The payment of a bill of exchange may be guaranteed for all or part of its amount by an aval. This guarantee is provided by a third party or even by a signatory of the bill. The aval is given either on the bill of exchange or on an allonge, or by a separate deed indicating the place where it was made. It is expressed by the words “bon pour…
I. – A bill of exchange may be drawn: 1° At sight; 2° At a certain sight period; 3° At a certain date period; 4° On a fixed day. II. – Bills of exchange, either at other maturities or at successive maturities, are void.
A sight bill is payable on presentation. It must be presented for payment within one year from its date. The drawer may shorten this period or stipulate a longer one. These time limits may be shortened by the endorsers. The drawer may prescribe that a bill of exchange payable at sight must not be presented for payment before a specified term. In this case, the time limit for presentation starts…
The maturity of a bill of exchange at a certain sight period is determined, either by the date of the acceptance or by that of the protest. In the absence of the protest, the undated acceptance is deemed, with respect to the acceptor, to have been given on the last day of the period provided for presentation at acceptance. The due date of a bill of exchange drawn at one…
When a bill of exchange is payable on a fixed day in a place where the calendar is different from that of the place of issue, the date of maturity is deemed to be fixed according to the calendar of the place of payment. When a bill of exchange drawn between two places having different calendars is payable on a certain date delay, the day of issue is brought back…
The bearer of a bill of exchange payable on a fixed day or within a certain period of date or sight must present the bill of exchange for payment either on the day on which it is payable or on one of the two following working days. Presentation of a bill of exchange to a clearing house is equivalent to presentation for payment.
The drawee may require, when paying the bill of exchange, that it be remitted to him discharged by the bearer. The bearer may not refuse partial payment. In the event of partial payment, the drawee may require that mention of such payment be made on the bill and that acknowledgement thereof be given to him. Payments made to account on the amount of a bill of exchange are to the…
The bearer of a bill of exchange cannot be compelled to receive payment before maturity. The drawee who pays before maturity does so at his own risk. He who pays on maturity is validly discharged, unless there is fraud or gross negligence on his part. He is obliged to check the regularity of the sequence of endorsements, but not the signatures of the endorsers.
Where a bill of exchange is stipulated to be payable in a currency which is not current at the place of payment, the amount may be paid in the currency of the country, according to its value on the day of maturity. If the debtor is in arrears, the bearer may, at his option, request that the amount of the bill of exchange be paid in the currency of the…
If the bill of exchange is not presented for payment on the due date, or on one of the two working days thereafter, any debtor shall be entitled to remit the amount thereof on deposit at the Caisse des dépôts et consignations, at the expense, risk and peril of the bearer.
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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