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ARTICLE · 07 AUGUST 2017

Non-Delivery Pledges Over Movables

ADMD/Mavioglu & Alkan Law Office
ADMD/Mavioglu & Alkan Law Office
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ADMD/Mavioglu & Alkan Law Office

ADMD/Mavioglu & Alkan Law Office

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There are some similar implementations between immovable pledges in the Turkish Civil Code and non-delivery movable pledges in commercial transactions.

TurkeyFinance and Banking
Petek Varol
Petek Varol
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a) Introduction

Law on Pledges over Movable Property in Commercial Transactions No. 6750 is published in the Official Gazette No. 29871 and dated October 28, 2016 and entered into force as of January 1, 2017. Law on Pledges over Movable Property in Commercial Transactions No. 6750 abolished the Commercial Enterprise Pledges Law No. 1447 and dated July 21, 1971 and introduced many new innovations to movable pledges. However, Commercial Enterprise Pledges Law No. 1447 will remain applicable for commercial enterprise pledges that are already established before 1 January 2017.

There are some similar implementations between immovable pledges (mortgages) in the Turkish Civil Code and non-delivery movable pledges in commercial transactions. The main purpose of this law could be stated as to increase the use of non-delivery movable pledge rights as assurance and facilitating the access to sources of financing for the Small Medium Enterprise's ("SME")

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