The Principle of Commitment to Receivables
The function of the chattel mortgage is to secure a certain receivable, and the chattel mortgage is a right that depends on the receivable it secures. It is controversial to establish a chattel mortgage to secure future and contingent receivables. According to the loyalty to receivable rule, the existence of chattel mortgage only means its form until the receivable is born. However, the order of the pledge is determined according to the date of establishment of the pledge, that is, the date of birth of the pledge is not important in this regard. If it turns out that the future receivable will not arise or the condition will not be realized, the right of pledge will also expire. If the receivable is invalid, the chattel mortgage will not arise. When the credit expires, the chattel mortgage will expire. The pledge does not end if the time limit you receive is expired. It is possible to pledge the movable property of a third person. In case of transfer of debt, the chattel mortgage will continue.
Public Disclosure Principle
The establishment of a pledge on a movable property must be visible to third parties. Because it is important to ensure trust in the circulation of movables. The delivery of the pledged property is required for the establishment of the chattel mortgage. Stipulating the delivery of the goods in question is a guarantee that there is no pledge burden on the goods in the debtor to other people who have receivables from the pledger.
Principle of Determination
The subject of the chattel mortgage must be a specified or identifiable property. The pledged receivable must be in a state of expressing money at the time the movable property subject to the pledge is converted into money.
The Indivisibility Principle of Collateral
It guarantees the pledged receivable with the whole movable subject of the pledge. This principle states that all of the receivables are guaranteed.
Principle of Priority
It is possible to establish more than one pledge on a movable. The pledge that was established first comes before the others in order. Antalya Attorney Baris Erkan Celebi and his Antalya Law Firm advise their clients in all subjects of THE CONCEPT OF THE CHATTEL MORTGAGE GOVERNED BY THE TURKISH CIVIL LAW including but not limited to the carrier’s legal liability, its limits, the breaking of the limits, the carrier’s exoneration, freight insurance and reinsurance, contracts of carriage, charter agreements, a recap of the fixture, disputes arising from the bill of lading and other fields of CONCEPT OF THE CHATTEL MORTGAGE.
