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Mortgages and Foreclosure Denmark

Mortgages and Foreclosure Denmark

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Categories:Types, Business/Law
Published by: hssph on Aug 13, 2010
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08/18/2010

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 Foreclosure of Real Estate – Ideas from a different legal system (Denmark)
byHenrik Stakemann Spang-Hanssen
Abstract
:
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 successwithin Danish mortgage banking and is probably the foremost reason for the long and unblemishedhistory 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 includingappendixes 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 ofrecommended further reading and sources.The reader should study Appendixes A through E thoroughly to obtain a full understanding of theDanish system.
Citation
:Henrik Stakemann Spang-Hanssen, Foreclosure of Real Estate – Ideas from a different legalsystem (Denmark) (Version: May 2009, confer date in footer). Available at SSRN:
 This paper can be downloaded without charge fromSocial Science Research network Electronic Paper Collection:
 © May 2009 Henrik Stakemann Spang-HanssenE-mail:hssph@yahoo.com Research website:www.geocities.com/hssph SSRN-Author: http://ssrn.com/author=943044 
 
Foreclosure of Real Estate – Ideas from a different legal system
Henrik Stakemann Spang-Hanssen, May 2009 – Page 1 of 82
Foreclosure of Real Estate – Ideas from a different legal system (Denmark)
1
byHenrik Stakemann Spang-Hanssen
Endnote
*
 
INDEX
1
This article is partly based on the author’s textbook “T
VANGSAUKTION OVER
F
AST
E
JENDOM
” [Foreclosure of RealEstate] (1987) used for teaching courses to paralegals and attorneys in Denmark. See also the endnote to thispaper.
 
Foreclosure of Real Estate – Ideas from a different legal system
Henrik Stakemann Spang-Hanssen, May 2009 – Page 2 of 82
1. Introduction
At present, the United States is experiencing a massive wave of foreclosures (UK: repossessions) of real estate. During the 1980s-90s, Denmark experienced such a wave. Thus, it could be of interestfor Americans to compare their system with that of Denmark.In Denmark – a non-common law country
2
- a major change of the rules on foreclosure of real estatewas made by amendment to the Danish Civil Procedure Code (UK: Administrative of Justice Act)
3
(hereinafter “
 Retsplejeloven
” or “Rpl”) in 1977. The two-fold purpose was to ease theway real estate could be purchased at auctions and to raise the level of information on the foreclosedproperties in an attempt to achieve higher auction prices. Based on experience from the 1977amendment, later reforms were also made.
Note: As this article is intended for upload on SSRN, where scholars from around the world sharetheir writings and also search for the work of other authors,, and as some Danish legal terms cannoteasily be translated into a single English word, I have at times used several different translations-(connected by slashes (“/”)) so as to relate terms in US-English, UK-English and European Union-English.
2
Thus, a civil law country where caselaw is not an “issue”, Henrik Spang-Hanssen,
The Modern Law School’s Uriaspost  – the Post of Danger 
[a teachers manual on civil law], available at SSRN: <http://ssrn.com/abstract=1102293>. Onprecedence, see J.
 
P
AUL
L
OMIO
&
 
H
ENRIK
S
PANG
-H
ANSSEN
,
 
L
EGAL
R
ESEARCH
M
ETHODS IN THE
US
AND
E
UROPE
 page 158-162 (2. Edition) (Denmark: Copenhagen: DJØF Publishing, 2009 – ISBN 978-87-574-1936-8).
3
 Retsplejeloven
” or “Rpl”, latest consolidated version no. 1069 of 6 November 2008 (without later amendments) at<www.retsinformation.dk/print.aspx?id=121708> (last visited May 2009).

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