Evaluation on the Possibility of Liening in Partnership Companies and Uncertified (Bare) Shares of a Capital Company in According to the Movable Pledge Act in Commercial Transaction
Abstract
Credit is essential for commerce. Traditional pledges require asset delivery (TMK 939/1), hindering operations. To address this, legislators enabled registered pledges, ensuring transparency without physical delivery. This framework allows pledges via registry registration, keeping assets with the debtor.
The first regulation allowing for the establishment of a pledge on a commercial enterprise through registration in the commercial registry, without requiring delivery, was introduced in the now-repealed Commercial Enterprise Pledge Law No. 1447 (TİRK). However, this law regulated the pledging of a commercial enterprise as an economic whole. In other words, it did not allow for the pledge of individual components of a business's movable operational equipment or intangible assets separately. Article 3 of TİRK outlined the mandatory components covered by a commercial enterprise pledge under three main headings: - The trade name and business name,
- Machinery, equipment, tools, and motor vehicles existing at the time of pledge registration and allocated for the business’s operation, - Industrial property rights such as patents, trademarks, models, designs, and licenses.
Parties could exclude components from the pledge, excluding trade/business names and operational equipment. However, the pledge's scope remained limited.
The Law on Movable Pledges in Commercial Transactions (TITRK) was enacted to facilitate access to financing for small and medium-sized enterprises by addressing collateral-related issues. With TITRK, it is possible to pledge the movable properties and rights allocated to the enterprise, alone or as a whole by registering them in the registry without being delivered. In addition, it has also become easier to pledge the partner's shares in the company, which cannot be pledged under the special laws of the companies and cannot be publicly pledged according to general provisions. Contrary to annulled TIRK, TITRK Art. 5/5-p regulates that all rights can be pledged. However, while there is no problem in pledging the company shares allocated to the business as a whole with other elements, it is necessary to prove that the company shares are within the scope of movable property to pledge them in a single transaction. TITRK Art. 5/5-ö, it is regulated that movable assets, rights and shared ownership rights of third parties can be pledged. In addition, it has been regulated that existing or future receivables arising from any kind of contract can be subject to a pledge agreement. In this context, it is regulated in general provisions that receivables and other rights can be pledged (TMK Art. 954/I). Since the capital committed and paid by the partners belongs to the legal entity, it is not without consideration. In return for the capital they contribute to the company, partners acquire a share.
The shares that company partners hold in exchange for their contributed capital are property rights. Accordingly, if there are special regulations concerning these partnership shares, they may be pledged by complying with those regulations and the transfer procedures for shares (Art. 955/3 of TMK). In this regard, the conditions for pledging shares must be examined separately for each type of company. In an ordinary partnership, the capital is subject to joint ownership, meaning that it can only be pledged as a whole with the consent of all partners (Art. 632 of TBK; Art. 857/3 of TMK). The pledgee has a priority claim on the debtor’s share in the profits or liquidation proceeds under joint ownership. Thus, in the event of liquidation, the pledge holder can collect their receivables from the liquidation share. In this respect, the pledge of an ordinary partnership share can be defined as a future right contingent on liquidation. The pledge of a general partnership share is established on the pledging partner’s future liquidation share. This pledge agreement is a disposition transaction. According to the provisions of the Commercial Enterprise Pledge Law (TİTRK), a pledge is established upon notarization of the signatories' identities and the registration of the agreement (Art. 4/1 of TİTRK). In capital companies, since shares are divided equally, a partner may establish a pledge agreement with their personal creditor. If the articles of association of a limited liability company do not require general assembly approval for pledging shares, the pledge is established by notarizing the signatures on a written pledge agreement (Art. 600/1-2 of TTK). In a joint-stock company, the pledge of bare shares can be established through a written pledge agreement (Art. 954/1 of TTK). However, under the provisions of the Commercial Enterprise Pledge Law (TİTRK), the pledge of bare shares is established by notarizing the signatures on the written pledge agreement and registering it in the relevant registry (Art. 5/5 of TİTRK).
Keywords
Ticari İşlerde Taşınır Rehni Kanununa Göre Şahıs Şirketlerinde Sermaye Payı ile Sermaye Şirketinin Senede Bağlanmamış (Çıplak) Paylarının Rehin Edilebilmesi Konusunda Değerlendirme
Abstract
Ticari hayatta kredinin güvencesi ayni teminatlar borçlunun bizzat kendisi verebilir. Üçüncü kişiler, kredi borcu için verebileceği, taşınır rehni ve gayrimenkul ipoteği gibi ayni teminatlar yanında kefalet ve garanti gibi şahsi teminatlarda verilebilir. Bu teminatların teslim edilmesi geçerlilik şartıdır (TMK m. 939, f. I). Teslim şartı, rehin kurulması halinde işletmenin olağan faaliyetini sürdüremez hale gelebilir.
Küçük ve orta büyüklükteki işletmelerin teminat ihtiyacını karşılamak ve böylece finansmana erişmelerini kolaylaştırmak amacı ile Ticari İşlerde Taşınır Rehni Kanunu (TİTRK) yasalaştırılmıştır. TİTRK ile işletmeye tahsis edilmiş taşınır ve hakların, alacaklıya teslim edilmeksizin, merkezi bir sicile tescil edilmek sureti tek başına veya bir bütün olarak rehin edilmelerine imkân sağlanmıştır.
TİTRK m. 5, f. 5-p hükmü bütün hakların rehin edilebileceğini düzenlemektedir. Ancak, işletmeye tahsis edilen şirket paylarının diğer unsurlar ile bir bütün halinde rehin edilmesinde sorun çıkmazken, şirket paylarının tek işlemle rehin edilmesi halinde söz konusu payların taşınır kapsamında olduğunu ispatlamak gerekir. TİTRK m. 5, f. 5-ö’de ise üçüncü kişilerdeki taşınır varlık, hak ve paylı mülkiyet haklarının rehin edilebileceği düzenlenmiştir.
Ayrıca, her türlü sözleşmeden doğan mevcut veya müstakbel alacakların da rehin sözleşmesinin konusu olabileceği tanzim edilmiştir. Bu hükme paralel olarak genel hükümlerde de alacaklar ve diğer hakların rehin edilebileceği düzenlenmiştir (TMK m. 954, f. I). Zira ortakların taahhüt edip ödedikleri sermaye tüzel kişilerin mülkiyetinde olmakla birlikte karşılıksız değildir. Ortaklar, şirketlere koyduğu bu sermayelerin karşılığında bir paya sahip olurlar. Şirket ortakları, koydukları sermaye karşılığında sahip oldukları paylar malvarlığı hakkıdır. Bu itibarla, bu ortaklık payları üzerinde özel düzenlemeler varsa onlara uyarak, payın devir usullerine uyarak rehin edilebilir (TMK m. 955, f. III).
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