Collateral value (Swedish: belåningsvärde) is the maximum value up to which an asset, such as property or a security, can be borrowed against. It is set as a proportion of market value, often lower for assets that are hard to sell or volatile.
In a pledge of shares in an unlisted company, the lender needs a valuation and a clear ownership picture. An accurate share ledger in which the pledge is noted shows who owns the shares and that they are pledged.

A pledge of shares means shares are provided as security for a debt, often a loan.
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A valuation is an estimate of what a company or a shareholding is worth.
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A security is a document or right that gives its holder value, usually one that can be converted into money.
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Third-party protection means that a right to property, such as shares, also applies against third parties.
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