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The register is kept by the Swedish Companies
Registration Office (“Bolagsverket”), which issues proof of the registered
pledge, called a mortgage letter (“inteckningsbrev”). This proof can be
either written or electronic. A
written mortgage letter is pledged when the businessman hands it over as
collateral to a creditor. An electronic mortgage letter is deemed to be
pledged when the creditor has been registered as the bearer (holder) of the
mortgage letter.
The company mortgage gives special priority
rights on a businessman’s personal property that belongs to the business
other than cash or bank funds, stock or other publicly traded financial
instruments, property that cannot be seized or be included in a bankruptcy,
or property that can be pledged in other ways, such as aircraft and ships
during both the seizure of assets and bankruptcy under § 5 of the Priority
Rights Act (“Förmånsrättslagen”). A company mortgage pledged before another
company mortgage has priority. Company mortgages pledged on the same day
have equal rights. At the request of the bearer of a company mortgage
letter, the holding can be registered in the corporate mortgage register.
A decision by the registration authority
may be appealed to District Court ("Tingsrätten"). In the appeal the Act on
court cases (“lagen om domstolsärenden”) is applied. Anyone wishing to
appeal a decision of the registration authority should do so in writing. The
letter must be submitted to the registration authority.
The provisions relating to the company
mortgage imply a return to the rules on company mortgages that applied
before 2004.
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