Procedure For Cancellation Of Negotiable Instruments

Verdict Barred From Paying
The decision of Prohibition of payment is requested from the Commercial Court of First Instance in the place of payment or settlement of the bearer in the written deed, but if the deed is a written deed to the bearer or nama, this decision is taken from the Commercial Court of First Instance in the settlement of the debtor.

2) Extradition Case

TCC 763 if it is known who has the promissory note and it is out of the hands of the holder of the Negotiable Instruments. According to the article, extradition proceedings must be filed in the competent and competent court. If the holder of the valuable document does not file an extradition case within the period, the court returns the valuable document to the person who submitted it and removes the ban on payment.

3) Annulment Case

“E) annulment decision

I-Terms

Article 651-

(1) if the Negotiable Instruments are lost, the court may decide to cancel them.

(2) the person who is entitled to the deed at the time of the loss or loss of the valuable document may request the cancellation of the deed to be decided.

II-provisions

Article 652-

(1) upon the annulment decision, the right holder may also assert his right without a deed or request a new deed to be issued.

(2) apart from this, special provisions relating to various types of Negotiable Instruments are applied about the cancellation procedure and its provisions.”

Terms of the annulment case;

– The deed must have been lost.

The deed must be lost due to stealing, burning, tearing and similar conditions.

– The deed must have been disposed of against the consent of the patron, and it must have been unknown who had it.

If it is known who has the deed, it can be taken back with a restitution case.

– The claim on the bond must be in progress.

It is necessary to have the same right on the deed.

– It should be possible to cancel the deed.

The Turkish Commercial Code must also be one of the bonds that can be cancelled.