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Enforcement of security interests in banking transactions
Norwegian law requires a statutory basis for establishing a security interest. The pledge act of 8 February 1980 no 2 (the 'Pledge Act') is the legal basis for most types of security which can be established pursuant to Norwegian law. It is a general condition for establishing a security interest that the assets to be pledged are transferable, and to the extent transferability is conditional the same condition will apply to the security.
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