What is the Promissory Note Presentation Period? Protecting Your Rights After Maturity
Presentation is the formal act of showing the note to the debtor and demanding payment. Missing the statutory presentation window weakens your ability to protest the note, charge default interest, or initiate fast-track enforcement. This guide outlines the legally binding periods for time and demand notes under the Turkish Commercial Code (TCC).
Definition
The presentation period is the legally prescribed timeframe during which the note must be presented to the debtor (drawer or drawee) once it becomes due. Proper presentation:
- Triggers the debtor’s obligation to pay,
- Enables you to draw up a protest if payment is refused,
- Preserves the right to use accelerated cambial execution.
Time Drafts (Fixed Maturity)
According to TCC art. 708:
- A note payable on a fixed date must be presented on the due date or within the following two business days.
- For “after sight” notes, have the debtor acknowledge the sight date; the agreed period (e.g., 30 days) starts from that notation, and presentation must again take place within two business days after maturity.
- Only business days count toward the deadline.
Demand Notes (Payable at Sight)
- Demand notes must be presented within one year from the issue date (TCC art. 708/2).
- Parties may agree on a different period, but failure to present within the agreed window may nullify cambial enforcement rights.
Consequences of Missing the Presentation Period
| Lost Benefit | Description |
|---|---|
| Protest right | Without timely presentation, the creditor cannot protest the note, and endorsers may be released. |
| Cambial execution | Accelerated enforcement proceedings become unavailable; you must resort to ordinary execution. |
| Default interest | Claiming post-maturity interest and costs becomes harder. |
| Recourse rights | The holder may lose recourse claims against prior endorsers/guarantors. |
Quick Presentation Checklist
- Record the maturity date and set reminders for the two-business-day rule.
- Use a bank or notary to document presentation.
- If payment is refused, instruct the notary to draw up a protest immediately.
- Archive all supporting documents (presentation slips, protest, notices) digitally.
Conclusion
Presenting the note within the statutory period is a prerequisite for leveraging the strongest legal remedies. Senetyaz’s reminder workflows and documentation tools help you stay on schedule and maintain every procedural advantage.