Pledge Deficit Certificate In Debt Enforcement and Bankruptcy Law

In our legal system, one of the most important ways to make it easier for the creditor to obtain the money owed to her is to have a pledge that secures the credit. Upon enforcement of the pledge by the pledgee in the event of default by the pledgor, the execution organs turn the pledge into cash. However, it is realised sometimes that the appraised value of the pledge cannot correspond to the credit either before or after it has been turned into cash. In the first case, the creditor is granted “temporary pledge deficit certificate” and in the second case “absolute pledge deficit certificate”. It is important to know in detail the legal character and consequences of these certificates that the creditor receives both for the law of property and for the debt enforcement and bankruptcy law. Against this backdrop, this article intends to analyse the “ pledge deficit certificate” by considering the views in the doctrine and supreme court decisions and aims to help the creditor have the necessary information about the “pledge deficit certificate” which is one of the most important means to make it easier for the creditor to obtain the money owed to her.