TBK Article 117: If the debtor does not fulfill the obligation on the maturity date, he is in default.
Consequences of Default
- Interest begins to accrue
- Risk passes to the debtor
- Right to withdraw from the contract
- Compensation
Types of Interest
- Legal interest (general)
- Commercial interest (in commercial transactions)
- Advance interest (Central Bank)
- Agreed interest
Warning letter
- Required if the maturity is uncertain
- No need for warning if the maturity is certain
Supreme Court 19. HD
19. HD adopts that "advance interest" should be applied in commercial transactions.
Debts lawyer is recommended.