The Moveable Transactions (Scotland) Bill, which aims to make it easier for businesses to raise finance, will also enable them to borrow against intellectual property such as trademarks and patents, as well as making various kinds of commercial transactions more efficient and less expensive.

Public finance minister Tom Arthur toured Glenkinchie Distillery ahead of the final debate and vote.

He said: “This is a significant step forward in modernising the law, and I’m pleased that MSPs have agreed to reform the old rules and bring borrowing practices in Scotland in line with other countries.

“Businesses will now be able to borrow more easily against assets they own such as machinery and intellectual property rights by raising finance against them.

“These changes will make processes easier and cheaper as it is hoped lenders will be more likely to charge lower interest rates given that they will be lending against secured assets.

“Better access to finance will support innovation, and by improving the current inefficient and expensive methods of raising finance, the Scottish Government is helping drive forward Scotland’s economic recovery in line with our National Strategy for Economic Transformation.”