What must a promissory note contain?

A promissory note (bono) is a negotiable instrument in which the maker unconditionally promises to pay a certain sum of money. If one of the elements required by law is missing, the note may lose its status as a negotiable instrument, which makes collection more difficult.

What must appear on the note

• The words “promissory note” (bono or emre muharrer senet) in the text
• An unconditional promise to pay a specific sum
• The maturity date (if not stated, it is payable at sight)
• The place of payment (if not stated, the place of issue applies)
• The name of the payee (creditor)
• The date and place of issue
• The signature of the maker

Practical tips for creditors

• When receiving the note, check that all elements are complete and legible.
• Keep track of the maturity date and limitation periods; deadlines for negotiable instruments are short.
• If the note has changed hands, keep the chain of endorsements complete.
• If it is not paid, choose the enforcement route and deadlines in consultation with a lawyer.