1. Negotiable Instruments

2. Characteristics of valuable papers according to the right represented The right involved in the paper must be a transferable (negotiable) right. Such rights that can not be transferred can not be subject matter of valuable papers (for example human rights, usufruct etc.). The right covered by a valuable paper must have an objective monetary value. If the a right does not have an objective value, that means differs from person to person subjectively, then it can not be attached to a valuable paper.

3. Characteristics of valuable papers according to the right represented The right must attached to the valuable paper firmly. Right and paper must become a unique body, so that they can not be transferred or claimed separately. Types of valuable papers are closed and restricted by law (numerus clauses), a new type can not be created upon desire.

4. Characteristics of valuable papers according to the right represented Format of valuable papers are strictly prescribed by law. If one of the formal requirements is not fulfilled, then the document can not deemed a valuable paper. Valuable papers have an abstract character. The validity of the paper is independent from the validity of the main relationship between the parties involved.

5. Types of valuable papers according to their transferability Valuable Paper to a Specific Name (registered ) (nama yazılı) Valuable Paper to Order (emre yazılı) Valuable Paper to the Bearer (hamiline yazılı)

6. Valuable Papers to a Specific Name To negotiate the paper, a written declaration of transfer and delivery of the paper are required. The debtor of the paper must perform his obligation to the holder upon examination of his identity (holder in due course).

7. Valuable Papers to a Specific Name On the paper, the name of a specific person must be indicated (for example, “Pay John Black $1000). Furthermore the paper may not contain an expression that converts it into an order paper (for example, “Pay to/to the order of John Black $1000).

8. Valuable Papers to a Specific Name Commercial papers (check, promissory note, bill of exchange) are order papers by law. To issue commercial papers to a specific name, the transferability (negotiability) of the paper must be prohibited by the issuer. This can be done by indicating such an expression: “may not be endorsed; not to order; payable solely to” etc.

9. Valuable Papers to Order Commercial papers (check, promissory note,draft) are examples of order papers by law.

10. Valuable Papers to Order Stock certificate and bond are types of valuable paper that can not be issued to order. To transfer the order paper endorsement and delivery are required. In comparison with the papers to a specific name the order papers can be transferred more easily.

11. Valuable Papers to the Bearer Here the holder (bearer) of the paper is accepted as the legal owner of the right which is embodied in the valuable paper. If a specific person is not named as payee, or if an expression such as “payable to bearer” or similar is indicated on the paper, then the debtor of the paper will perform his obligation to the bearer upon presention of the paper.