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Article L511-11 of the French Commercial code

The holder of a bill of exchange is considered a legitimate bearer if he proves his right by an uninterrupted series of endorsements, even if the last endorsement is blank. Crossed-out endorsements are deemed to be unwritten. When a blank endorsement is followed by another endorsement, the signatory of the latter is deemed to have acquired the bill by the blank endorsement. If a person has been dispossessed of a…

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Article L511-12 of the French Commercial code

Persons sued under the bill of exchange may not raise against the bearer defences based on their personal relationships with the drawer or with previous bearers, unless the bearer, in acquiring the bill, has acted knowingly to the detriment of the debtor.

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Article L511-13 of the French Commercial code

Where the endorsement contains the words “valeur en recouvrement”, “pour encaissement”, “par procuration”, or any other wording implying a simple mandate, the bearer may exercise all the rights deriving from the bill of exchange, but may only endorse it by way of power of attorney. The obligees may, in this case, raise against the bearer only those defences which would be enforceable against the endorser. The mandate contained in an…

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Article L511-14 of the French Commercial code

Endorsement after the due date produces the same effects as an earlier endorsement. However, an endorsement subsequent to the protest for want of payment, or made after the expiry of the period fixed for drawing up the protest, produces only the effects of an ordinary assignment. Unless proved otherwise, an undated endorsement is deemed to have been made before the expiry of the period fixed for drawing up the protest….

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Article L511-15 of the French Commercial code

The bill of exchange may, until maturity, be presented on acceptance to the drawee, at the place of his domicile, by the bearer or even by a simple holder. In any bill of exchange, the drawee may stipulate that it must be presented on acceptance, with or without fixing a time limit. He may prohibit in the letter presentation on acceptance, unless it is a bill of exchange payable to…

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Article L511-16 of the French Commercial code

The drawee may request that a second presentation be made to him the day after the first. Interested parties are only entitled to claim that this request has not been granted if it is mentioned in the protest. The bearer is not obliged to relinquish, in the hands of the drawee, the letter presented for acceptance.

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Article L511-17 of the French Commercial code

Acceptance is written on the bill of exchange. It is expressed by the word “accepted” or any other equivalent word and is signed by the drawee. The mere signature of the drawee affixed to the face of the bill shall constitute acceptance. When the bill is payable at a certain sight period or when it must be presented for acceptance within a specified period by virtue of a special stipulation,…

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Article L511-18 of the French Commercial code

Where the drawer has indicated in the bill of exchange a place of payment other than that of the drawee’s domicile, without designating a third party with whom payment is to be made, the drawee may indicate this at the time of acceptance. Failing such indication, the acceptor is deemed to have obliged himself to pay at the place of payment. If the bill is payable at the drawee’s domicile,…

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Article L511-19 of the French Commercial code

By acceptance, the drawee undertakes to pay the bill of exchange on the due date. In the event of non-payment, the bearer, even if he is the drawer, has a direct action against the acceptor arising from the bill of exchange for everything that may be required under articles L. 511-45 et L. 511-46.

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Article L511-20 of the French Commercial code

If the drawee, who has endorsed the bill of exchange with his acceptance, has crossed it out before the bill is returned, the acceptance is deemed to have been refused. In the absence of proof to the contrary, the striking out shall be deemed to have been made before the return of the bill. However, if the drawee has made his acceptance known in writing to the bearer or to…

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