TCC Promissory Note Drafting Rules: Turkish Commercial Code Requirements
Turkish Commercial Code (TCC) provides certain rules and conditions for drafting promissory notes. In this article, you will find detailed information about TCC promissory note drafting rules.
TCC Promissory Note Drafting Rules
1. Mandatory Elements
The promissory note must contain the following elements:
- Type Wording: The body must explicitly include “bono” or “emre yazılı senet” (order promissory note)
- Unconditional Promise to Pay: A clause stating the drawer’s unconditional commitment to pay
- Date: Drafting date
- Amount: Amount both in figures and words
- Debtor Information: Name, surname, address
- Creditor Information: Name, surname, address
- Signature: Debtor's signature
2. Maturity Information
Maturity date must be specified for time drafts.
3. Place of Payment
Place where payment will be made must be specified.
TCC Compliant Promissory Note Features
A promissory note remains enforceable only if each mandatory element is present, figures and words align perfectly, the drafting date is accurate, and the debtor’s wet signature is legible. Use the quick checklist below before handing the document to the counterparty:
Validity Checklist
- Are all mandatory elements in place (bono/order promissory note wording, unconditional promise, date, amount, party details, signature)?
- Do the figures and words reflect the same amount?
- Is the drafting date written clearly in day/month/year format?
- Has the debtor (or authorized representative) provided a wet signature and stamp if required?
Invalidity Risks
- Missing any of the mandatory elements
- Failing to include the “bono/order promissory note” wording
- Mismatch between the numeric and written amounts
- Missing, unreadable, or incorrect date entry
- Lack of a valid signature
Common Drafting Errors
Common errors:
- Missing date
- Amount mismatch
- Incomplete information
- Missing signature
- Unclear maturity
Conclusion
Acting in accordance with TCC promissory note drafting rules is extremely important for the validity of the note. Properly drafted notes provide legal security.