§ 81. Purchase of an interest-bearing claim
When you buy an interest-bearing claim (a loan, a bond), you also get the interest that has accrued but is not yet due at the time of delivery (levering). You must pay the value of this interest on top of the purchase price (kjøpesum) — unless the claim was sold as "uncertain" (there is doubt that it will be paid at all).
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The text of the law (unofficial translation)
A purchase of an interest-bearing claim includes the interest that has accrued but is not due at the agreed delivery time (leveringstid). The equivalent value of such interest shall be paid in addition to the purchase price unless the claim is sold as uncertain.
What does this mean?
An interest-bearing claim — a loan, a bond — produces interest continuously. When the claim is sold, the question arises: who gets the interest that has built up but has not yet been paid out?
Main rule: Interest that has accrued (built up) but is not due (not yet paid out) at the time of delivery is included in the purchase. As the new owner, you receive this interest when it later falls due.
You must compensate the seller (selger): You pay the value of this interest in addition to the purchase price. It is not something you get for free — you pay in advance for the interest that will come.
The logic: The seller is entitled to the part of the interest that was "earned" during his period. You are entitled to what is earned after the claim becomes yours. Since interest is paid in lump sums on due dates, an adjustment must be made on transfer.
Exception — uncertain claim: If the claim was sold as "uncertain" — there is doubt that it will be paid at all — this compensation does not apply. In that case you have taken the risk (risiko) for the entire claim, and the value of accrued interest is already priced in.
Examples
Petter buys a bond loan of NOK 500,000 paying 4% interest, due every 1 January. He buys on 1 July. Accrued interest from 1 January to 1 July (6 months): 500,000 × 0.04 × 0.5 = NOK 10,000. Under § 81, Petter must pay NOK 500,000 (the loan amount itself) + NOK 10,000 (accrued interest as an addition). Total: NOK 510,000. When the interest falls due on 1 January the following year, Petter receives the full interest payment of NOK 20,000 — of which NOK 10,000 is "repayment" of what he paid in advance.
Anne buys a private claim of NOK 200,000 against a debtor with a poor payment history. She buys it for NOK 80,000 (at a large discount because it is uncertain whether she will collect the money). NOK 5,000 in unpaid interest has accrued. Under the exception in § 81, Anne does not need to pay extra for the interest. The claim was sold as uncertain. If she manages to collect, she gets both the principal and the interest — but that is her risk.
Common mistakes
- Forgetting to adjust for accrued interest when transferring loans/bonds
- Confusing accrued and due interest
- As a buyer (kjøper) of an uncertain claim: thinking you must pay extra for interest — you do not
What should you do?
- Calculate the accrued interest on transfer
- Agree explicitly whether the claim is "ordinary" or "uncertain"
- Set a clear delivery date — it is the reference point