1. What are the validity conditions of suretyship?
Pursuant to the new Turkish Code of Obligations No. 6098 amended on 01.07.2012, the maximum amount to be suretyship, the date of the suretyship and the expression “COMMUNITATIONAL SURETY” must be written in the real person’s own handwriting and if the surety is a legal entity, in the handwriting of its representative.
2. Is the consent of the spouse required when becoming a surety?
The written consent of the surety’s spouse must be obtained prior to the conclusion of the Surety Agreement with a married natural person and in any case at the latest at the time of the conclusion of the Surety Agreement. Otherwise, the suretyship will be invalid. The consent of the spouse should not be obtained by proxy.
The written consent of the spouse must also be obtained in transactions that cause a decrease in the guarantees in favour of the surety (e.g. mortgage cancellation, termination of the sureties of other sureties) and in case of an increase in the surety limit.
3. Are there any exceptions to spousal consent?
Due to the fact that the regulation on spousal consent interrupts commercial life, the law has been amended with the justification of making “amendments to facilitate the natural flow of commercial life”. Pursuant to the new amendment, spousal consent is not required for the sureties to be given by the company owner, partner and manager in relation to the company.
4. What is the annotation 150/c of the EBL?
150/C annotation is an annotation regarding the commencement of the monetisation of the mortgage receivable according to Article 150/C of the Execution and Bankruptcy Law. When the execution directorate starts the monetisation process, it notifies the land registry office and the annotation is processed. 150/c annotation is an annotation that can be processed in the enforcement proceedings through monetisation of the mortgage. After the annotation is entered into the registry, those who purchased the real estate after the enforcement proceedings are prevented from claiming good faith based on Article 1023 of the Civil Code.
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