Factoring of Receivables Arising from Bills of Exchange
ISTANBUL HUKUK MECMUASI, cilt.83, sa.4, ss.1375-1396, 2025 (ESCI, TRDizin)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 83 Sayı: 4
- Basım Tarihi: 2025
- Doi Numarası: 10.26650/mecmua.2025.83.4.0004
- Dergi Adı: ISTANBUL HUKUK MECMUASI
- Derginin Tarandığı İndeksler: Emerging Sources Citation Index (ESCI), TR DİZİN (ULAKBİM)
- Sayfa Sayıları: ss.1375-1396
- İstanbul Üniversitesi Adresli: Evet
Özet
This article examines whether receivables embodied in negotiable instruments, in particular bills of exchange, may validly be the object of a factoring agreement under Turkish law. Starting from the mixed and tripartite nature of factoring, the study stresses that, after the enactment of the Financial Leasing, Factoring and Financing Companies Act No. 6361, factoring companies are authorised only to acquire receivables arising from sales of goods or provision of services evidenced by invoices. Against this background, the article analyses the tension between the law of assignment of receivables in the Turkish Code of Obligations and the regime governing the transfer of negotiable instruments in the Turkish Commercial Code. It argues that, through Article 9 FKFF & Scedil;K, the legislature has "re connected" the abstract claim in a bill of exchange to its causal transaction and has turned the statutory limitations on the subject matter of factoring into a question of the factoring companies' legal capacity. The study then explores the consequences of this approach: where a negotiable instrument does not evidence an invoiced receivable-for instance in the case of accommodation or security bills, or where the factoring company appears as payee-the company can neither be treated as a legitimate holder nor rely on the advantages of the abstract liability regime and the limited personal defences. Finally, drawing on recent Court of Cassation and regional appellate decisions, the article concludes that courts must ex officio verify compliance with Article 9 FKFF & Scedil;K in enforcement proceedings based on negotiable instruments held by factoring companies.