2 replies to this topic

[peanuthead]

Hi everyone. I hope I have learned a valuable lesson and I still have faith in my turkish friends honour but I need to ask a couple of questions. My friend gave me a senet for a loan.He said' do not put your name on it as it will be easier for me to collect via a turkish solicitor with their name on it, also that I could open a bank account and the bank will put their name on and chase it. Is there any truth in this ? Also we did not get it signed by a notary, he said this was j not necessay, but is it to make it legally binding ? I also met a random turk with his own business and he uses senets all the time for business and he did not use a notary. I am confused but hopeful. Hoping for clarity, many thanks

[Abi]

Hi and welcome to our forum. If you open this Link it will tell what should be written. If the senet is for a lot of money I suggest you take legal advice.

I am going to move your post to the Turkish Law section but will leave a link here so you can find it again.

[johnr]

Hello Peanut,

Firstly a, "Senet and a Promissary Note" are the same thing as far as I am aware. We had trouble with a Turkish man who we were working with. We had a meeting with him in our lawyer's office, she produced a book of Senet's and got him to sign two notes after she had dated and added the amounts owed. This as far as I am aware made them legally binding. It allowed her to go to court and get him into court when, predictably he wasn't able to come up with the money on the second more expensive Senet. It also allowed her through the court to seize his assets, we took a car off him and sold it at the local car auction.

Avocats here will probably charge up to 10% of the amount owed. But we did get all our money back plus a bit extra, after the lawyers fee we were more or less back to the origional amount. In other words the amount owed + Interest.

I hope that helps.

John