The Register of Mortgaged Moveable Property registers entitlements
and mortgages/security interests on moveable properties. A
registration means that the entitlement or mortgage/security
interest will be registered as an encumbrance on the person
or business enterprise the secured claim concerns. The registration
gives perfection to creditors.
The Register of Mortgaged Moveable Property undertakes speedy
and reliable registration of mortgages, security interests
and other rights. This means that it is easier for Norwegian
business enterprises to obtain loans for new investments secured
by existing assets than in most other countries.
If the collateral is a registered motor vehicle, the encumbrance
is attached to its registration number. Most people may be
familiar with the Register of Mortgaged Moveable Property
as a source of information on security interest registered
on used cars and other motor vehicles. Quite a few purchasers
have saved themselves from "inheriting" the seller's
debts by contacting the Register of Mortgaged Moveable Property
before making a transaction.
In addition to motor vehicles, security interest may be registered
on construction machinery, goods in stock, farming equipment
and livestock, and so on. Leasing agreements on cars and factoring
agreements (security interest on outstanding claims) are other
examples. District police authorities, district court judges
and municipal treasurers register mortgages/security interests
in the event of enforcement proceedings.
Registrations are public, i.e. anyone may obtain information
on the encumbrances and entitlements that have been registered
with the Register of Mortgaged Moveable Property. In conjunction
with information from the Register of Business Enterprises
and the Register of Company Accounts, a certificate of registered
mortgages/security interests from the Register of Mortgaged
Moveable Property may provide a good picture of a potential
customer or partner.
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