Policy Cancellation Lawsuit
Various situations may arise with a bill of exchange, such as loss, theft, burning, or spillage. In legal literature, the term “loss” is used for situations where it is impossible for the holder of the bill to present it or for the right written on it to be determined due to these and similar circumstances. If a bill of exchange is lost, a cancellation lawsuit is filed.
Who Can File a Case for the Cancellation of Bills of Exchange?
If a bill of exchange is lost, the person who has rights on the bill of exchange can file a case for the cancellation of the bill of exchange at the Commercial Court of First Instance. The person filing the cancellation case must also present convincing evidence to the court that the bill of exchange has been lost.
What are the Conditions for a Bill of Exchange Cancellation Lawsuit?
The bill of exchange must be lost,
Th e bill of exchange must have been lost without the consent of the holder and its whereabouts must be unknown,
The rights on the bill of exchange must continue,
The cancellation of the bill of exchange must be possible.