Aval is a special type of foreign exchange surety that guarantees the payment of the promissory note in bills of exchange (bills, drafts and cheques). The person who gives an aval (avalist) becomes jointly and severally liable as the debtor in whose favor he gave an aval.
Giving an acknowledgment on bills of exchange, the liability of the avalist, its differences with surety, and its applications in check law.
Article Table of Contents
LEGAL DISCLAIMER & NOTICE:
The information in this article is for general legal informational purposes only and complies with Turkish Bar Association advertising regulations. It does not constitute formal legal advice for your specific case. We recommend consulting our attorneys regarding your legal dispute.
DAC Law & Consultancy Attorney Staff
At our law office based in Ataşehir, Istanbul, we provide professional legal representation in criminal, real estate, corporate, and family law.
Book Legal Consultation Appointment
