It is also possible to encounter various situations such as loss, theft, burning or spilling of something on the promissory note from time to time. The term used in the legal literature for the impossibility of the presentation of the promissory note by the bearer or the impossibility of determining the right written on the promissory note due to these and similar situations is the term loss (forfeiture). In the event of loss of the promissory note, the cancellation case will come to the agenda.
Who Can File a Case for Cancellation of a Promissory Note?
In case the promissory note is lost, the person who has rights on the promissory note may file a lawsuit for cancellation of the promissory note in the Commercial Court of First Instance. The person who files a cancellation lawsuit must also present convincing evidence to the court that the promissory note is lost.
What are the Conditions for the Cancellation of the Deed?
Promissory note must be lost,
The promissory note must have been disposed of without the consent of the bearer and its identity must be unknown,
The right to the promissory note must still exist,
Cancellation of the promissory note must be possible.
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