Ask a Question
Full list of Questions
Do I need to make a will in Turkey? Paying my council tax in Turkey? How do I apply for a criminal record check in Turkey?
Do I need to always carry I.D while traveling around turkey? Traveling with a child of dual Turkish and other nationality Is my Will legal in Turkey?
What is Turkish Condominium Law? (Law No. 634) How to add a name / spouse to a Tapu - (Property Title deeds - Turkey) My neighbors tree extends into my property, can I legally cut it down?
How do I get a replacement title deed (Tapu) in Turkey? Do you have trading standards in Turkey? How to change / upgrade my title deed from KAT IRTIFAKI to Kat Mulkiyeti (Final Tapu)
How to remove a person from a Title Deed (Tapu) - Turkey TURKISH WILL - Is it possible to Disinherit Loved Ones ? Turkish Will - Scenarios
What is a Senet ? (Promissory Note - Turkey) Foreign Direct Investment Law Application of Turkish Citizenship through investment
What is an Apostille and why is it needed? - Turkey Hiring Cleaners and Gardeners in Turkey and paying SGK Obtaining a criminal record check from your home country
what can a person do if they are rejected by the immigration office for either a first time residency or extension of residency permit. How do i apply for Turkish Citizernship through investment for myself and my family? Do I need to use a translator for legal documents?
What kind of translators are there in Turkey? What is a Sworn Translator? Do I need to get legal documents translated?
Do I need to pay extra for translations?
According to Turkish Law, promissory note is regulated under Article 776-779 of the Turkish Commercial Code (“TCC”). There are two main persons on a promissory note. These are the drawer who undertakes to pay and the payee who is entitled to the payment. With the promissory note, the drawer promises to pay to the payee or to his order the amount stated on the instrument. According to the TCC a promissory note is subject to strict form requirements for the same to be a valid instrument.

A promissory note must include the following elements:

1-The term “bono” or “emre yazılı senet” in the text of the instrument; or if it is written in a foreign language an equivalent of this word in that language (in English “promissory note
2-Unconditional undertaking to pay a certain amount of money which is stated in the promissory note;
3- The name and family name of the person to whom or to whose order payment is to be made; if a corporate entity, full corporate title;
4-Place of payment;
5-Maturity date;
6-The signature of the drawer;
7-The place and date of issue.

Certain content of a promissory note is statutory while some are deemed as optional contents of a promissory note as follows:

- Statutory content;

1- The term “bono” or “emre yazılı senet” in the text of the instrument; or if it is written in a foreign language an equivalent of this word in that language (in English “promissory note”)
2- Unconditional undertaking to pay a certain amount of money which is stated in the promissory note;
3-The name and family name of the person to whom or to whose order payment is to be made; if a corporate entity, full corporate title;
4- The issuance date; and
5- The signature of the drawer.

Optional content of a promissory note can be listed as follows:

1- As per article 777 of TCC if the place of issuance is not indicated on the promissory note, then the promissory note is deemed to be issued at the place written next to the name of the issue;
2- In accordance with article 777 of TCC if it is not clear on the promissory note, then the place that the promissory note was drawn up will be deemed as the place of payment and the residential address of the issuer;
3- The non-existence of a due date does not invalidate the promissory note. If the promissory note does not include a maturity date, the same has to be paid upon its presentment to the drawer. However, the promissory note, which needs to be paid at sight, shall be presented to the drawer within one year after its issuance. In case the promissory note which is to be paid at sight is not paid upon presentment, a protest for non-payment shall be issued by the holder of the said promissory note.

If the above referred statutory elements of a promissory note are not indicated on the content of the promissory note, then such promissory note shall be deemed invalid and shall not be considered as a negotiable instrument.

by Erdal Law Firm

If you would like to discuss further please get in touch Send Mail




Tags: Legal