Bills of Exchanges in Turkey
Policies, bonds and checks as commercial bills are called bills of exchanges in other words. The provisions on bills of exchanges are specially regulated in the Turkish Commercial Code since they have a great importance in commercial life.
Bills of exchange in Turkish Law can be regulated clearly on the creditor. The name of the creditor is to be written on the bill is enough to bill to be accepted as promissory note even if there is no additional order record on the bill. The text of the bill must include “the negotiable order” record in order for the bill of Exchange to be issued as a nominative bill.
Commercial Bills of exchange in Turkish Law are being categorized as note receivables, commodity bills and equities according to the type of the right that attached to the deed. Bills of exchanges are note receivables when evaluated in terms of this previous classification.
Bills of exchange in Turkish Law have mandatory formal requirements and must be issued in accordance with these requirements.
If the debtor of the bill does not pay the bill, all those who have a signature on the bill are jointly responsible for the payment of the bill. The bearer, who cannot collect the amount of the bill from the original debtor can apply to any relevant person who has a signature on the bill without having to take a turn. They can request the full payment of the debt from the applicant.
The validity of each statement and signature on bills of exchange is independent from the validity of other statements and signatures on the bill.
The underlying debt relationship which is the reason of the issuance of the bills of exchange cannot be understood from the text of the bill. As there is no link between the underlying relationship and the bills of exchange the defects in the underlying relationship cannot affect the relationship that arises from the Bills of exchange in Turkish Law.