BOOK V: Commercial paper and guarantees.

I. – The promissory note contains; 1° The promissory clause or the name of the security inserted in the text itself and expressed in the language used for the drafting of this security; 2° The pure and simple promise to pay a specified sum; 3° The indication of the due date ; 4° That of the place where payment is to be made; 5° The name of the person to…

A document of title lacking one of the statements specified in I of Article L. 512-1 is not valid as a promissory note, except in the cases specified in II to IV of Article L. 512-1.

The provisions of articles L. 511-2 to L. 511-5, L. 511-8 to L. 511-14, L. 511-18, L. 511-22 to L. 511-47, L. 511-49 to L. 511-55, L. 511-62 to L. 511-65, L. 511-67 to L. 511-71, L. 511-75 to L. 511-81, relating to bills of exchange.

The provisions of article L. 511-21 relating to endorsement. In the case provided for in the sixth paragraph of this article, if the guarantee does not indicate on whose behalf it has been given, it is deemed to have been given on behalf of the subscriber of the promissory note.

The provisions of articles L. 511-56 to L. 511-61 relating to publicity and the extension of protest periods are applicable to protests drawn up for non-payment of a promissory note.

The subscriber of a promissory note is obliged in the same way as the acceptor of a bill of exchange.

Promissory notes payable at a certain sight period must be presented for the underwriter’s visa within the time limits set out in article L. 511-15. The sight period runs from the date of the underwriter’s signed visa on the Note. Refusal by the underwriter to give his dated endorsement is recorded by a protest, the date of which serves as the starting point for the sight period. .

Payment by promissory note is only permitted to the debtor if it has been expressly provided for by the parties and mentioned on the invoice. Even in this case, if the promissory note has not reached the creditor within thirty days of the invoice being sent, the creditor may issue a bill of exchange which the debtor is obliged to accept under the conditions set out in the penultimate and…