NEWSLETTER-2017

252 NEWSLETTER 2017 tionship between the beneficiary and the addressee; it should further be objectively realizable and, finally, it should be determinable. In terms of the determinability of the risks undertaken by the bank letters of credit, such risk should be calculable instead of referring to a certain monetary amount. The parties to a guarantee should specify the underlying relations that may give rise to risks. In this sense, such a requirement makes the parties unable to secure bank letters of credit all of the existing and future risks that may arise between the benefi- ciary and the addressee. This is due to the fact that the legal grounds for such risks are undeterminable. In the event of new and additional obligations of the addressee, the previously issued bank letter of credit would not cover such recent amendments. Therefore, the parties thereto should enter into an additional guarantee relationship for the new obligations 5 . Undertaking an Independent Obligation In respect of bank letters of credit, the undertaking of the bank to the addressee would be independent from the underlying relation- ship between the beneficiary and the addressee. Although bank letters of credit are dependent on economic terms, i.e. determination of the monetary amount from the underlying agreement, they are not depen- dent in legal terms. In other words, such independency means that the existence and the validity of bank letters of credit are not dependent upon the existence or the validity of any other agreement. It is worth mentioning that the aforementioned independency feature of the guar- antee relationship should not mean an abstract acknowledgement of debt ( soyut borç ikrarı ). This would be an overreaching interpretation. Turkish law recognizes two kinds of securities as being accessory and non-accessory securities. A guarantee is a non-accessory security, which is an independent form of security interest, where the validity of the non-accessory security is not dependent upon the validity of the underlying relationship 6 . 5 Yalcinkaya, p. 648. 6 Dogan, p. 38.