Statute Of Limitions In Valuable Papers

Valuable papers are documents that replace the means of payment and are transferable and therefore have value. If a person who does not have cash in his possession has a check, which is one of a variety of valuable papers, he can use the check as a means of payment and continue his investments without any hold-up in his commercial life. Therefore valuable papers are very important for the continuing commercial life without any disruptions.

Today, the most widely used valuable papers are bonds and checks.

The bond, which is a type of exchange bill, can be used as a payment instrument. If the debtor gives the creditor a bond, the creditor guarantees his payment on the specified maturity date.

The check, which is another type of exchange bill, is a valuable paper which is used as another means of payment between the bank, the creditor and the debtor. The creditor, owning the check, can go to the bank and receive the amount that is written on it from the account of the debtor. Also, the fact that it is transferable is one of the factors that increase the use of the check.

The debtor may, according to the maturity of the exchange bill, report the time lapse of the debt and object to the order of payment. The bill of exchange is due to expire three years from the maturity date. The rights of the bearer, to make arrangements with the endorses and to apply for owing to other check debts, will lapse three years as of the end of the submission period. The right for appeal of the check debtors against each other lapses three years after the check debtor paid the check or three years as of the date on which the check was put against him with means of a lawsuit. The three-year time-limit for the right to appeal against the endorsers, drawers and other check borrowers begins with the end of the submission period of the check. 

According to Article 168 of the İİK, the debtor must file a petition with the Enforcement Court within five days for the objection to the statute of limitation. If the debtor has declared the reasons for appeal in case of a petition submitted to the Enforcement Commissioner, but has not appealed against the statute of limitations, he cannot appeal against the statute of limitations after the five-day appeal period has elapsed.

Att. Irem Arkın

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