What is the Statute of Limitations for Promissory Notes? Statute of Limitations for Bonds & Checks

What is the Statute of Limitations for Promissory Notes? | Statute of Limitations for Bonds & Checks | Enforcement Lawyer | Lawyer in Izmir | Izmir Law Firm

Checks and promissory notes are indispensable instruments of commercial life. Along with bills of exchange, these documents are also defined as negotiable instruments; and to ensure public trust, they are endowed with highly enforceable features by legislators. So, what is the statute of limitations for checks and promissory notes?

STATUTE OF LIMITATIONS ON BONDS

• The lawsuits that the holder may bring against the issuer shall commence from the maturity date of the promissory note. 3 (three) years It becomes time-barred upon passage of time.
• The lawsuits that the holder may file against the endorsers will commence from the date of the protest. 3 (three) years It becomes time-barred upon passage of time.
• The lawsuits that the payer may bring against those who preceded him/her shall commence from the date on which he/she paid the promissory note or the date on which the promissory note was asserted against him/her through legal action. 6 (six) months It becomes time-barred upon passage of time.

Turkish Commercial Code

ARTICLE 749–(1) Claims arising from a bill of exchange that may be asserted against the acceptor of the bill of exchange are subject to a statute of limitations of three years from the date of maturity. (2) Claims that the holder may assert against the endorsers and the drawer are subject to a statute of limitations of one year from the date of the timely protest or, if the bill of exchange contains the clause "will be returned without cost", from the date of maturity. (3) Claims that an endorser may assert against other endorsers and the drawer are subject to a statute of limitations of six months from the date the endorser paid the bill of exchange or the bill of exchange was asserted against him through legal action.

STATUTE OF LIMITATIONS ON CHECKS

• The lawsuits that the holder may bring against the endorsers and the drawer shall commence from the expiry of the presentation period. 3 (three) years It becomes time-barred upon passage of time.
• Lawsuits that one check debtor may file against another commence from the date the check was paid or the date the check was asserted against them through legal action. 3 (three) years It becomes time-barred upon passage of time.

Turkish Commercial Code

ARTICLE 814-(1) The rights of recourse of the holder against the endorsers, the drawer and other check debtors are subject to a statute of limitations of three years from the expiry of the presentation period. (2) The rights of recourse of one check debtor against another are subject to a statute of limitations of three years from the date on which that check debtor paid the check or the check was brought against him through legal action.

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