Payment of cheque

The widespread use of cheque in Turkey and around the world depends on different reasons. Irregularities in the flow of cash money on account of economic crises and fluctuations, the fact that the circulation of cheque is faster and more secure in comparison with the circulation of cash money may be given as the examples of those reasons. Moreover, the cheque as being a payment instrument constitutes another reason of preference.Cheque is paid when it is presented to a bank within the time limits envisaged by law. In order to be able to be paid, cheque should bear all mandatory components, there should be a deposit in the bank of which the drawer may dispose and there should be a current cheque agreement between the bank and the drawer. However, it is not effectual on the validity of cheque if there is not any deposit in the bank or any cheque agreement available.Even though the cheque has the characteristic of payment instrument, it loses this characteristic due to post-dated cheques which cause to significant problems in practice and becomes a credit instrument as other bills of exchange. Nevertheless, it is impossible to ignore post-dated cheques taking into consideration the demand in the market and the rate of usage. For this reason, post-dated cheques has gained legal base with ÇekK No 5941.The reason why the drawee may only be a bank in terms of the cheques to be paid in Turkey is both to make the circulation of cheques more popular through the reliance on the banks and to make the cheque be paid faster. On these grounds, the lawmaker has introduced many obligations concerning the banks and has regulated that the bank shall be responsible to the drawer and the bearer if it does not comply with those obligations. For example, the obligation for banks to make the necessary investigations at the time of payment or to pay a cheque bearing all mandatory components and presented in due time may be given as the examples of the obligations of the banks. Moreover, the responsibilities of banks has been increased with ÇekK and it is demanded that banks should provide a more comprehensive investigation towards the people who want to open a cheque account and take a cheque book.The bearer shall be able to use the right of recourse against the persons concerned in case the cheque is not paid for different reasons. However, the bearer should present the cheque to the bank in due time and should make the non-payment ascertain with the forms envisaged by TTK No. 720 in order to use the right of recourse.Key Words1.Payment instrument2.Post-dated cheque3.Provision and cheque agreement4.Obligation of payment5.Right of recourse