What’s New?
The new structure introduced to the Law No. 6750 on Movable Pledges in Commercial Transactions published in the Official Gazette No. 29871 dated October 28, 2016 (“Commercial Movable Pledge Law“) through the Law Amending Certain Laws published in the Official Gazette No. 31384 dated February 3, 2021.
Recent Development
The amendment provides that an enterprise can establish a commercial movable pledge on a certain movable asset group as a whole. In cases where a certain movable asset group is pledged as a whole, all of the assets included in this group will be considered as pledged. In this regard, in commercial movable pledge agreements, parties will not be required to specify the distinctive characteristics of the assets included in the movable asset group over which the pledge is established.
Conclusion
The new amendment to the Commercial Movable Pledge Law preserves the pace of commercial life from slowing down and prevents the commercial movable pledge from being affected by the changes of assets in a certain asset group.
