Lending and security – Standard security – Validity and enforceability. Sheriff Court: In an action in which the pursuers appealed against a sheriff's decision refusing to grant declarator that five standard securities were void and unenforceable, the court rejected their arguments that the holder of a standard security must also be the creditor in the obligation secured by it and that a standard security which created a real right in security could only be granted in favour of the creditor in the obligation secured by it , and it agreed with the sheriff 's conclusion that in any event, the respondents were the creditors in the principal obligation and that the debt had been assigned to them.