NEWSLETTER-2020-metin

75 COMMERCIAL LAW mortgage having more than one currency on the same degree may not be established. Liquidation of the Mortgage In Turkish law, execution of movable and immovable properties and collection of receivables are regulated under the EBL. However, the unique nature of a ship requires specific regulation on the en- forcement procedure. Therefore, the enforcement procedure of ships is regulated in the TCC, with certain references to the EBL. Article 1381 of the TCC explicitly provides that if the payment obligation in the principal relationship is not performed, the mortgage creditor may initiate the execution procedure, which involves foreclosure and seizure of the ship. Also, foreclosure, seizure, and the compulsory sale are regulated, in detail, between Articles 1382 and 1397. Conclusion As a security regarding a receivable, a mortgage on a ship, or a share of a ship, may be established. Although ships are classified as movable properties under the TCC, establishing a mortgage, which is a type of immovable pledge, is possible. In this regard, establishing a mortgage, registration, the scope of mortgage, receivables under the scope of security, and enforcement as a remedy for non-payment, are regulated, in detail, under the TCC.