The duration for which the holder retains the right of recourse against the endorsers, the drawer, and other parties liable on the check, or the duration for which one party liable on the check retains the right of recourse against another, is governed by Article 814 of the Turkish Commercial Code, titled “Statute of Limitations.” Accordingly, the holder’s right of recourse against endorsers, the drawer, or other check debtors will be barred by the statute of limitations three years after the expiration of the presentation periods for the check mentioned above.
WHAT ARE THE CIRCUMSTANCES THAT INTERRUPT THE STATUTE OF LIMITATIONS FOR A CHECK?
According to the relevant provision of the TCC: “The statute of limitations 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 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 holder of the check may use the check subject to the statute of limitations as a written basis of evidence in any lawsuit they file.
§ A lawsuit may be filed based on the underlying principal debt relationship. In other words, it is possible to file a lawsuit relying on the statute of limitations arising from the underlying principal debt relationship.
§ A lawsuit may be filed based on the underlying principal debt relationship. In other words, it is possible to file a lawsuit based on the statute of limitations arising from the underlying principal debt relationship.
§ A lawsuit for unjust enrichment may be filed pursuant to Article 732 of the Turkish Commercial Code.