Execution Proceedings for Unpaid Promissory Note After Non-Payment Protest
In the event that the promissory note is not paid despite the due date, enforcement proceedings may be initiated through the enforcement proceedings specific to bills of exchange. For this purpose, if the jurisdiction rule is determined in the bill, enforcement proceedings may be initiated for the collection of the bill in this place, if not, in the place where the debtor’s domicile is located, at the place of payment in the bill, or if there is no place of payment, at the enforcement directorate at the place of issue.
Within 10 days following the notification of the payment order issued by the enforcement directorate to the debtor, the debtor may apply to the enforcement court and file a lawsuit in case of objection regarding the promissory note. However, the objection will not automatically stop the enforcement proceedings. At the end of the 10-day period, the creditor will be able to apply the attachment procedures. In this case, if any, the debtor’s movable and immovable properties may be recorded as attachment and actual attachment procedures may be applied at the determined addresses. In order to collect your receivables as soon as possible and in the best way in the enforcement proceedings to be initiated for the collection of the promissory note, it will be beneficial for you to proceed with a lawyer who is an expert in the field of enforcement law and experienced in promissory note proceedings.
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