Hypothec Period and The Effects of Exceeding This Period On Enforcement Law

The main purpose of the hypothec contract is to secure a receivable that has arisen or will arise or is likely to arise, with the immovable property subject to collateral. If the principal debt in the underlying debt relationship is not paid, the creditor can obtain the receivable from the sale price by selling the immovable property. However, the parties may limit this assurance provided by the hypothec with a period of time with the hypothec agreement they have made. In this sense, it is possible to establish a hypothec on a temporary or indefinite basis. In cases where the hypothec is established for a limited period of time, the hypothec right ends with the expiration of the hypothec period. And according to the second paragraph added to the article 883 of the Turkish Civil Code with the 19th article of the Law No. 7181 in 2019, the hypothec can be released at the request of the immovable property owner without the need of the will of the creditor or filing of a lawsuit. In our study, after trying to explain the legal nature of the hypothec period stipulated by the contract by the parties, the effects of the expiration of this period on the enforcement law will be emphasized.