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NEWSLETTER 2011
8
Negotiable Instruments
No fundamental modifications were made with the exception of the
correction of simple mistakes in translation and contradictions. However,
the prohibition against payment of checks, which was frequently abused,
was removed.
Carriage Business
Clauses regarding carriage, which were previously regulated under
Negotiable Instruments in the TCC, were regulated in a separate section
in the New TCC.
The provisions regarding carriage were drafted by
taking CMR into account.
Maritime Commerce
Maritime commerce law is the other domain which was fundamentally
modified like Company Law. In this context, the present institutions and
provisions were innovated, some new institutions and provisions were
added, and out-of-date provisions were removed. Basic principles may be
summarized as follows:
- In order to reach a harmonization with a lot of international
conventions to which Turkey is a party, the provisions of these
conventions were reflected in the New TCC.
- Deficiencies in the system in the current regulations were corrected,
and the new provisions were attached to a scientific systematic.
- Quite a few superannuated and out-of-date provisions were
removed. Provisions regarding overseas sales, which had been
inspired by the Incoterms of the 1940s and which do not meet
current needs, were also removed.
Insurance Law
The other section subjected to fundamental changes is Insurance Law
because the present provisions of insurance law are far from meeting the
needs of international practice and doctrine.