NEWSLETTER-2019-metin

213 LAW OF OBLIGATIONS parties may thusly agree on this issue based on the freedom of contract principle 12 . As stated above, the abstract nature of a debt means that the rea- sons of a debt acknowledgement are not stated. On the other hand, in order to avoid a defence of unjust enrichment, an underlying reason for the parallel debt should be alleged. The underlying reason of the parallel debt is to have the ability to establish the accessory collaterals in favour of the security agent. Although the parallel debt method has been criticised 13 in many aspects, it has not yet been tested before the Turkish courts. Conclusion Under English law, by means of the trust system, lenders can man- age security interest through one single party, meanwhile not engaging in any procedural details, and are not required to reflect any change in the consortium concerning the securities. However, as Turkish law does not recognise the notion of trust and, thus, the accessory collater- als are ineligible to be granted to a trust on behalf of the lenders. In order to avoid this, and to provide a solution to make the financing structure work, the notion of parallel debt has been developed. Parallel debt is a right to claim, which is undertaken to be paid to the security agent in the amount equal to the sum of the underlying loan, and which is separate and independent from the underlying loan. Although there are many contradictory scholarly views, the dominant scholarly view claims that a parallel debt is an abstract acknowledgement of a debt. 12 Aksoy , p. 106 and 107. 13 For details of criticism to parallel debt : Aksoy , p. 113 ff.