Glossary entry

Norwegian term or phrase:

beheftet med salgspant

English translation:

exposed to an unpaid (AmE) vendor's (BrE:) seller's lien

Added to glossary by Adrian MM.
Jun 3, 2022 07:09
1 yr ago
11 viewers *
Norwegian term

beheftet med salgspant

Norwegian to English Bus/Financial Finance (general)
"opplyse at gjenstanden er beheftet med salgspant og straks varsle kredittgiver"

in a credit agreement - I found on here that "salgspant" means "security for unpaid purchase" but unsure how it would be phrased in this sentence?

Thank you!
Change log

Jun 8, 2022 06:47: Adrian MM. Created KOG entry

Proposed translations

6 hrs
Selected

(goods) exposed to an unpaid (AmE) vendor's (BrE:) seller's lien

gjenstanden : the article, object or 'good' (as used by one or two ProZ SWE / ENG translators I used to work inhouse with) is subject to, charged or encumbered vs. collateralised with an unpaid seller's lien.

> salgspant: seller's lien, Patrick Chaffey NOR/ENG Juridisk Ordbok.

Notes:

1. unpaid seller's lien is standard UK Sale of Goods Act terminology, as per UK commercial / business law syllabus.
2. lien has been imported North of the Border in 'no-Equity Law' Scotland from England, though charge is also used (Butterworth's Scots Law Glossary) but is too wide without being qualified in this context e.g. an equitable vs. legal charge, esp. with ref. to mortgages of land rather than of chatt. However, goods/personal property can be subject to charges ranking first, second, third etc. in priority.
3. There are various types of lien, like a mechanic's lien in the USA - applicable to land as well as motor cars /automobiles and wider than a tradesman's lien in E&W.
4. vendor vs. purchaser was used in UK land conveyancing up to 40 years when replaced by the user-friendlier buyer vs. selletr

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Note added at 6 hrs (2022-06-03 13:58:29 GMT)
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rather than of ..chattels.... (chattel mortgage = bill of sale in E&W).

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Note added at 4 days (2022-06-08 06:52:52 GMT) Post-grading
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Note that a non-possessory pledge in E&W might be called a chattel mortgage e.g. of a motor car the borrower ('chargor' or 'assignor') is allowed to retain possession of on a loan from the lender ('chargee' or assignee). It is also known as a conditional bill of sale by way of mortgage and is (alt. I have) regd. at the Royal Courts of Justice in London. A bill of sale absolute,as also used in the USA, is a receipt for purchase of e.g. a painting or TV set.
Example sentence:

An unpaid vendor’s lien operates as a type of equitable charge giving the vendor full security in equity for payment of the agreed purchase price. It applies to freehold and leasehold property.

Define Loan secured by a lien on real property. means a loan on the security of any instrument which makes the interest in real property specific security

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4 KudoZ points awarded for this answer. Comment: "Thanks a lot, very helpful answers from both!"
1 hr

subject to a lien

from the reference below: A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan. If the underlying obligation is not satisfied, the creditor may be able to seize the asset that is the subject of the lien.
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