Linking Tatar and Co, Koop Bank, Olive Grove and TRNC Mortgage Laws

WITHOUT PREJUDICE

Following on the interesting discovery that the Accountancy Firm Tatar and Co are Auditors to Koop Bank, I thought now would be a good time to go back to an old article about TRNC Mortgage Laws since it must be as relevant in the NCP/Olive Grove mortgage problem as it is in the Akfinans Bank Limited/Kulaksiz 5 case.

Gist of the legal problem

According to section 21, of the TRNC Mortgage Law (No.11/78) a creditor when putting a mortgage on a property is obliged to search the property and declare the rights of other people on it. This rule of law means that the rights of other people on the property remain valid and should be respected. It further means that a mortgage covers only what is mentioned on the mortgage certificate and may not cover the houses or rights of other people not mentioned on the certificate. Only when a house is mentioned on the mortgage certificate and the consent of the purchaser is obtained the rights of the purchaser can be affected. Therefore according the correct interpretation of Mortgage Law, unless his house is mentioned in the mortgage certificate and his consent is obtained, the rights of a homebuyer remain intact. This principle brings us to the conclusion that in all other occasions sale contracts remain valid and have priority to the mortgage.

There we go again, another parallel, Ersin Tatar former Director of Akfinans Bank Limited (2009), Tatar and Co Auditors to Koop Bank, these pesky parallels keep raising their pesky little heads. There are those who think I manufacture the parallels, but I do not, they are there for all to see. I have no personal axe to grind.

Mortgage Law 11/78 is in Turkish and English in the old article above. Tell me, do you think either Bank is acting correctly?

I merely lay the fact before you, you make your own decisions about the rightness or the wrongness of the Banks involved.

Strangely enough you can walk out of the Bakan that houses the Finance Ministry, across the road and into the premises of Tatar and Co.

Both Banks mentioned here are to my knowledge good sound Banks. I think that is what is called a disclaimer.

Power to the People.

Citizen Smith

 

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