1- WHAT IS TRADE BILL?
Trade Bill: It is a kind of document ordering someone to pay a particular amount to himself/herself or the person, who keeps the document, at a particular time. It has a certain draft and can be handed over in exchange for debt.
2- WHAT KIND OF DATA SHOULD BE INDICATED IN TRADE BILL?
Trade bill includes these followings.
2.1- There should be clearly written “poliçe” if the document is written in Turkish. If trade bill is issued in another language except Turkish, the word which is equal to “poliçe” in that language should be written.
2.2- Unconditional money order with regard to payment of a particular amount
2.3- Full name of payer
2.4- Date
2.5- Place of payment
2.6- Full name of payee
2.7- Place and date of issue
2.8- Signature of issuing authority
***Bill that does not include one of elements written in article 671 of Turkish Commercial Code cannot be regarded as a trade bill except to the extend required by elements written between clauses 2 and 4.
***It is considered that trade bill, whose date is not specified, should be paid when it is seen.
***Unless it is specified, the place written near the name of payer should be regarded as both place of payment and the residential address of the payer.
***If place of issue is not specified in the trade bill, it will be regarded that it was issued in the place which is written near the name of payer.
3- CAN A PERSON ISSUING TRADE BILL BE THE PAYER AND PAYABLE TO ORDER PERSON AT THE SAME TIME?
Trade bill can be payable to order and also it can be issued on the name of person who issue trade bill or the third person.
4- CAN A TRADE BILL BE ISSUED AS IF IT IS ABOUT TO BE PAID IN PAYER’S SETTLEMENT?
A trade bill can be issued in the presence of a third person as if it is about to be paid in payer’s settlement or in another place.
5- CAN INTEREST RATE CONDITION BE IMPOSED ON TRADE BILL?
If a trade bill is supposed to be paid when it is seen or after some time, issuing authority can impose interest rate condition on trade bill. It is regarded that interest rate condition is not written in trade bills.
5.1- It is required to write interest rate on the document; if it is not, it will be regarded as if interest rate has not been written on trade bill.
5.2- If another date is not specified, interest will begin at the date of issue.
6- HOW TO WRITE THE AMOUNT IN TRADE BILL?
6.1- If the amount in trade bill is written both in words and in figures and there is a difference between the two amounts, the one written in words should be taken in consideration.
6.2- If the amount in trade bill is stated only in words or only in figures more than once and there are differences between amounts, minimum amount should be taken into consideration.
Source: Turkish Commercial Code
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
