Aval in bills of exchange

Aval is a type of personal commitment given in bills of exchange. Through this commitment, if the deed is not paid, the person who gives an aval becomes responsible as same person has given a waiver in his favor. The purpose of the aval institution regulated between articles 700-702 of the Turkish Commercial Code numbered 6102 is to facilitate the circulation of the exchange bills and to increase trust of the bills. Aval declaration helps to increase reliance of the bills as it guarantees the payment of the bills of exchange and ensures that the person giving the draft will pay the bill in person when necessary. At the same time, the draft declaration on the bills of exchange is given in favor of one of the people who have become indebted, thus facilitating the commercial circulation of the bills. Since the Aval statement provides a guarantee in favor of the bill borrowers in different fields in the bills of exchange, it requires mentioning all the institutions of the bills of exchange law. In this study, essentially, the foreign exchange law regulations regarding the law, the legal nature of the aval, the rights and responsibilities of the aval giving are discussed within the framework of the conditions of aval's declaration. In addition to this, the law of obligations and regulations in other branches of law, as far as they are related to the aval law institution, were examined, and the draft institution was examined in the light of the Court of Cassation decisions and opinions in the doctrine.