Legal Glossary

A payment order (ödeme emri) is the official document issued by the enforcement office, upon the creditor’s enforcement request in enforcement proceedings without a judgment, and served on the debtor, demanding payment of the debt within a certain period and notifying the right to object. It is regulated in Article 60 of Law No. 2004 on Enforcement and Bankruptcy (İİK); in the general attachment route, the period for payment and objection is, as a rule, seven days. In payment services legislation, the same term denotes the instruction given to a payment service provider for a payment transaction.

A payment service is one of the services listed in Article 12 of Law No. 6493 that intermediate the depositing, transfer or withdrawal of funds. They include operating a payment account, money transfer, issuing or accepting payment instruments such as cards, money remittance, intermediating bill payments, initiating payment orders and account information services. As a rule, only banks, electronic money institutions, payment institutions and PTT may provide these services; the power to grant permits and to supervise lies with the Central Bank of the Republic of Türkiye (Türkiye Cumhuriyet Merkez Bankası).

A pledge (rehin) is a limited real right created over property or a right in order to secure a claim. If the debt is not paid, the creditor may have this property or right converted into money and obtain payment of the claim from the proceeds, according to the ranking among other pledgees, if any. The main forms are the mortgage (ipotek) for immovable property, the possessory pledge for movables as a rule, and the pledge of rights for receivables and rights. The basic provisions are in Article 850 et seq. and Article 939 et seq. of the Turkish Civil Code.

Precautionary attachment (ihtiyati haciz) is the temporary attachment of the debtor’s property, rights and receivables, in respect of a monetary claim, before the proceedings have become final and the stage of final attachment has been reached; its purpose is to protect the claim against the risk of going unsatisfied. Its general regime is in Article 257 et seq. of Law No. 2004 on Enforcement and Bankruptcy (İİK): the court issues the decision, as a rule a monetary debt that is due and not secured by a pledge is required, and the creditor, as a rule, provides security. Law No. 6183 provides a separate regime for public receivables.

A public offering is a general call to the public by any means to purchase capital market instruments, followed by the sale made on the basis of that call. Company shares or debt instruments are offered in this way to an indefinite number of investors. As a rule, a prospectus approved by the Capital Markets Board (SPK) is required; for losses arising from false, misleading or incomplete information in the prospectus, the issuer is liable first and, under the conditions in the law, other persons concerned such as the offerors and the members of the board of directors.