Foreclosure of chattel mortgage

This study involves information on ?Foreclosure of Chattel Mortgage? which is stipulated under Articles 145, 146, 147, 150/e, 150/f, 150/h, 151 and 152 of the Execution and Bankruptcy Law. Within pledge relation, having a belief of discharging his debt and releasing the pledge, a person under economic distress may grant a pledge either on his own chattel mortgage or on chattel mortgage belonging to a third party. Thus, a security has been provided in favor of the creditor in case of a default on a debt. However, since a pledge provides security for the total amount of the debt, due to creditor?s right to foreclosure, even a small amount of debt is outstanding, it is possible to request foreclosure of the movable assets. The parties may conclude such an agreement in relation to both movable and immovable assets.In our master?s thesis, only the foreclosure of chattel mortgage has been analysed in details. In this study, together with the provisions of the Execution and Bankruptcy Law, Articles 939-961 of the Civil Law have been also investigated in details in accordance with the principles and provisions in relation to setting a pledge. Since setting a pledge is prior to foreclosure proceeding, in our study plan; setting a pledge and relevant provisions are studied according to types of pledge following the study of principles in relation to pledge on chattel mortgage in accordance with the Civil Law. In addition, types of pledge on chattel mortgage have been explained comparatively and execution proceeding is explained supposing that the pledge is set validly and without making any classification according to types of pledge.Key Words: Chattel Mortgage, Setting a Chattel Mortgage, Principles in relation to Chattel Mortgage, Foreclosure of Chattel, ?Pledge? in Execution Law.