Precautionary seizure is the precautionary seizure of a debtor's assets or rights by a creditor in order to secure his receivables. This process is used to secure the creditor's receivables and to prevent the debtor from transferring or disposing of his property or rights to others. Precautionary lien requires a court decision and the creditor's receivables must be determined by the court decision. When we examine the provisional lien institution in detail, we attach importance to the following issues:
- Concept and Purpose of Precautionary Lien: Precautionary seizure is a temporary seizure of the assets or rights of the debtor in order to secure and collect the creditor's receivables. This process is used to protect the creditor's receivables and to prevent the debtor from missing or selling his assets.
- Reasons for Precautionary Seizure:
- Creditor and Debtor Dispute: When there is a receivable issue or dispute between the creditor and the debtor, the creditor may request a provisional attachment.
- Legal Dispute: In case of a legal dispute between the parties, the court may order a provisional attachment to secure the creditor's receivables.
- Precautionary Seizure Procedure:
- Case and Court Decision: The provisional attachment process takes place as a result of a lawsuit in which the creditor's receivable is determined by a court decision. The court evaluates the provisional attachment request and makes a decision if it finds it appropriate.
- Seizure of Assets or Rights: A provisional lien may be applied to the debtor's assets or rights in order to secure the receivable determined by a court decision.
- Foreclosure Procedure: Following the court decision, a provisional seizure is applied by the enforcement office or competent authority. This process temporarily blocks the debtor's assets or rights for precautionary purposes.
- Precautionary Seizure Process and Results:
- When a preliminary attachment decision is made, the debtor cannot dispose of his assets or rights.
- The provisional seizure process continues until the case is concluded.
- If the creditor's right is confirmed as a result of the lawsuit, the provisional seizure may turn into a definitive seizure and the receivable will be collected.
- However, if the debtor is found right as a result of the lawsuit, the provisional attachment is lifted and the assets or rights are released.
Precautionary lien is a mechanism used to preserve the legal process and the balance between the creditor and the owner of the seized property. The provisional lien process may vary depending on local laws and legal regulations. Therefore, it is recommended that you seek the guidance of a professional legal advisor in this matter.
