New Law on Movable Pledges Will Enter into Force on 1 January 2017
The Law on Movable Pledge for Commercial Transactions (“Law”) was published in the Official Gazette on 28.11.2016 which will repeal the current Commercial Enterprise Pledge Law numbered 1447 and be in effect as of 1 January 2017. The Law aims to extend the use of moveable pledge without delivery as a security, to widen the scope of the movables that are subject of this pledge, to ensure publicity of movable pledge and to facilitate access to financing by providing alternative methods for foreclosure of movable pledges. The Regulation which will determine the procedures and principles for various matters within the scope of
New Law on Movable Pledge
The Law on Movable Pledge for Commercial Transactions (“Law”) was published in the Offical Gazette on 28.11.2016. The Law will repeal the current Commercial Enterprise Pledge Law numbered 1447 and be in effect as of 1 January 2017. Various revisions are introduced to the movable pledge are with the new Law. Together with this issues that may arise due to the application of the Law are expected to be resolved with the secondary legislation. The purpose and scope of the law The Law aims to extend the use of moveable pledge without delivery as a security, to widen the scope of the