Action For Cancellation Of The Bill Of Exchange
It is possible to encounter various situations such as the loss, theft, burning, or spilling of something on the bill. The term used in legal literature for situations where it is impossible for the holder of the bill to present it or to determine the right written on the bill due to these and similar circumstances is “loss” (zayi olma). If the bill of exchange is lost, a cancellation lawsuit will be filed.
Who Can File a Bill of Exchange Cancellation Lawsuit?
If the bill of exchange is lost, the person who has rights on the bill of exchange can file a bill of exchange cancellation lawsuit at the Commercial Court of First Instance. The person filing the cancellation lawsuit must also submit 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,
The 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.
