The period during which the holder of a check reserves the right of recourse against the endorsers, the drawer, and other parties liable under the check, or the period during which a party liable under the check reserves the right of recourse against another party, is governed by Article 814 of the Turkish Commercial Code, titled “Statute of Limitations.” Accordingly, the holder’s right of recourse against the endorsers, the drawer, or other check creditors is subject to a three-year statute of limitations following the expiration of the presentation periods specified above.
UNDER WHAT CIRCUMSTANCES IS THE STATUTE OF LIMITATIONS FOR A CHECK INTERRUPTED?
According to the relevant provision of the Turkish Commercial Code: “The statute of limitations period is interrupted by the filing of a lawsuit, the initiation of enforcement proceedings, the notification of the lawsuit, or the reporting of the claim to the bankruptcy estate.” Once the statute of limitations period is interrupted, a new statute of limitations period of the same duration begins to run. Enforcement proceedings must be initiated within this new statute of limitations period.
WHAT REMEDIES ARE AVAILABLE FOR A CHECK SUBJECT TO THE STATUTE OF LIMITATIONS?
§ The check holder may use this check as written evidence in any lawsuit they file, provided it is subject to the statute of limitations.
§ A lawsuit may be filed based on the underlying debt relationship. In other words, it is possible to file a lawsuit relying on the statute of limitations arising from the underlying debt relationship.
§ A lawsuit may be filed based on the underlying debt relationship. In other words, it is possible to file a lawsuit relying on the statute of limitations arising from the underlying debt relationship.
§ A claim for unjust enrichment may be filed pursuant to Article 732 of the Turkish Commercial Code.