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ARTICLE · 17 OCTOBER 2019

New Law On Pledges Over Movable Assets In Commercial Transactions

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In an effort to improve collateralisation options and facilitate the access of small and medium-sized businesses to financing, Parliament recently adopted a new law introducing significant changes to pledges over movable assets.

TurkeyWealth Management
Duygu Acar Yücesoy
Duygu Acar Yücesoy
Omer Faruk Cikin
Omer Faruk Cikin
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In an effort to improve collateralisation options and facilitate the access of small and medium-sized businesses to financing, Parliament recently adopted a new law introducing significant changes to pledges over movable assets. The Law on Pledges Over Movable Assets in Commercial Transactions was published on October 28 2016 and entered into force on January 1 2017, revoking the former regime under the Law on Commercial Enterprise Pledges.

Scope

Under the previous law, the scope of a pledge agreement principally covered all movables within the commercial enterprise. Conversely, although it is still possible to pledge an entire commercial enterprise, the new law allows establishing a pledge over any of the movable assets listed therein, such as:

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