Foreclosure of Real Estate - Ideas from a Different Legal System (Denmark)
82 Pages Posted: 7 Jun 2009
Date Written: May 31, 2009
This article gives a broad introduction to real estate mortgages and foreclosures in Denmark.
Denmark has the oldest mortgage legislation in the world.
The legal and institutional framework has in many ways been the recipe for efficiency and success within Danish mortgage banking and is probably the foremost reason for the long and unblemished history of specialized lending in Denmark dating back to 1851.
After a short introduction and history on Danish legislation, the article describes Danish mortgages, including appendixes with complete English translations of all mandatory mortgage terms.
Next, it describes in detail the Danish system on foreclosure of real estate, again including appendixes with English translations of the various Danish rules for auctions of real estate.
Finally, it offers some final remarks, a list over important case law (in Danish) and a list of recommended further reading and sources.
The reader should study Appendixes A through E thoroughly to obtain a full understanding of the Danish system.
Keywords: Mortgage, Foreclosure, Auction, Real Estate
JEL Classification: G10, G20, G30, H31, K11, K00, N20, D44, G21
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