ERDEM-NEWSLETTER-2018-metin

373 MISCELLANEOUS As to the Draft Law, a new subparagraph has been added to the afore-mentioned clause, and the statement “any similar kind of mov - able assets” is given place in the subparagraph. It is without doubt that the statement of any similar kind of assets is an extremely ambigious statement, which should be given a separate description. In the event that the draft law passes into law, the concept of “similar” shall be the subject of discussion. On the other hand, it is beyond dispute that the principle of “numerous clauses” has been rendered invalid. Scope of the Pledge Under the Article with the side heading “ Merger and Mixing ” of the Code numbered 6750, (i) a right of pledge can be established on movable assets that merge and mix. (ii) In the event movable mixes or mergers with other movables, so as to become integral parts of those movables, the right of pledge is deemed to be established on the entirety of that movable asset. (iii) Right of pledge continues on the merged or mixed movable property on the proportion of the value of the movable at the moment of the merger to the value of the final product. (iv) In the event immovable assets merge or mix with each other, creditors shall own joint ownership of the right of pledge in the ratio of the value of their own movables at the moment of the mix or the merger. The afore-mentioned provision shall have an entirely different meaning in the event the draft law enters into force. Indeed, even the side heading of the provision has been changed. The provision that is projected to be entered into force with the side heading “Scope of the Pledge ” is as follows: “(1) Future legal yields, such as interest, insurance and na- tural products and substitutes of the products shall directly enter into the scope of the pledge together with the movable asset. (2) Good faith of the third person who does not know, or is not obliged to know, that a movable which is pledged is protected.” As is seen in the provision regarding the states of mergers and mixes, they are not present in other articles that are projected to be