Cumulative assumption of debt

Cumulative assumption of debt is a new regulation and entered into force by Turkish Code of Obligations no. 6098. Cumulative assumption of debt is a contract that is made by between creditor and new debtor. This contract causes a solidary obligation to first debtor and new participating debtor. It is accepted that cumulative assumption of debt is generally contracted for assurance to creditor. It is based on a first existing debt in order to make a valid cumulative assumption of debt. In principle, this contract has freedom of form principle. It is a self contained contract. It does not cause of changing of the parties. The parties of this contract are creditor and new debtor. The new debtor takes responsibility with the first debtor. The responsibility of new debtor is independent and essential. There is solidary obligation between the first and new debtor. The existance of responsibility that is caused by this contract continues until paying the total debt by the first and new debtor.