What Is a Protest? How to Protest a Promissory Note?
A protest is a formal notarial record that proves the debtor failed to pay or accept a negotiable instrument. Issuing the protest on time preserves your right to accelerated enforcement, recourse against endorsers, and default interest. Here is a step-by-step guide based on the Turkish Commercial Code (TCC).
Definition
Under TCC arts. 709-711, a protest is drawn when a note is duly presented but payment or acceptance is refused. The notary documents:
- The presentation date,
- The refusal (full or partial),
- The parties involved.
The protest becomes decisive evidence in court and execution files.
When Is a Protest Required?
- Non-payment at maturity: Mandatory for promissory notes if you want cambial execution.
- Non-acceptance of a bill of exchange: When the drawee refuses to accept.
- Partial payment: You may protest the unpaid balance to keep recourse rights.
Deadlines at a Glance
| Instrument | Protest deadline | Legal reference |
|---|---|---|
| Fixed-date note | Within 2 business days after presentation | TCC art. 708-709 |
| After-sight note | Within 2 business days after the maturity calculated from the sight notation | TCC art. 709 |
| Demand note | Present within 1 year from issue; protest within 2 business days if unpaid | TCC art. 708/2 |
Only business days count; national holidays extend the deadline.
How to Issue a Protest via Notary
- Prepare the originals: Bring the note, ID, and proof of presentation (if any).
- Request payment: The notary contacts the debtor or records the refusal if the debtor is present.
- Protest deed: If payment is denied, the notary drafts the protest, citing date, amount, and parties.
- Notifications: Copies are served to the debtor and endorsers.
- Archive: Keep the protest in both paper and digital form for execution proceedings.
Rights After the Protest
- Start cambial execution and seize assets quickly.
- Claim default interest from the due date.
- Exercise recourse against endorsers/guarantors.
- Liquidate collateral (aval, mortgages) tied to the note.
Practical Checklist
- Confirm presentation took place on time (maturity + 2 business days).
- Ensure the note is intact and readable.
- Budget for notary fees and postal charges.
- Prepare template notices to inform endorsers immediately after the protest.
- Schedule the execution filing right after obtaining the protest deed.
FAQ
- Is the note invalid without a protest? No, but you lose the right to cambial execution and recourse unless the protest is drawn on time.
- Who pays the protest expenses? The creditor advances the fees but can recover them from the debtor during execution.
- Can protests be issued electronically? Notaries can use e-notification systems, yet the physical note must still be presented.
Conclusion
A timely protest safeguards every right granted by negotiable-instrument law. Senetyaz supports creditors with reminder workflows, templates, and digital archives so you can complete the protest process without missing a single deadline.