land mentioned therein, by a variation contained in any form of deed appropriate for that purpose, and such a variation shall not require to be registered in the Land Register of Scotland or recorded in the Register of Sasines.
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Any variation effected in accordance with this section shall not prejudice any other security or right over the same land or real right in land, or over any part thereof, effectively constituted before the variation is registered or recorded, or, where the variation is effected by an unregistered or unrecorded deed, before that deed is executed, as the case may be.