COURT OF APPEAL CASTS DOUBT ON NEED FOR SPOUSAL CONSENT IN PERSONAL GUARANTEES:

WE PREVIOUSLY REPORTED IN OUR CLIENT ALERT OF FEBRUARY 2013 THAT THE NEW TURKISH CODE OF OBLIGATIONS (THE “TCO”), WHICH CAME INTO FORCE ON 1ST JULY, 2012 INTRODUCED MAJOR CHANGES TO FORM REQUIREMENTS IN RELATION TO PERSONAL GUARANTEES.