NEWSLETTER-2020-metin

73 COMMERCIAL LAW subject to compulsory registry, a pledge without possession transfer is possible. In line with the said provision, Article 1014(1) of the TCC provides that the mortgage of a ship, or of a share of a ship could be established, and deed-based pledges of registered ships could only be established via ship mortgage. In this regard, the legislator allows for ship mortgages exclusively, as a pledge on a registered ship. Scholars agree that a mortgage of a registered ship is a pledge on a movable with the registry and without transfer of possession. 2 A registered ship signifies a ship that is registered under National Ship Register, Turkish International Ship Register, or Register for Ships under Construction. It is possible under the TCC to establish a mortgage on a ship that is yet to be completed. Legal Nature Under Article 1015 of the TCC, a mortgage on a ship is a right in rem , which is established on a registered ship or on a share of a ship, and allows the creditor to collect their receivable from the amount obtained after the sale through bidding, with a priority privilege among creditors. Thus the creditor may claim their receivable through liquidation of the property. Pursuant to Article 1014 of the TCC, a mortgage could be established on a receivable that is due or undue, or subject to a condition or document of title. Pursuant to Article 1014(3) of the TCC, a mortgage could be established on a share of a ship that is subject to joint ownership, aside from a mortgage on an entire ship. Ship Mortgage Deed Pursuant to Article 1015 of the TCC, in order to establish a ship mortgage, it is required that the ship owner and the creditor agree to establish a mortgage, and the mortgage is registered in the ship reg- istry. For a deed to establish a mortgage, it shall be done in written form, the signatures of which shall be notarized. Alternatively, this deed could also be signed before the ship registry. If either of these procedures is not fulfilled, the deed shall be invalid. Nevertheless, to 2 OĞUZMAN, Kemal / SELİCİ, Özer / OKTAY-ÖZDEMİR, Saibe, Eşya Hu- kuku, 19th Ed., Filiz Kitabevi, İstanbul, p. 1000.