Bond Law Procedure in Turkey

Bond lawyer, solicitor, advocate,attorney at law, Turkish bond law,Promissory note lawsuit Turkey

As it is known, companies receive valuable papers, which are called promissory notes in practice, for various reasons from the debtor for their receivables arising from their commercial relations. Since this valuable paper is legally accepted as an unconditional debt acknowledgment, although it is not as much as a bank letter of guarantee in terms of accounting, it makes the receivable more secure, as well as in the execution proceedings to be carried out by us in the event that the amount of the relevant valuable paper cannot be collected in the specified term, except for special cases. It allows us to get quick results. On the other hand, if this document, which is widely used in commercial life and facilitates its collection ability, is not signed in accordance with the conditions and procedures specified in the Law, it loses its value as a valuable document and results in its invalidity. As such, it can lead to grievances and loss of rights in practice. In order to prevent loss of rights and grievances, we have tried to explain the obligatory elements and other important points to be considered when issuing a deed, under separate headings below.

BONDS MUST HAVE

1. The signature of the person who issued the bond must be on the bond.

2. The bond must have a beneficiary (person to be paid to himself or to his order). If the person to be paid is a real person, his/her name and surname and T.R. Identity number, if it is a legal person, trade name, address, tax number/office must be clearly stated. Since address determinations of real persons may be difficult in practice, an address statement can be obtained.

3. The date of issue of the bond must be written.

4. In the text of the promissory note, other phrases such as “bond”, “promissory note”, “bill to order” must be included.

5. The debt contained in the promissory note should not be subject to any conditions/conditions, and should promise to pay an unconditional price.

The first four elements listed above are mandatory, and their absence will result in the absolute invalidity of that deed.

6. The place of issue should be written.

7. Place of payment must be written.

8. The due date should be written.

9. Other optional elements, if any, must be present.

For more details please contact us to assist you.

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https://www.turkishlawcentre.com/contact-us

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