The regulation of the Movable Pledge Registry (“TARES”) paves the way for the pledge of some or all of the assets on the entity.
With this regulation introduced under the Law No. 6750 (“Law”), there is no need to put pledge on the “entire enterprise” for commercial operation pledges as of 01.01.2017.
Pursuant to the law, all or part of the pledges put in the entity's assets will be stored centrally in TARES database and will be questionable.
With this law, which came into force on 01.01.2017, it is aimed to increase the use of pledges on movable assets as collateral, to widen the scope of movables that are subject to pledge and to ensure the publicity. While the term of “future delivery” is a must for using the right of pledge in our law, the rights of movable pledges without delivery introcuded by special laws can be questioned and publicized through TARES system.
It is possible to put pledge in all assets referred to in Article 5, paragraph 1 of the Law, their returns, attachments or prospective assets.
According to the law, pledgees can be credit institutions, traders and tradesmen. Pledgers can be traders, tradesmen, farmers, producer organizations, self-employed individuals, real and legal entities.
With TARES, it is possible to initiate the transactions such as movable pledge agreement, release of movable pledge, transfer of the right of pledge, transfer to the vacant degree, transfer of the movable asset, contract amendment every day and every hour; and the transaction can be attected by the nearest Notary Public. In addition, inquiries can be made on the movable pledge record if defined on the system. In order to carry out movable pledge transactions, you must be a member of the system, you can apply to any notary public for membership.
TARES system is available at www.tares.org.tr. After each application to be made with TARES system, registration process is completed by applying to any notary public with application number. We would be happy to answer if you have any questions.
Att. Abide BİRSEN
Att. Yusuf Eren YILDIZ
(info@gulelhukuk.com)
Yazar : Gulel Hukuk