THE COMPONENTS OF A CHECK (cheque)

In Turkish law amongst bill of exchanges, check is the one which is most widely used. Because of this importance in this month’s bulletin we think that it will be beneficial to look into the mandatory, voluntary and alternative components needed to be found in a check in the light of the Courts of Appeal…

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CONSENSUAL DIVORCE UNDER TURKISH LAW

In Turkish law consensual divorce is regulated in third paragraph of the article 166 of the Civil Code (Türk Medeni Kanunu- hereafter will be referred to as TMK). According to the law it is possible consensually divorce when the spouses apply for divorce together or when one spouse accepts the divorce suit opened by the…

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TRANSFER OF CLAIMS

In this newsletter we discuss issues on conditions required for a valid assignment of claims, whether an approval of the debtor is necessary in the transaction and assignment of future claims. The provisions on Transfer of claims are stipulated in articles between 162 and 172 of the Code of Obligation (hereafter will be referred to…

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VALIDITY AND TERMINATION OF PROMISE TO SELL OF REAL PROPERTY

In our bulletin we will investigate conditions of validity and termination of promise to sell of real property which is often applicable in practice. The promise to sell is a preliminary contract providing claim rights to conclude of a real property sales contract. By the preliminary contract parties express their wills to conclude the principal…

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REDUCTION OF EXCESSIVE PENAL CLAUSE

Nowadays it is possible to come across that almost all contracts contain penal clauses. The matter of penal clause has a critical importance especially if parties would like to cancel the contact as a result of the economic crises. Besides, the situation is often seen that usually parties have been agreed on excessive penal clauses.…

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CANCELLATION AND STOP PAYMENT OF CHEQUES

The right of cancellation and stop payment of cheques should only be exercised by a drawer and it was regulated in the section of payment and avoidance payment in the Commercial Code (hereinafter it will be referred to as CC). In recent years, action of cancellation and stop payment of cheques are frequently applied in…

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DIRECT BANKRUPTCY METHOD AND ADJOURNMENT OF BANKRUPTCY

Under Turkish law, the bankruptcy procedures can be categorized as direct bankruptcy method and bankruptcy with enforcement proceeding. In the direct bankruptcy, a creditor or a debtor directly applies to commercial court and claims bankruptcy of the debtor company. However, in the enforcement proceedings with bankruptcy claim, the creditor sends a payment order to the…

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VALIDITY OF BUILDING CONTRACTS IN RETURN FOR APPARTMENT FLATS

Either local, or foreigner, one of the most important legal issues concerning the contractors offering services in construction industry is the validity issues of building contracts, which they might face during the jobs they undertake in return for appartment flats. Before examining this subject in details, briefly defining the concepts of “contract” and “building contract…

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