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Bill of exchange law

A bill of exchange is a security, the issue and circulation of which is carried out in accordance with special legislation called bill law. This security certifies the debt of one person (debtor) to another person (creditor), expressed in monetary form, the rights to which can be transferred to any other person by order of the owner of the bill without the consent of the one who issued it.

The bill is the original historical basis of all securities. The bill of exchange is the first and earliest form of security in the commodity world, from which essentially all other types of securities are derived. The bill itself originates from a simple promissory note. In the modern commodity world, the bill of exchange is actively used, but occupies a rather modest place in comparison with such mass species securities like stocks and bonds.

The difference between a bill and a share is that the latter is an equity security, and a bill is a debt security. Their unity comes from the fact that the basis of any security is loan capital, and not its commodity or productive form.

The difference between a bill and a bond is based on the differences arising from their specific forms of existence as securities:

a bond is essentially an issue paper, and a bill has more individual character(although you can also find issues of bills in large quantities on the market);
the issue of bonds is subject to mandatory registration by the state, but bills of exchange are not;
a bill of exchange can be used as a means of payment and settlement, but settlements using bonds are not permitted;
the bond is sold under a contract of sale, and the bill is transferred by order of its owner, etc.

In contrast, a bill of exchange can only exist in documentary (paper) form.

Promissory note and bill of exchange

A bill of exchange exists in two forms: a promissory note and a bill of exchange.

Promissory note(solo bill) is an unconditional (unconditional) obligation of the debtor to pay monetary debt to the creditor in the amount and on the terms indicated in the bill and only in it. A promissory note is issued by the payer himself, and is essentially his promissory note.

Bill of exchange(draft) is an unconditional order of the person who issued the bill (drawer) to his debtor (payer) to pay the amount of money specified in the bill in accordance with the terms of this bill to a third party (drawer). A bill of exchange is a written document containing an unconditional order from the drawer to the payer on payment of the amount of money specified in the bill of exchange to a third party or to his order.

The basis of a promissory note. A promissory note usually appears as a result of a commodity transaction, when the buyer of the goods does not have the necessary Money and instead of money, he writes out this bill, according to which he undertakes to pay the seller the amount of money he requires after some period of time in the future. After this time, the holder of the bill presents the bill to the buyer (i.e., the debtor on this bill), who pays the specified amount of money and receives the bill in exchange (“cancelles” it). A promissory note is usually drawn up by the debtor in the name of his creditor and transferred to the latter.

Basis of a bill of exchange. A bill of exchange involves the “transfer” of a debt from one person to another. Typically, the person who writes the bill of exchange (the drawer) is both a creditor of one person and a debtor of another person. In a bill of exchange, the drawer requires that the one who owes him pays not himself directly, but directly to his creditor.

The bill of exchange has Italian name“draft” (which in translation means “transfer”), and the drawer is called the drawer, the debtor on the bill is called the drawee, the holder of the bill (recipient of the bill) is called the remittor.

Required bill of exchange details

A bill of exchange is a strictly formal document, therefore, like any security, it has mandatory details.

A promissory note has the following details:

bill mark, that is, the designation of a document with the word “ promissory note»;
an unconditional obligation to pay a certain amount of money;
payment term;
place of payment;
the name and address of the recipient of the payment to whom or on whose order it is to be made;
place and date of compilation (day, month and year of compilation);
signature of the drawer - provided by him in his own handwriting.

The bill of exchange has the following details:

name or bill of exchange mark - " bill of exchange»;
an unconditional requirement to pay a certain amount of money on a bill;
indication of the monetary amount in figures and in words (corrections are not allowed);
payment term;
place of payment;
name and address of the payee;
place and date of compilation;
name and location of the payer;
drawer's signature.

Bill amount

Often indicated in both numbers and words. If there is a discrepancy, the bill is considered issued for the amount written in words. If there are several amounts in a bill of exchange, then the bill of exchange is considered to be issued for the smaller of them. It is not allowed to split the bill payment amount by due date or in parts. A bill of exchange is an abstract obligation to pay a certain sum of money, regardless of the reason for its issuance. If, for example, a bill of exchange is issued before the goods (asset) are received, then the risk is borne by the drawer, because he is the debtor on the bill, although he has not yet received the corresponding goods.

The promissory note can be issued taking into account interest on the “loan” provided to the debtor. This percentage can either be immediately included in the bill amount, or can be indicated separately. The interest rate on the bill amount can be indicated only if the payment period for the bill is established upon presentation or at such and such a time from presentation. In other cases interest rate considered unwritten. This means that even if it is written, the payer of the bill is not obliged to pay this interest on it.

Payer's name and address

If the payer is a legal entity, then its legal address and its full name are indicated. If the payer is individual, then the surname, first name, patronymic, place of residence, and passport details are indicated. In a promissory note, the payer is the drawer. In a bill of exchange, the drawer and the payer are different faces. For this reason, additional details appear in a bill of exchange, compared to a simple bill of exchange.

An unconditional obligation to pay on a bill of exchange and a requirement to pay on a bill of exchange. Since the promissory note is issued by the debtor, he undertakes in the promissory note to pay it.

A bill of exchange is issued by the creditor to his debtor, but not so that the latter pays himself, but so that the debtor pays to another person - the creditor of the drawer ("drawer of the bill"). Therefore, the bill of exchange does not contain an obligation, but a demand to pay. This is usually formalized with the following entry: “Pay... (name of the remittor) or to his order.” A bill of exchange can be drawn up in favor of the drawer himself. In this case, it says: “Pay in my favor or to my order,” or another equivalent in meaning.

Payment due date

Bill of exchange legislation establishes the following payment terms for bills of exchange:

“at sight” - payment is made upon presentation of the bill. It must be presented for payment within one year from the date of its preparation, but the drawer can stipulate the timing of presentation for payment, for example, “... upon presentation, but not earlier than March 1, ¼ of the year.” In case of delay, the bill loses its validity;
“in such and such a time from presentation” - payment is made after a certain period of time after the date of presentation of the bill. The latter is recorded with a mark on front side bills of exchange, which is actually an agreement to pay or the day of protesting the bill of exchange in acceptance;
“in such and such a time from preparation” - payment is made through certain number days from drawing up the bill;
“on a specific day” - payment occurs on the day specified in the bill.

If the payment period is not specified in the bill, this means that it is payable upon sight within a year from the date of issuance of the bill. A bill of exchange that does not simultaneously indicate the date of issue and the due date for payment is invalid.

Place of payment- usually this is the location of the payer, unless otherwise specified in the bill. If the place of payment is not indicated in the bill, then the location of the payer will also be considered to be the place of payment. If the bill contains no place of payment and location of the payer, the bill is considered invalid. A bill of exchange will be invalid if it specifies more than one place of payment.

Indication of the place and date of drawing up the bill of exchange

The location of the drawer and the place of drawing up the bill may not coincide. If the place of its preparation is not indicated, then the bill is recognized as issued in the place indicated next to the name of the drawer. If the bill lacks both the place of drawing up and the location of the drawer, it will be invalid. The place of compilation is indicated specifically (for example, such and such a city). The non-existent place of drawing up the bill makes it invalid.

The date of the bill of exchange is required because it is necessary for calculating the due date for the bill of exchange and the period of the bill of exchange obligation. An unrealistic date for drawing up a bill means its invalidity.

Signature of the drawer is affixed after the full name and location of the drawer in the lower right corner of the bill and only in handwriting. Without a signature, the bill is considered invalid. If the bill is issued by a legal entity, then the company's seal and two signatures are required: the director and the chief accountant. Forged signatures, signatures of non-existent persons and persons who do not have the right to sign in the organization of the drawer make the bill invalid.

The provision on a promissory note and a bill of exchange provides that payment on a bill accepted by the payer can be additionally guaranteed by issuing a guarantee (aval), which is given by a third party (usually a bank) both for the original payer and for each other person obligated on the bill.

Aval bills — This is a guarantee of payment on a bill by a bank or other person, called an avalist, who is not directly related to the bill. In the language of bill law, aval is a bill guarantee.

Aval is drawn up with a special avalist inscription, which is placed on the front side of the bill or on an additional sheet to the bill (allonge). The aval indicates for whom the guarantee was issued by the bank, the place and date of issue, the signature of the two first officials of the bank and its seal are affixed. Bills authorized by the bank are accounted for in its off-balance sheet account “Guarantees, sureties issued by the bank.”

The avalist and the person for whom he has guaranteed are jointly and severally liable for payment of the bill. If the bill of exchange is paid by the avalist, all rights arising from the bill of exchange are transferred to him.

Valuation of bills increases their reliability and contributes to the development of bill circulation.

The need for aval arises if the creditor does not trust the debtor, and therefore requires the provision of additional guarantees for the execution of the bill in the person of some organization that he trusts much more.

Aval is made on the front side of the bill, where a special place is provided for this (or on a special sheet called allonge).

Aval can be made both on a promissory note and on a bill of exchange. It can be complete or partial.

All endorsements on the bill, its acceptance or aval are executed within the established payment period. The due date for a bill of exchange is a mandatory requirement, and its absence renders the bill of exchange invalid.

Acceptance of a bill of exchange

This is the consent of the payer of a bill of exchange to pay it. The payer of a bill of exchange is a debtor in relation to the drawer. But since the bill of exchange is not issued by the debtor himself, but by his creditor, this same debtor must agree to pay this bill before the drawer transfers the bill to the recipient of the bill, i.e., his debtor. Otherwise, the latter will not accept the bill of exchange. In practice, situations are possible in which the recipient of the bill of exchange presents the bill of exchange for acceptance by the payer, if the issues of the debt are agreed upon in advance (for example, by telephone), and it is more convenient for the recipient of the bill of exchange (remitee) to receive acceptance, for example, if he and the payer are in the same city, and the drawer - in another.

The place for acceptance is provided on the front side of the bill of exchange to the left of the aval.

Acceptance, like aval, can be partial.

Bill circulation

This is the transfer of a promissory note or bill of exchange from one holder to another. A bill of exchange, as a classic security, can be freely transferred from one person to another. This is due to the fact that a bill of exchange is a right to receive a certain amount of money without any conditions on the part of the payer under it. Such a right, naturally, can be transferred on certain market conditions.

Endorsement

The current bill of exchange legislation provides for the possibility of transferring a bill of exchange to another person using an endorsement (endorsement).

Endorsement- this is a transfer inscription on a bill of exchange, meaning an unconditional order from its previous owner (holder) to transfer all rights under it to the new owner (holder). Transfer of a bill of exchange by endorsement means transfer, together with the bill of exchange, to another person and the right to receive payment under this bill.

The holder of the bill writes on the reverse side of the bill or on the additional sheet (allonge) the words: “pay to the order” or “Pay to the benefit” indicating who the payment goes to.

Endorser- the person in whose favor the bill is transferred.
Endorser- the person transferring the bill by endorsement.

Since the obligation contained in the bill is unconditional, the endorsement can only be the same.

Partial endorsement, i.e. transfer of part of the bill amount, is not allowed. The endorser personally signs the endorsement, which is sealed with his seal. He is responsible for the acceptance and payment of a bill of exchange and payment of a promissory note. However, he can relieve himself of responsibility for acceptance and payment if he makes the clause “without recourse to me.” In this case, he is excluded from the chain of persons obligated under the bill, which usually leads to a drop in the liquidity of the bill.

The holder of the bill may exclude the possibility of further transfer of the bill if he includes the words “not to order” in the text of the bill. In this case, the bill can only be transferred through a purchase and sale agreement.

Types of endorsement

There may be the following types of endorsements:

personal, which contains the name of the endorser, the signature and seal of the endorser and clearly states to whom the ownership of the bill is transferred;
blank - it does not contain the name of the endorser and such a bill is bearer. The endorser has the opportunity to independently enter the name of the new bill holder or transfer the bill without making any further entries. A blank endorsement turns into a personal endorsement if the name of the bill holder is included in the text of the endorsement, which is done when the payment deadline arrives;
collection- This is an endorsement in favor of a certain bank, authorizing the latter to receive payment on the bill. Such an endorsement has the form: “for collection” and gives the bank the right to present the bill for acceptance or payment;
collateral is done when the holder of the bill transfers the bill to the lender as collateral for the loan issued. Typically, such a bill is accompanied by a clause: “currency as collateral” or another equivalent phrase. A collateral endorsement does not give ownership of the bill to the endorser.

Differences between endorsement and assignment

Cession — This is a transfer inscription on a registered security about the transfer of ownership rights to it.

The main differences between these two forms of endorsement are as follows:

an assignment is a bilateral contract, and an endorsement is a unilateral order from the holder of the bill;
in an assignment, the seller of a security is responsible only for the validity property rights, and not for their feasibility, and with endorsement, the holder of the bill is responsible for both;
an assignment is always a registered transfer, and an endorsement can be bearer;
the assignment can be formalized both by an inscription on the security itself and by a purchase and sale agreement, and the endorsement can be formalized only by an inscription on the bill of exchange (or on an additional sheet to it - allonge).

Accounting for bills of exchange

Accounting for bills of exchange is the purchase of a bill of exchange by a bank before its maturity date. The holder of the bill transfers (sells) the bill to the bank by endorsement before the maturity date and receives for this the bill amount minus (for early receipt) a certain percentage of this amount, called discount interest or discount. The amount of the discount interest is set by the bank itself depending on the solvency of the bill holder who submitted the bill for accounting, and is calculated according to the formula

D = N× t× r / 100%× T,

D - discount;
N is the denomination of the bill;
t is the time remaining until the bill is repaid (in days);
r is the bank's discount interest rate;
T—annual period (365 days).

The need to account for a bill arises if its holder needs money and cannot use the bill he has instead as payment by endorsement, and the due date for the bill has not yet arrived. Early presentation of a bill for payment does not give it any chance if the debtor does not have the money. The only place in a market where there is money, it is a bank that trades not in goods, but in money. Consequently, when receiving a bill of exchange by endorsement, the bank can only transfer money in return. Since a bill is essentially a loan, discounting a bill is for the bank to issue a cash loan at its own interest. But the bank gives this loan not to the holder of the bill, but to the payer of the bill, who must return the loan to him plus interest on it. In total, this is the face value of the bill. The bank can pay for the bill to its holder only an amount equal to the loan, i.e. face value of the bill minus the interest discount.

Rediscounting of bills

This is an operation related to the sale by a bank of a bill of exchange it has to the central bank, in the event that it itself has a need for additional funds.

Payment on a bill

The bill payment procedure is strictly standardized and includes:

the bill of exchange is presented for payment at the location of the payer, unless a different location is indicated in the bill of exchange;
the payer must make payment immediately upon presentation of the bill, if the presentation of the latter is timely. Deferment of payment on a bill of exchange is allowed only in the event of force majeure circumstances;
When calculating the maturity of a bill of exchange, the day on which it is issued is not taken into account. If the repayment date falls on a non-business day, the bill must be repaid on the next business day;
presenting a bill of exchange for payment before its maturity does not oblige the debtor to pay on it, just as the debtor’s demand to the holder of the bill to accept payment before the maturity of the bill cannot be satisfied;
the debtor can pay only part of the amount on the day of repayment of the bill, and the holder of the bill does not have the right not to accept payment. IN in this case A note is made on the front side of the bill indicating that part of the bill amount has been repaid. The holder of the bill has the right to protest the unpaid amount and bring a claim against any of all persons obligated under the bill in the amount of the unpaid amount.

Use of bills of exchange in settlements

Bill of exchange is a payment obligation in which the buyer, or a third party, agrees to pay its owner (bearer) a certain amount upon expiration of a specified period specified in the bill.

Bill of exchange form of payment represents settlements between the supplier and the payer for goods or services with a deferred payment (commercial loan) based on a special document-bill.

When using bills of exchange, the following main tasks are solved:

prerequisites are created for the timely and unconditional receipt of money for goods sold, work performed, services rendered. Registration of a commodity transaction with a bill of exchange does not require advance payment of the order, increases the degree of confidence of the supplier and buyer, and accelerates the turnover of the commodity-money supply;
the bill favors commercial credit, allows you to carry out a transaction without money and set a payment period that is convenient for the supplier and the buyer (payer);
as a type of credit money, a bill of exchange can be used in settlements with legal entities and individuals, when offsetting mutual claims of enterprises;
how a security bill can be sold and purchased, provided as security for a loan; With its help, you can get a loan at a discount and make other financial transactions.

Features of the bill:

abstract This is the actual separation of the bill from the original transaction as a result of which it arose. The bill exists as an independent security, completely unrelated to the fulfillment of any specific obligations under the contract (the specific type of transaction is not specified);
indisputable. The obligees of a bill cannot raise any objection to their obligation to pay. There are specific legal procedures that make it easier to claim debt;
can be transferred as a means of payment;
always has a monetary obligation;
The parties named on the bill are jointly and severally liable.

The bill can be used to pay off your own debt, it can be kept until the specified period and presented for payment; sell the bill before the due date.

Types of bills:

Treasury bills— are issued to cover the state budget deficit.
Friendly bills- arise when one enterprise, which is creditworthy, “out of friendship” issues a bill of exchange to another, experiencing financial difficulties, in order for the latter to receive a sum of money from the bank by taking into account the pledge of this bill. If the partner, in turn, issues a friendly bill to guarantee payment, then such a bill is called a counter bill.
Bronze bills(not secured by valuables) are bills of exchange that do not have real security, issued to a fictitious person. Fraudsters receive income from such a bill by taking it into account at the bank. Bronze bills can also be issued to real companies. In this case, two companies exchange bills of exchange and take them into account in different banks. Before the maturity of the first bills, they again issue bills to each other and, with the help of their accounting, try to repay the old loan. In Russia, bronze bills are prohibited by law.
Commercial bills- based on purchase and sale transactions on credit.
Financial bills are based on a loan issued by an enterprise at the expense of available available funds to another enterprise. According to Decree of the President of the Russian Federation No. 1662, bills of exchange that formalize overdue accounts payable of enterprises are also classified as financial.

Promissory note issued by the borrower to the lender. It formalizes the debt of the borrower to the lender. It is the obligation of the borrower to pay the amount of money specified on the bill at a specified place at a specified time.

If one of the required features is missing, the bill is not valid.

Drawer- this is the person issuing the bill (for a promissory note, this is the borrower).

Payee- this is the person to whom the bill of exchange is sent (in the case of a simple bill of exchange, this is the creditor).

Bill holder- a person who is in possession of a bill of exchange and who receives money on the bill either when the bill matures or when the bill is discounted (sold) ahead of schedule repayment (for a simple bill - the creditor).

The promissory note does not indicate who the recipient of the money is. This is a bearer security.

The bill of exchange is issued by the creditor (drawer). It contains an order to the borrower to pay the specified amount to a third party (remittor) within a specified period.

The bank acts as the remitter.

When transferring a bill of exchange, a transfer inscription is placed on the back - an endorsement.

Discounting a bill is the release of money to the creditor.

Rice. 1. Scheme of bill circulation:

the goods are being delivered;
acceptance is consent to payment at the buyer’s bank;
transfer of accepted bill of exchange;
payment order to the seller's bank to pay the bill;
accounting of the seller's bill of exchange;
presentation of a bill for payment on time;
receipt of payment on a bill of exchange.

Advantages of using bills of exchange:

the need for cash is reduced;
payment deferment;
payment guarantee;
if the settlement chain is disrupted, funds can be obtained.

Problems of bill circulation:

participants must have good knowledge of the rules of bill circulation;
the procedure for prompt collection of funds on a bill of exchange is not regulated by law;
bills of major issuers are suitable for real use.

Protest bill- this is the fact of refusal to pay a bill of exchange, officially certified by a notary, giving rise to joint liability of all individuals and legal entities associated with the circulation of this bill.

Current legislation provides for the presentation of a bill of exchange to a notary's office to protest non-payment on the next day after the expiration of the payment date on the bill of exchange no later than 12 noon. A bank that does not fulfill the client’s instructions to collect bills of exchange is responsible for promptly protesting them.

A bill not paid on time is presented to the notary's office with an inventory that contains the following data: detailed name and address of the drawer, whose bill is subject to protest; due date for the bill of exchange; amount of payment; detailed names of all endorsers of the bill and their addresses; reason for the protest; the name of the bank on whose behalf the protest is being made.

On the day the bill is accepted for protest, the notary's office presents it to the payer with a demand for payment. If the payer makes payment on the bill within the prescribed period, then this bill is returned to the payer with an inscription indicating receipt of payment.

If the payer refuses the notary’s office’s request to make payment on the bill, the notary draws up an act of protest against the bill of non-payment. At the same time, he enters into a special register, which is maintained in the office, all the data on the protested bill, and on the front side of the bill itself he puts a note about the protest (the word “protested”, date, signature, seal).

The security must be drawn up in a form strictly defined by law and have all the necessary details. The form and details of the bill of exchange are determined in the Regulations on bills of exchange and promissory notes. The absence of mandatory details or the non-compliance of a security with the form established for it entails its nullity (clause 2 of Article 144 of the Civil Code of the Russian Federation).

The requirements for the form of a bill of exchange are very strict, which is called “bill strictness” in the literature. “A defect in the form of a bill entails its invalidity without prior recognition of this fact by the court.” That is, the bill will be worthless. Thus, the absence of any of the required bill of exchange details in a document deprives it of the force of a bill of exchange.

In accordance with Article 1 of the Regulations on bills of exchange and promissory notes, the bill of exchange must contain the following details: 88 SP of the USSR. 1990., No. 5

1) the name “bill” included in the text of the document and expressed in the language in which this document was drawn up;
2) a simple and unconditional offer to pay a certain amount;
3) the name of who must pay (payer);
4)indication of the payment term;
5)indication of the place where the payment should be made;
6) the name of the person to whom or on whose order the payment should be made;
7) indication of the date and place of drawing up the bill of exchange;
8) signature of the one who issues the bill (drawer).

In accordance with Article 75 of the Regulations on bills of exchange and promissory notes, a promissory note must contain the following details:

1) the name “bill” included in the text itself and expressed in the language in which this document was drawn up;
2) a simple and unconditional promise to pay a certain amount;
3)indication of the payment term;
4)indication of the place where the payment must be made;
5) the name of the person to whom or to whose order the payment should be made;
6) indication of the date and place of drawing up the bill of exchange;
7) the signature of the person who issues the document (the drawer).

The specified bill details refer to the elements of the bill form. In accordance with clause 1 and clause 75 of the Regulations on bills of exchange and promissory notes, the bill of exchange obligation is stated using a certain set of details of a strictly formalized nature. Thus, the form of a bill consists of details, and details are an element of its form.

A review of the practice of resolving disputes related to the use of a bill of exchange in economic circulation indicates that the absence of a signature on the bill of exchange of the person who issued the bill of exchange is a violation of Article 1 of the Regulations on bills of exchange and promissory notes, which contains requirements for the form of a bill of exchange obligation. Violation of the form will also occur in the case when the signature of the drawer is reproduced in a way other than handwritten, for example, using a stamp. 99 Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated July 25, 1997 No. 18 // Collection of resolutions of the Plenums of the Supreme Arbitration Court of the Russian Federation and the Supreme Arbitration Court of the Russian Federation on civil cases. -M.: “Prospect - N.”, 1999., P.442

Certain requirements for the form of bills of exchange are established by Decree of the Government of the Russian Federation of September 26, 1994 No. 1094 “On the registration of mutual debt of enterprises and organizations with bills of a single sample and the development of bill circulation.” 110 Khabarova L.P. Operations with securities. Collection of normative acts. -M.: “Intel-synthesis”, 1995., p.68 0 This resolution introduced uniform samples of bill forms. As the Presidium of the Supreme Arbitration Court of the Russian Federation indicated, these sample forms are not mandatory for use, and the Resolution itself is advisory in nature. 111 Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated July 25, 1997 No. 18. // Collection of resolutions of the Plenum of the RF Armed Forces and the Plenum of the Supreme Arbitration Court of the Russian Federation on civil cases. -M.: “Prospekt-N”., 1999., P.442 - 443 1

The “payer’s name” detail is specific only to a bill of exchange. The regulations on bills of exchange and promissory notes do not contain instructions on what information about the payer must be indicated in the bill of exchange. If the payer of the bill is an individual, then it is necessary to indicate his first and last name, and additionally his passport details. For personalization legal entity It will be enough to indicate the full company name and its legal form.

The detail “the name of the person to whom or to whose order the payment should be made” is intended to individualize the first purchaser of the bill. When filling it out, it is fair to apply the rules in force when designating the payer. The mandatory indication of the first purchaser means that, under Russian law, the issuance of bills to bearer is not allowed.

By virtue of paragraph 5 of Article 1 and paragraph 4 of Article 75 of the Regulations on bills of exchange and promissory notes, the bill must contain an indication of the place where payment must be made. The meaning of this bill of exchange details is that the creditor will be able to independently, based on the data specified in the bill of exchange, determine the place where he can receive payment. This is an important detail of a bill of exchange, since according to it it is not the debtor who comes with payment to the creditor, but the creditor himself who comes for payment to the debtor. Please note that a bill of exchange is invalid if it indicates several places of payment.

The detail “indication of the place of drawing up the bill” has special meaning in view of the fact that it determines the applicable law to resolve the issue of the capacity of the drawer. This follows from Article 2 of the Convention, which aims to resolve certain conflicts of laws on bills of exchange and promissory notes (concluded in Geneva on June 7, 1930 and entered into force for the USSR on November 25, 1936). The lack of indications in the bill of exchange about the place where payment must be made, as well as the place where the bill of exchange is drawn up, can be compensated for using the rules established by law. These rules are identical for bills of exchange and promissory notes. According to Article 2 of the Regulations on bills of exchange and promissory notes:

· in the absence of a special indication, the place indicated next to the name of the payer is considered the place of payment and at the same time the place of residence of the payer;
· a bill of exchange that does not indicate the place of its drawing up is considered signed in the place indicated next to the name of the drawer.

Indication of the date of drawing up the bill of exchange is one of the mandatory bill of exchange details. The date of the bill of exchange makes it possible to determine whether the drawer was capable of obligating himself on the bill. In our opinion, in this case it is necessary to be guided by the norms of civil law, since bill of exchange law does not contain special requirements for bill of exchange capacity. In addition, the significance of the date of drawing up the bill of exchange is determined by the fact that from this date the time for the due date of payment “at such and such a time from drawing up” is counted. Without indicating the date of the bill of exchange, problems may arise with determining the payment period for bills with a maturity date of “at sight” or “at such and such a time from sight”. So, for example, according to Article 34 of the Regulations on bills of exchange and promissory notes, a bill of exchange with a payment term “at sight” must be presented for payment within one year from the date of its preparation.

The requisite “signature of the drawer” is mandatory and must be executed personally. In bill law, the approach to this issue is more strict than in civil law. In accordance with paragraph 2 of Article 160 of the Civil Code of the Russian Federation, the use of facsimile reproduction of a signature using mechanical copying means, an electronic digital signature or another analogue of a handwritten signature when making transactions is permitted in cases and in the manner provided for by law, other legal acts or agreement of the parties. On the bill of exchange, the signature of the drawer must be handwritten. The need for a handwritten signature is also indicated in the letter of the Central Bank of the Russian Federation dated September 9, 1991 No. 14-3/30 “On banking operations with bills of exchange”: the absence of the signature of the drawer in a promissory note and the drawer in a bill of exchange makes the latter devoid of any meaning. Without a signature, there is no written obligation, no promissory note. Unlike the text of the bill of exchange, the signature of the drawer must be affixed to the bill in his own hand and, moreover, in handwriting.

By virtue of clause 4 of article 1 and clause 3 of article 75 of the Regulations on bills of exchange and promissory notes, the bill must contain an indication of the payment period. The significance of this detail is determined by the fact that upon the arrival of the specified period, the bill holder can present the bill for payment and thereby begin to exercise his right of claim under the bill. In addition, the payment deadline serves as the starting point for determining the period of protest against non-payment (Part 3 of Article 44 of the Regulations on Bills of Exchange and Promissory Note) and the deadlines limitation period on bill of exchange claims (Article 70 of the Regulations on bills of exchange and promissory notes). When designating the payment period, the requirements for the unity of the term and its certainty must be met. The unity of the term presupposes the appointment of one payment period on the bill for the entire bill amount and follows from the norm of Part 2 of Article 33 of the Regulations on Bills of Exchange and Promissory Notes, according to which bills of exchange containing successive payment terms are invalid. Therefore, a bill of exchange that, for example, says: “I undertake to pay Vladimir Vladimirovich Korolev on July 1, 2001, twenty thousand rubles, September 1, ten thousand rubles, and December 1, five thousand rubles,” will not be valid. No less important is the requirement of certainty of the period, designed to eliminate any disputes regarding the time when the holder of the bill can present the bill for payment. Certainty is ensured by a precise indication of the methods that are permitted to be used when setting the payment period, and the resulting prohibition to set the term in any other way (Parts 1 and 2 of Article 33 of the Regulations on Bills of Exchange and Promissory Note). The payment period is discussed in Chapter 5 of the Regulations on Bills of Exchange and Promissory Notes, which applies to both types of bills. The list of terms is exhaustive; the legislator does not grant the right to participants in bill circulation to establish any other payment terms.

The bill is also divided into:

1) commercial - appear in circulation on the basis of a transaction for the purchase and sale of goods on credit, when the buyer of the goods does not have a sufficient amount of available funds at the time of purchase, instead offers the seller a means of payment (bill of exchange) (buyer’s bills of exchange) and are the basis of bill of exchange turnover. They are limited to specific terms and amounts, have a single standard for goods, works, services

2) financial - issued by banks, they formalize all loan transactions

A financial bill is a way of additional security, timely and accurate fulfillment of monetary obligations in order to protect the rights of creditors (loan secured by bills of exchange).

3) a promissory note (solo) is an unconditional obligation of the drawer to pay upon maturity a certain amount money to the bill holder, i.e. The drawer acts as a debtor in favor of the creditor. This bill exists when only the drawer and the holder of the bill enter into a relationship.

4) a bill of exchange (draft) is a written order from the drawer (creditor) to the payer (borrower, drawee) to pay the amount specified in it to the 3rd party (remitee, 1st holder of the bill).

A bill of exchange reflects the peculiarity of the obligations of the drawer being transferred to the payer (drawee).

The remitter (3rd party) in transactions with a bill of exchange, to whom the amount of the bill must be paid (aka the bearer).

Expenses are divided into:

· trade (payment for goods)

· financial (providing credit)

Bill details:

A bill of exchange in its form is a document containing a number of details.

The front side of the bill must contain both mandatory and additional details.

The absence of any of the required details invalidates the document as a bill of exchange.

Required bill of exchange details:

1) the name “bill” included in the text of the bill and expressed in the language in which this document was drawn up

2) a simple and unconditional obligation to pay a certain amount.

The bill amount must be indicated definitely so that there is no doubt about its amount.

The bill amount must be accurately indicated in numbers and words, along with the name of the currency.

The bill amount indicated by numbers is included in the header of the bill. The bill may stipulate that interest is charged on the face value.

The % rate must be indicated in numbers and in words (with a capital letter) on the bill itself.

3) payment term

4) place of payment - this is the place where the payment must be made. Indicated with maximum accuracy.

5) the name of the person to whom or on whose order the payment must be made, if the recipient of the bill is:

- legal face- then the full name, its legal address, TIN, and bank details are indicated

- physical face- indicate full name, passport details, place of residence (registration), bank details, TIN

- individual entrepreneurs- indicate full name, passport details, place of residence (registration), bank details, TIN, data on the certificate of state registration as an entrepreneur (registration number, date of registration, name of the registration authority).

6) date of drawing up the bill: number - in digits, month in words, year in numbers

7) place of drawing up of the bill: the place of drawing up must be an actual place

8) signatures of the bank’s manager and accountant certified by the bank’s seal

The bill of exchange must contain information about the persons who signed it (position, full name). The signature can be made with ink, ballpoint, or capillary pen.

It is prohibited to use a fax stamp when signing a bill of exchange.

Additional details bills:

1) name and location of the bank that issued the bill

2) bank details of the bank that issued the bill

3) No. and series of the bill form

The transfer of the rights of the bill holder to another person is carried out using an endorsement on the reverse side of the bill ( endorsement).

The endorsement can be made on an additional sheet to the bill - allonge.

The endorsement gives the right to the new holder of the bill, it is drawn up in his own hand and signed by the holder of the bill.

Each endorsement has its own number.

The endorser can pay off any bills with other persons, and the amount of debt fixed by the bill will be paid to the person to whom it is transferred, then the endorser writes on the bill that the amount of money due to him must be provided to the person to whom the bill is transferred - to the endorsee.

The more endorsements, the more debtors are responsible to the bill holder.

The endorsement is always made for the full amount.

The bill can be transferred to an individual. person, legal person, its branch, entrepreneur.

The endorsement can be:

1) nominal - contains:

a) for legal entities faces - full name and bank details of the endorser

b) for individual entrepreneurs - full name, passport data, details indicating registration and bank details of the endorser

c) for physical persons - full name, passport details and, if available, information about the endorser's account.

The absence of a serial number, bank details, legal entity in the endorsement. or physical persons (IP), as well as passport data of individuals. person and indication of the name, initials of the individual. person (IP) does not entail its invalidity.

In a personal endorsement, the name of the 1st owner of the bill (bill holder, indicated on the front side of the bill) must coincide with the name of the 1st endorser (the one who first transfers the bill, according to the endorsement)

2) to the bearer - contains the inscription: “pay to the order of the bearer of this bill”, or another that does not contradict the specified inscription

3) blank endorsement - does not contain an indication of the person in whose favor it was made and consists of 1 signature of the endorser (for a legal entity and individual entrepreneur - from a signature and seal, and for an individual - from one signature).

If the endorsement is written on an allonge, then it must begin on the bill of exchange.

The endorsement can be drawn up by hand, on a typewriter, or a printer. If an error is made during drafting, the inscription is crossed out and the next endorsement is filled in, and the crossed out one is considered unwritten and legal force does not have.

Transfer of a bill of exchange is carried out in the following ways:

1) sale of a bill to a bank (accounting, discounting)

2) transfer of the bill to the bank for collection

3) transfer of the bill to another creditor (repayment of the holder of his debt to the creditor).

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