The New Turkish Code of Obligations numbered 6098
("TCO") which has entered into force on 01.07.2012
regulates security agreements in article 581 and following
articles.
TCO article 581 defines the security agreement. Accordingly, the
guarantor personally guarantees the consequences of the
debtor's failure to pay towards the creditor in the security
agreements.
The validity of the security agreement is subject to some
conditions. They are as follows: (i) there shall be a present and
valid principal debt, (ii) it shall be made in written form and
(iii) the approval of the spouse shall be received.
The Presence of a Present and Valid Principal
Debt
According to article 582 of TCO, the security agreement may be
concluded for a present debt. However, security agreement may be
concluded for a future or a contingent debt which will become
effective when the debt is due or a condition is fulfilled. In such
a case, it is not required that the principal debt is
