WHAT IS THE PROCEDURE FOR CANCELING NEGOTIABLE INSTRUMENTS
Procedure for Cancellation of Negotiable Instruments
The Decision to Ban From Payment
The decision to prohibit payment is requested from the Commercial Court of First Instance in the settlement of the place of payment or the bearer in the promissory notes written to the order, but if the promissory note is a bearer or a registered promissory note, this decision is taken from the Commercial Court of First Instance in the settlement of the debtor.
2) Extradition Case
If the Valuable Document was taken out of the hands of the owner without his consent and it is known who has the deed, TCC 763. According to the article, an extradition case should be filed in the authorized and authorized court. If the owner of the valuable document does not file an extradition case within the time limit, the court returns the valuable document to the person who submitted it to him and lifts the ban on payment.
3) Cancellation Case
“E) The decision to cancel
I – Terms and Conditions
ARTICLE 651-
(1) If the valuable documents are lost, the cancellation may be decided by the court.
(2) The person who has the right to the promissory note at the moment when the valuable document is lost or the loss occurs may request that the cancellation of the promissory note be decided.
II – Provisions
ARTICLE 652-
(1) Upon the decision to cancel, the rightholder may also assert his right without a promissory note or request the issuance of a new promissory note.
(2) In addition, special provisions on various types of negotiable instruments are applied to the cancellation procedure and provisions.”
Terms of the cancellation case;
-The deed must have been lost
The deed must be lost due to theft, burning, tearing, and so on.
-The deed must have been disposed of without the consent of the bearer and it is not known who has it
If it is known who has the deed, it can be withdrawn with an istirdat lawsuit.
-The right on the deed must be continued
It is necessary to have the same right to the deed.
-Cancellation of the deed should be possible
The TTK should also be one of the promissory notes that can be canceled.
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