Transfer of ownership of the subject of pledge after default of the debtor pursuant to the law on movable pledge in commercial transactions

Law no 1447 on "Commercial enterprise pledge law" which includes deficiencies and has applying problems was repealed. Subsequently to make it easier Small and Medium Sized Enterprises (SMEs) to access finance, to provide alternative legal solutions for the creditor who can not collect the debt, to create new guarantees for the creditor, "Law on Movable Pledge İn Commercial Transactions" has entered into force on 01.01.2017 The Law on Movable Pledge in Commercial Transactions introduced a new procedure that was not previously available in Turkish Law. The pledge creditor with priority right who cannot collect the debt on time, can use this new procedure and may request that the ownership of the pledged movables transferred directly to own by enforcement directorate. In this research, this newly introduced procedure has been examined, and a search for sources and practices has been made, and although it has been in force for more than seven years, no data has been found that the procedure of transferring the ownership of pledged movables to the pledge creditor has been applied by the enforcement directorates. The findings of the study and the doctrinal opinions have pointed out the amendments that can be made to the Law and the Regulations and the new regulations that can be introduced in order to make it possible for this procedure to be more preferred and implemented. Keywords: Pledge right, movable pledge in commercial transactions, Movable Lien Registry System, pledged movable asset, default, forced execution, transfer of ownership.