What Will Change with the Electronic Era of Check and Promissory Note? 11 July 2019

The Ministry of Trade introduced the Draft “Law on Electronic Checks and Promissory Notes” (the “Draft Law”) proposing the use of electronic checks and promissory notes. The Draft Law is expected to enter into force on January 1, 2020. With the entering into force of the Draft Law, checks and promissory notes can be issued, endorsed and paid electronically. For the purpose of these transactions, besides the systems within banks, an Electronic Checks and Promissory Notes System –Elektronik Çek ve Bono Sistemi- (“ÇEBSİS”) will be established as to enable interaction between banks’ systems.

Different from regular checks, electronic checks must bear the:

• expression of “electronic check”,
• the commencement date for electronic submission and
• the account owner’s secure electronic signature or identity register generated by electronic identity verification.

Electronic checks will be issued via the drawee bank’s system or be endorsed by the endorser’s bank system. Payees and endorsees will be able to approve the electronic check via any of its bank’s systems until the start date of the electronic submission. The approval will be considered as the transfer of possession. Until approved, the drawer can amend or revoke electronic checks. If the check is submitted and funds are unavailable for whatever reason, the drawee bank will be responsible for partial payment in accordance with the Check Law No. 5941. In that case, ÇEBSİS will be notified of the failure to pay and the amount paid by the drawee bank within the scope of its liability.

Additionally, electronic promissory notes must bear:

• the expression of “electronic promissory note”,
• the serial number given by ÇEBSİS and
• the drawer’s secure electronic signature or identity register generated by electronic identity verification.

Payees and endorsees will be able to approve the electronic promissory note until its due date via the system of any bank where they have accounts. The amount of an electronic promissory note will be paid to the defined account. If the entire amount is not paid on the due date, the amount payable with interest will be directly withdrawn from, in order, the drawer, avalist’s or endorser’s defined accounts the next day.

Regarding the common provisions, it should be stated that, Provisions regarding the enforcement proceedings special to bill of exchanges under the Bankruptcy and Enforcement Law No. 2004 are also applicable for electronic checks or promissory notes. As a result, The Draft Law provides electronic applications to ease and accelerate the use of checks and promissory notes, and increases the reliability of the associated transactions.   

Türkçe Versiyonu İçin

http://www.kasaroglu.av.tr/tr/Cek-ve-Bonoda-Elektronik-Donem-ile-Neler-Degisecek