§ 2-12. Deletion of collateral when the claim has been settled
Machine-translated from Norwegian. The Norwegian text is the one that applies. Read the original in Norwegian.Norsk English العربية Polski Українська
The text of the law (unofficial translation)
§ 2-12. Deletion of encumbrances, etc.
When the monetary claim has been repaid or has lapsed in some other way, the creditor shall ensure the deletion or release of collateral and other security for the monetary claim, unless otherwise agreed in connection with the repayment.
What does this mean?
If a monetary claim has been settled or has lapsed in some other way, the creditor must ensure that collateral and other security is deleted or released. The parties may agree otherwise in connection with the repayment.
The rule is connected to § 2-11, which gives the debtor (skyldner) and the guarantor (kausjonist) written confirmation that the claim has been settled, and to § 2-9 on the repayment itself. It comes before § 2-13, which governs what happens when a monetary claim is transferred to a new owner.