Enforcement Proceedings

How is Enforcement Proceeding Carried Out by Way of Attachment for Negotiable Instruments?

Enforcement proceeding is the action taken through the state to collect a debt when the debtor cannot fulfill their obligation for any reason. The important issue here is the inability to collect the receivable. Debt collection is carried out by two methods: non-litigation and litigation enforcement proceedings. Necessary information regarding enforcement proceedings can be accessed from the site.

How to Object to Enforcement by Way of Attachment for Negotiable Instruments?

A creditor whose receivable is based on negotiable instruments can initiate non-litigation enforcement proceedings by way of attachment for negotiable instruments, even if the receivable is secured by a pledge. Negotiable instruments include checks, promissory notes, and bills of exchange. In proceedings carried out by way of attachment for negotiable instruments, the creditor is obliged to submit the original negotiable instrument to the enforcement office. If the enforcement officer sees that the instrument is a negotiable instrument and its due date has arrived, they send a payment order to the debtor. The debtor must pay the debt within 10 days to the bank account of the enforcement office specified in the payment order. If the debtor believes that the instrument subject to the enforcement proceeding is not a negotiable instrument, they must file a complaint with the Enforcement Court within 5 days. If the debtor believes that the signature on the instrument does not belong to them, they must notify the relevant court within 5 days. Otherwise, the signature on the negotiable instrument is presumed to belong to them in the enforcement proceeding. It should be noted that in enforcement proceedings by way of attachment for negotiable instruments, the method of complaint to the Enforcement Court is adopted instead of the objection to the enforcement office, as in non-litigation proceedings initiated by general attachment, and the time limits are shorter. Therefore, if the debtor who receives the payment order in an enforcement proceeding file based on a negotiable instrument is content with submitting an objection petition to the enforcement office instead of going to the Enforcement Court, they will miss the period granted to them after 5 days.