“Pursuant to Article 776 of the Turkish Commercial Code (TCC); although the maturity date (vade) is one of the essential elements of a promissory note, according to Article 777/2 of the same Code, a promissory note in which the maturity date is not specified is considered a promissory note payable at sight (görüldüğünde ödenmesi şart). According to Article 704 of the same Code, which must also be applied to promissory notes by virtue of the reference in Article 778 of the TCC, a promissory note payable at sight must be presented for payment within one year from the date of issuance.”
“In other words, since an instrument that does not carry the element of maturity must be accepted as having been issued as a promissory note payable at sight—as specified in Article 704 of the TCC—this deficiency does not affect the status of the instrument as a promissory note. The failure to present a promissory note with no specified maturity date within one year does not release the issuer (keşideci) from liability as long as the statute of limitations (zamanaşımı) has not expired. The failure to present the instrument within the period, i.e., within one year from the issuance date, is deemed as the expiration of the maturity; in this case, since the right of recourse (rücu hakkı) will be forfeited, the endorsers (cirantalar) cannot be approached. However, the liability of the debtor who issued the instrument (keşideci) continues until the statute of limitations expires.”