Promissory notes and checks are negotiable instruments that are frequently used in both commercial and debt relations. Especially if the promissory note contains a number of validity conditions, it can be easily issued and enforcement action can be initiated for collection on the due date.
Non-Payment Protest
If a promissory note is not paid on the due date, this situation will be determined by a kind of notice called a payment protest. The non-payment protest must be sent within 2 business days after the payment, i.e. due date. The protest will be sent through notaries. The purpose of sending this document is to inform that the due date of the promissory note has passed and therefore interest will be charged for each day of non-payment. It will not be possible to charge interest for unprotested promissory notes. In practice, it is generally seen that the creditor of the promissory note delivers the promissory note to the bank for protest procedures and this process is followed through banks.
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