About the Register of Mortgaged Movable Property
Last updated: 15 November 2023.
The Register of Mortgaged Moveable Property was launched at the same time as The Mortgage Act of 1980 took effect, that is from 1 January 1981. The old trade registers or registers of persons were then replaced by this new register. At the Register of Mortgaged Movable Property, we carry out quick and reliable registration of mortgages and other movable rights.
This makes it easier for private individuals and businesses in Norway than in most of the other countries to secure loans for new investments with insurance in existing assets.
The Register of Mortgaged Movable Property is a register for security interests and mortgages on movable properties. A registration means that the entitlement, or the mortgage will be registered as an encumbrance against the person or business the secured claim concerns. The registration provides legal protection for creditor’s claim against the debtor. The Register of Mortgaged Movable Property is best known as the primary source of information regarding liens on second-hand cars and other motor vehicles.
Vehicle liens
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 Movable Property as a source of information in connection with security interests on used cars and other motor vehicles. Many vehicle buyers have avoided contracting the seller’s debts by contacting the Register of Mortgaged Movable Property before making a transaction.
Other collaterals
In addition to motor vehicles, security interest may be registered on construction machinery, inventories, farming equipment and livestock, and so on. Leasing agreements on cars and factoring agreements (security interests on outstanding claims) are other examples. The ordinary enforcement authority, the Tax administration, the National Collection Agency and NAV Collection Agency register security interests in the event of enforcement proceedings.
Public information
Since registrations are public, anyone may obtain information on the encumbrances and entitlements that have been registered with the Register of Mortgaged Movable Property. In conjunction with information from the Register of Business Enterprises and the Register of Company Accounts, a register transcript from the Register of Mortgaged Movable Property may provide a useful overview of a potential customer or partner.
Credit information
As of March 3rd 2008, distraint deduction and “nothing for distraint” were registered in the Register of Mortgaged Movable Property. A shared database was created for The Norwegian National Collection Agency and the public enforcers. The information in this database is sent electronically from public enforcers to the Register of Mortgaged Movable Property and redistributed to credit information agencies. Credit information is restricted to lawyers, financial institutions, collection agencies, credit information agencies, public agencies and debtors. Credit information agencies may relay this information to their customers.