With the abolition of mortgaged claims, the pledge based on them is also extinguished. Indeed, in this case, the object of the deposit is deleted. However, the closure of the bank account on which the pledge was based cannot automatically terminate the seizure. In particular, the fact that the bank account is closed or that deposits are withdrawn without the agreement of the secured creditor has no bearing on the legal existence of the deposit. In this case, the bank is liable for the damage suffered by the deposit holder. However, if the bank has not been informed, in one way or another, of the seizure of the bank account, the bank cannot be held responsible. Pledging to bank accounts ends when the enforcement of the mortgaged deposits is carried out and the creditor`s claims are satisfied. According to the TCL, pledging via the bank account ensures the secured creditor the main claims as well as contractual interest, outstanding interest and charges for legal proceedings. If the underlying relationship between the debtor and the creditor provides for a penalty clause, payment through the bank account also covers the amount set out in the penalty clause. The seizure of a bank account is, by its nature, a kind of seizure of claims, since a debtor-creditor relationship is established between a bank and a depositor when a customer (hereinafter referred to as “depositor”) pays a sum of money into his bank account. This approach is based on Article 3 of the Banking Act, number 5411 (“BankL”). In this article, the surety is defined as “money accepted by public announcement, orally or in writing, or in any way, in return or without consideration, or by restitution on a due date or each time it is called”. Since BankL points out that the deposit is returned on a given maturity date or each time it is called, it places the bank in the position of the debtor of the underlying relationship, which is the deposit of money into the bank account by a customer.
Similarly, the cash deposit in the bank account represents the claims of this contract. Therefore, if a pledge is based on the bank account, it can be considered as a pledge of the customer`s claims. The attachment of claims is considered to be an advantageous type of guarantee, in particular for loans granted by credit institutions. The seizure of claims is governed by the Turkish Civil Code, number 4721 (“TCL”). Since the seizure of claims on bank accounts is considered to be a pledge on receivables, the relevant provisions of the TCL should be taken into account. Once the loan is repaid and the debt is fully repaid, the lender transfers the mortgaged asset to the borrower. The nature and value of the assets mortgaged for a loan are usually negotiated between the lender and the borrower. To qualify for a pawn mortgage, the borrower must normally have investments worth more than the amount of the down payment. When a borrower mortgages collateral and the value of the security decreases, the bank may require additional funds from the borrower to offset the loss in value of the asset. The borrower transfers a mortgaged asset to the lender, but the borrower still retains ownership of the valuable property….