Current account contract

The subject of this thesis is the current account contract regulated in Turkish Commercial Code. This contract has arisen from commercial needs such as speed, easiness and economization. On the other hand, it has a special importance in Turkish law as being one of two contracts in which compound interest is applicable. The purpose of the thesis is to draw the contract?s conceptual boundaries and to research it with all its aspects. This contract is based on the settlement of mutual debts as a whole at certain intervals. As a result of this principle, receivables in the account can not be demanded individually. This principle called wholeness is thought to be the most important characteristic of the contract.During the research, it has been noticed that the term ?current account contract? is used for several different notions. Therefore, in the beginning of the first chapter, the current account contract and current account as a method of accounting have been separated from each other. Then, current account contract have been compared with similar contracts. As a result of this comparison, it has been determined that, current account contract is different and independent from these other contracts.The informations about functioning of the current account contract according to related legislations, have been given in the second chapter. In this context, it has been noticed that, the current regulation does not include the banking contracts. However, the banking contracts usually work with current account applications. Unfortunately The Draft of Turkish Commercial Code does also not include these contracts. It is thought that, in order to eliminate this problem, a specific regulation must be legislated towards banking current accounts which have differences from current account contract.Key Words1. Current Account2. Clearing3. The Principle of Wholeness4. Compound Interest5. Banking Contracts