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Banking & Financial Services

19 June 2020
Ali Temuçin Akalın Attachment of debts arising from letters of guarantee

Turkey - Selvi & Ertekin

Letters of guarantee are an instrument under which a bank guarantees the payment of a certain amount to a beneficiary on request if an obligation undertaken by the applicant against such beneficiary is unfulfilled. In practice, a debtor's creditors are often willing to directly levy an attachment on a letter of guarantee. This article outlines letters of guarantee in the Turkish banking sector.

Author: Ali Temuçin Akalın
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