What categories of corporate bills are there. Bill of exchange concept
The class of bills is quite diverse. They differ by the issuer, the transactions served, and the entity that the payment is received.
Fig. 6. Classification of bills.
The issuer distinguishes between:
Treasury bills are short-term promissory notes issued by the government of a country, usually through the Central Bank, with maturities typically between 90 and 180 days;
Private bills - issued by corporations, financial groups, commercial banks.
The bill can serve purely financial and commodity transactions. A financial bill reflects the relationship of a drawer borrowing money from a drawer at a specified rate of interest. By means of a financial bill, a loan is issued, taxes are transferred to the budget, and budget financing, wages, currency exchange, loan operations, cashing operations, etc. The varieties of this financial bill are:
A friendly bill is issued by one person to another without the intention of the drawer to make payment on it, but only for the purpose of finding funds by mutual accounting of these bills in the bank. Usually friendly bills (on equal amounts, terms) are reciprocally exchanged between two real persons who are in a trusting relationship, in order to then register or bail in a bank, receiving real money against it, or make a payment for goods.
A bronze bill of exchange is a bill of exchange that is not behind the actual transaction, there is no real financial circumstance, and at least one person involved in the transaction is fictitious. The purpose of such a bill is to receive money for it in the bank or to use it to pay off debts on real commodity transactions or financial obligations.
Bronze and friendship bills arise when the "creditor" is in a difficult financial position or when fraudulent transaction... Such promissory notes are falsified money turnover provoking tax arrears.
The basis of a bill of exchange is a purchase and sale transaction. In this capacity, it can act, on the one hand, as an instrument of credit, and on the other hand, perform the functions of a means of payment, repeatedly passing from hand to hand and serving numerous acts of purchase and sale of goods instead of money.
At present, the countries participating in the 1930 Geneva Bill of Exchange Convention (including Russia as the legal successor of the USSR) apply the "Uniform Bill of Exchange Law" on their territories (see the grouping of countries by groups of bill of exchange in Appendix 2). This law provides for two types of promissory notes: simple and transferable.
A promissory note is a written document containing a simple and unconditional obligation of the drawer to pay a specified amount of money at a specified time and place to the drawer or by his order to another person. From the very beginning, two persons participate in a promissory note: 1) the drawer, who himself undertakes to pay the promissory note issued; 2) the holder of the bill, who owns the right to receive payment under the bill.
A bill of exchange to be transferred is a written document containing an unconditional order of the drawer to the payer to pay a certain amount of money at a specified time and place to the drawer or, by his order, to another person. The drawer obliges a certain person to pay the bill, and he himself becomes the guarantor of the payment. The drawer is called the drawer and the payer is called the drawer. Initially, not two, as in a simple one, but three persons participate in a bill of exchange: 1) the holder of the bill, transferring the payment to the drawee; 2) the holder of a bill who is entitled to receive payment from the drawee; 3) the drawee who is the payer of the bill.
In practice, a bill of exchange is not often used in Russia. Despite the fact that if there are two signatures on it at once - the drawer and the drawee (acceptor) - the guarantees of payment on the bill of exchange are increased, and the last creditor can acquire the bill with a lower degree of risk of the operation. Thus, most often the appearance of a bill of exchange is associated with the appearance of a commodity transaction. The duration of the approval procedure and receipt of acceptance from all participants in the transaction acts as a limiting factor.
The advantages of bills are in the combination of two functions - credit and settlement.
The holder of a bill can leave the bill of exchange in his ownership and, upon maturity, present it to the debtor for repayment. He can pay with a bill of exchange for a new product, which he buys by himself, or resell the bill, as a security, to the next creditor.
The circulation of a bill of exchange has both common features and its own characteristics that distinguish it from others valuable papers.
The common thing is that, like other order securities, a bill of exchange is circulated by simple delivery to a new owner (holder of a bill).
A special feature is that, unlike stocks and bonds, which are transferred by way of purchase and sale with a subsequent change in the list of shareholders, or from certificates that are transferred by making an assignment - a bilateral assignment of claims, bills of exchange are transferred by making a transfer inscription - an endorsement certifying the transfer rights on a bill from one person to another.
The endorsement must be continuous, simple and unconditional. It is placed on the bill itself or on the allonge (sheet attached to the bill).
There are several types of endorsements:
1) Full endorsement - transfers to the new holder all the rights associated with the bill. The endorsement must only be complete.
2) Partial endorsement - transfers to the new holder of the bill of exchange only part of the rights associated with the bill. Partial endorsements are not permitted.
3) Blank endorsement - not containing an indication of the person in whose favor it was made, or consisting of the endorser's signature. Converts a registered bill of exchange into a bearer bill.
4) Nominal endorsement - containing an indication of the person in whose favor it was made.
5) Non-negotiable endorsement - made with the clause “without recourse to me”, removing liability from the drawer for an unpaid and protested in default of a bill.
6) Negotiable endorsement - made without the reservation "without turning over to me."
7) Endorsement with clauses - the endorsement may contain clauses "for collection", "as a confidant", "currency to order", meaning a simple order to conduct transactions on a bill, "currency as collateral", "currency as a pledge", meaning a pledge promissory notes. In this case, the endorsee may endorse the bill of exchange only by way of assignment, i.e. with similar caveats.
8) Endorsement without reservations - not containing the above reservations, giving the right to endorse the bill in the usual way.
9) Assignment endorsement - made for the purpose of transferring a bill of exchange to a person who, on behalf of the endorsee, will carry out certain operations on the bill.
Within the specified period, the holder of the bill must present it for payment. The payment can be made in whole or in part. Refusal to pay (or even to accept) must be publicly certified by protesting non-payment (or non-acceptance). The protest must be made by an authorized representative of the state in the prescribed form.
Classification of bills
Bills of exchange, depending on the conditions of the debt and the functions performed, are divided into commercial, financial and security.
Commercial bills are based on an actual transaction for the sale and purchase of goods on credit; their issuance entails a deferred payment.
Commercial bills of exchange are actually transferred on the security of the goods and are secured by the money that will come from the sale of goods purchased with the help of the bill. Therefore, such bills of exchange are also called trade, purchase or covered bills. They constitute the most solid basis for the circulation of promissory notes.
However, in addition to covered bills in commercial circulation, there are non-cash fictitious bills that are not related to the needs of the turnover and are issued in order to receive funds by registering them with a bank.
There are several types of cashless bills: friendly, counter and bronze (exaggerated).
Friendly promissory notes are transferred by a solvent company as a "friendly service" to another company experiencing financial difficulties and in need of credit (or the latter's promissory notes are accepted), so that the holder of the bill will pay off the bill with his creditors or take it into account in the bank.
The issuance of friendly bills can also be used to artificially increase the amount of the promissor's debt when it is declared insolvent. The amounts paid on such bills are then returned by the holder of the bill to the drawer.
Friendly bills are usually issued in the case of complete trust in the counterparty. However, as a kind of guarantee against losses that the drawer may incur in case of non-payment of the friendly bill, the drawer hands over to his counterparty a bill of exchange for the same amount - a counter bill.
The issuance of counter bills is also practiced in cases where two firms in need of money exchange non-cash bills.
Bronze (blown) bills also do not have real collateral and are issued on behalf of a non-existent company in order to receive cash from the bank.
The presence of a large number of non-cash bills in commercial circulation causes bill inflation. Non-cash bills, as a rule, are not paid on time, which causes financial difficulties for the drawers. Non-cash bills recorded in the bank divert part of the financial resources from the real trade turnover, and unproductively used funds are depreciated. Therefore, by the Letter of the Central Bank of the Russian Federation dated September 9, 1991 No. 14-3 / 30, the use of such bills in Russia is prohibited.
Financial promissory notes are a direct consequence of a loan agreement, when one party receives a certain amount of money from the other, issuing a promissory note in return. In commercial and industrial circulation, financial bills are used by enterprises to replenish working capital. Private financial bills are usually issued by large, well-known firms in strong financial position. However, this method of borrowing is less preferable than bonds, since funds are attracted on a short-term basis, and they are involved in production for a longer period. This casts doubt on the timeliness of payments on private bills of exchange. Such promissory notes are usually not accepted by banks for accounting.
Treasury bills are a type of financial bills - short-term government obligations with maturities of 3, 6 and 12 months, issued into circulation in order to cover the budget deficit. Since 1992, the Government of the Russian Federation has used this method of short-term loans, issuing short-term government bonds (GKO), which are essentially treasury bills.
A financial bill of exchange paid by a bank is called a bank bill.
Security bills are used as a means of ensuring the timeliness and accuracy of the performance of an obligation under any other transaction. The obligated party issues to the counterparty a solo bill of exchange (with only one own signature) with a deadline upon presentation. Such a bill of exchange may be presented for payment only if the drawer fails to fulfill the obligation that is secured by the bill.
In banking practice, security bills are used as security for blank loans, and also if there is no complete confidence in the obligation of the borrower. The security bill is not intended for further circulation, it is kept in the deposited account of the borrower and, if the payment is made on time, is immediately repaid. Otherwise, the bank acquires ownership of the bill and presents it to the debtor for payment.
As a kind of security bill, a bill of exchange issued as a deposit on a transaction instead of cash can be considered.
As collateral for a loan, the borrower may not present their own bills, but issued by third parties, but with the endorsement of the borrower. Then the loan is called "bill of exchange" (from the English on call - on demand), i.e. it is a demand loan secured by bills of exchange. As payments are received on such bills, the loan is repaid.
Commercial bills, behind which there is a specific commodity transaction, are simple and transferable.
A promissory note is a simple and unconditional obligation of the drawer to pay at maturity a specific amount to the drawer. A promissory note is called a "call bill", i.e. a bill of exchange on which there is only one signature - the person obliged to make the payment. Such a bill assumes that the person who issued the bill is also the payer for it. A promissory note is essentially a buyer's IOU, handed to a seller in exchange for a good or service.
However, almost every subject can perform at commodity market both as a supplier (creditor) and as a buyer (debtor).
In the event that a creditor owes a certain amount to a third party under a specific transaction, he can liquidate or reduce his debt using a bill of exchange.
A bill of exchange (draft) is a written document containing the order of the drawer, addressed to the payer-debtor, to pay money (at a certain time and in a certain place) to the recipient - the holder of the bill or by his order to another person.
Unlike a simple bill of exchange, not two, but three persons are involved:
1) drawer - issuing a bill;
2) remitter - the first acquirer who, together with the bill of exchange, receives the right to demand payment thereon;
3) drawee - the payer to whom the drawer proposes to make payment.
A bill of exchange containing an order to make a payment (the order comes from the issuer of the bill) is not yet a payment obligation on the part of the drawee. Consequently, the bill of exchange must be confirmed, or accepted, by the drawee (debtor payer). Hence, an accepted bill of exchange is a bill of exchange that has an acceptance (consent) of the payer to pay it on time. To trace a bill of exchange means to undertake an obligation to guarantee the acceptance and payment thereon. The acceptance is formalized by the inscription on the bill and the signature of the drawee (with the date indicated).
Through acceptance, the person indicated on the bill of exchange as the payer becomes the main debtor of the bill (acceptor). On a bill of exchange, such a direct debtor acts as a payer only from the moment the bill is accepted. Until this moment, there is only a contingent debtor (drawer).
It is possible to route a bill of exchange to another only if the drawee has at his disposal values that are not less than the amount indicated in such a bill.
The acceptor of a bill of exchange, just like the issuer of a simple bill, is responsible for paying the bill in fixed time.
The holder of the bill of exchange must promptly present it for acceptance and payment, otherwise failure to comply with these conditions may be attributed to his own fault.
Promissory note - it's written promissory note a strictly established form, certifying the unconditional obligation of one party to pay a certain amount of money to the other party in due time and the right of the latter to demand this payment.
Economic functions of a bill as universal financial instrument are as follows:
- 1. By means of a bill you can arrange various loan obligations: pay for the purchased goods, return the loan received, provide a loan, arrange the attraction of additional working capital.
- 2. Possibility defer payment, that is, use it as a means of securing transactions and loans.
- 3. The bill serves means of payment credit form of money, while the circulation of bills is capable of speed up calculations many times over, passing through dozens of holders, paying off their monetary obligations and reducing the need for the availability of funds.
- 4. Promissory note stands as an instrument of refinancing and monetary regulation Of the Central Bank Of Russia through their rediscount.
Depending on the functions performed and the conditions for the occurrence of debt, bills of exchange are classified according to different signs and types (table 12):
Table 12
Classification of bills by characteristics and types
classification |
Types of bills |
a brief description of |
1. Issuer |
Treasury |
Debt obligations issued on behalf of the state The central bank RF or the Ministry of Finance of Russia |
Municipal |
Produced local authorities power and management in consultation with the government |
|
Issued by corporations, financial and industrial groups, commercial banks, individuals |
||
2. Economic essence |
Commercial |
It is based on a specific commodity transaction - sale (supply) of goods (products). Essence - deferred payment, providing a commercial loan |
Financial |
It is based on the issued loan. Essence - a guarantee of the return of the loan received |
|
Fictitious |
There is no movement of goods or movement of money at the core |
|
Banking (issued only in Russia) |
The essence is the attraction of "cheap" temporarily free funds, reflects the ratio of the drawer borrowing money from the drawer for a certain fee |
|
3. Bill of exchange payer |
Simple (solo) |
The payer and the drawer are one person. Essence - the drawer-debtor, the drawer-creditor |
The end of the table. 12
classification |
Types of bills |
a brief description of |
Transferable |
The payer and the drawer are different persons. The consent of the payer is required to be the payer - the main debtor of the bill. The payer is the debtor of the drawer, the drawer is the debtor of the first drawer |
|
4. Payment term |
Definitely |
You can set a specific date (day) of payment |
Indefinitely |
The day of payment is not determined in advance and depends mainly on the holder of the bill |
|
5. Availability of collateral |
Secured |
The bill is guaranteed by a pledge, which remains at the disposal of the creditor until full payment debt |
Unsecured |
A bill is not guaranteed by a pledge |
|
6. Ability to transfer to another person |
Endorsed |
By endorsement can be transferred to another person, freely circulate |
Nonindossable |
Nominal, transfer to another person is impossible, a reservation is made "by order" |
|
7. Place of payment |
Domiciled |
The place of payment does not coincide with the location of the payer, the first holder, or with the place of issue of the bill. Specified in the bill additionally |
Nedomicili- rooted |
Place of payment is the location of the drawee (bill of exchange), drawer (promissory note), remitter (first recipient) or the place of issue of the bill |
Of greatest practical importance is the division of bills into simple and transferable.
Promissory note- is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money on time and in a specific place to the drawer or his order (Appendix 8).
The scheme of a bill transaction using a bill of exchange is shown in Fig. 18.
Rice. 18.
Bill of exchange (draft) is a written document containing an unconditional order of the drawer to the payer to pay a certain amount of money on time and in a specific place to the drawer or his order (Appendix 9). The scheme of a bill transaction using a bill of exchange is shown in Fig. nineteen.
Rice. nineteen.
As can be seen from Fig. 19, a bill of exchange (draft) is a document that regulates the relationship of the bill of exchange of three parties: the drawer (drawer), the debtor (drawee) and the holder of the bill - the payee (remitter). In this case, the drawer is a debtor to the remitter, the drawee is a debtor to the drawer. Trassat becomes the main payer after the agreement (acceptance) to take over the bill of exchange payment. The law establishes that the drawer (drawer) is responsible for both the acceptance and payment of the bill.
Equally important is the division of bills into commercial (commodity) and financial. In accordance with Art. 823 of the Civil Code of the Russian Federation, the first are bills issued by buyers to suppliers of products, works, services as a means of issuing a deferred payment, and according to Art. 815 and 819 of the Civil Code of the Russian Federation under the second - bills issued by borrowers (borrowers) to certify the relationship of a money loan or credit relations.
Commercial bills are based on a real deferred payment transaction. They are actually transferred on the security of the goods and are provided by those in cash that will come from the sale of goods purchased with a bill of exchange.
Financial promissory notes are a direct consequence of the loan agreement, when one party receives from the other a certain amount of money, issuing a bill of exchange in return. Such bills are used in commercial and industrial circulation to replenish the working capital of the enterprise.
In some special publications on the securities market, a financial bill is considered banking, i.e. promissory note issued by one bank to another to receive money in return. However, such an identification of these concepts cannot be considered justified.
Chapter 21 of the Tax Code of the Russian Federation legislatively establishes the division of bills used as settlements into own and bills of exchange of third parties.
Own bills are issued to the supplier for received from him material values, performed works and services. Bills of exchange of third parties are transferred by endorsement, that is, these are bills of exchange of any organization that is not a counterparty to this particular transaction.
The bill of exchange must contain mandatory requisites: the name "Bill"; a simple unconditional sentence or an obligation to pay a certain amount, name and address of who should pay; the name of the payee; indication of the date and place of payment; indication of the date and place of drawing up the bill; name and signature of the drawer.
A bill of exchange can be stored until the due date for payment, and then presented for payment, transferred to another person, pledged, resold.
Receipt of payment on a bill of exchange is the right of the holder, which can be exercised upon presentation to the debtor within the prescribed time frame. Payment of a bill of exchange must immediately follow its presentation. If the debtor refuses to pay on the bill of exchange, a bill of exchange is made, i.e. the holder of the bill or his authorized person must present an unpaid bill of exchange and other Required documents to the notary office at the location of the payer to present them for payment.
Promissory note- This is a kind of debt obligation, drawn up in a strictly defined form, which gives the indisputable right to demand payment of the amount indicated in the bill after the expiration of the period for which it was issued.
Promissory note- this is a formal document, and the absence of any of the required details makes it invalid; this is unconditional pecuniary obligation, since the order to pay for it and the acceptance of payment obligations cannot be limited by any conditions; it is an abstract obligation, as no reference to the basis for its issuance can be made.
Only money can be the subject of a bill of exchange obligation.
Bill of exchange as opposed to other promissory notes:
Can be passed from hand to hand without endorsement;
Liability under a bill of exchange for the persons participating in it is joint and several, with the exception of persons making a non-negotiable inscription;
In case of non-payment of a bill of exchange within the prescribed period, it is necessary to make a notarial protest;
The form of the bill is precisely prescribed by law and other conditions are considered unwritten;
A bill of exchange is an abstract monetary document and, therefore, is not secured by a pledge, a deposit, a forfeit, etc.
The basis of the bill transaction is a commercial loan provided by enterprises to each other, bypassing the bank. Registration of such a loan with a bill of exchange has a number of advantages over, for example, a loan agreement.
Firstly, the bill is mobile. By credit agreement the organization that issued the loan usually cannot demand its repayment earlier than the stipulated date. A bill of exchange is a security, and if necessary, it can be sold at stock market or pledge to the bank.
Secondly, a bill of exchange is an abstract debt obligation not related to the specific terms of the transaction, therefore, it is convenient to use it to settle debts between enterprises.
Thirdly According to the existing regulatory enactments, enterprises are required to re-register overdue accounts payable in the form of bills of exchange. At the same time, the basis for the indisputable collection of debt for the supply of goods and services rendered, as well as security bank loans only payment obligations with fixed payment terms, including those drawn up by bills of exchange, should be used to pay for inventory items.
Russia adheres to the "Uniform Bill of Exchange Law" adopted in 1930 in Geneva. All transactions with bills of exchange are regulated Federal law"On a bill of exchange and promissory note" adopted by the State Duma on February 21, 1997.
Some countries, mainly with Anglo-American law, have regulations other than the Geneva Agreement. In addition, there are countries whose bill of exchange legislation does not comply with either the Uniform Bill of Exchange Law or Anglo-American law.
The bill must be drawn up in writing either on a special bill of exchange, or on a simple sheet of paper with the obligatory observance of all the details. The main forms of existing bills are reflected in table. 7.1.
A bill of exchange must be drawn up in any language, but it should be borne in mind that the Bank of Russia accepts for accounting bills of exchange of resident enterprises, written only in Russian.
Table 7.1
The main forms of bills and their a brief description of
Form of a bill |
Main characteristic |
Commodity (commercial) |
Issued as a result of a commercial loan transaction |
Financial |
Issued when providing a loan in cash |
Bank |
Serves as a certificate of deposit |
Blank |
The buyer accepts a blank bill of exchange form, which is subsequently completed by the seller |
Friendly |
Issued for the purpose of subsequent accounting in the bank on behalf of a real enterprise |
Bronze |
Issued for the purpose of subsequent accounting in the bank on behalf of non-existent enterprises |
Provider |
Issued to secure a loan from an unreliable borrower |
In financial practice, it is customary to distinguish between simple and bills of exchange.
Promissory note (solo promissory note) is written out and signed by the debtor and contains his unconditional obligation to pay the creditor a certain amount at a specified time in a certain place.
Bill of exchange (draft) written out and signed by the creditor (drawer). It contains an order to the debtor (drawee) to pay the amount indicated in the bill of exchange to a third party (remitter) within the specified period.
A bill of exchange as such does not have the force of legal tender, but is only a representative of real money; therefore, it is accepted in practice that the drawee debtor is obliged to confirm in writing his consent to make payment on the bill within the specified period, i.e. make the acceptance of the draft. The acceptance is made in the form of an inscription on the face of the bill.
The acceptance of a draft can be general or limited. No other restrictive notations in the text of the draft are allowed, because the acceptance should be simple and unconditional.
Partial (limited) acceptance is the written consent of the debtor to pay only part of the amount indicated on the bill.
The guarantee for drafts and promissory notes is their avalization (confirmation) by banks. Aval means a guarantee of payment on a promissory note by the bank if the debtor has not fulfilled the obligations under the promissory note on time. Aval is made on the face of the bill.
The bill also acts as a negotiable document. This means that the transfer of a bill to another person is carried out for registered bills by means of a transfer note (endorsement). Such an inscription is placed on the reverse side of the bill and signed by the endorser, i.e. the person who made the endorsement. The endorsement must be unconditional, therefore all restrictive conditions included in it are considered invalid. By means of the transfer inscription, the endorser transfers to another person in whose favor the inscription is made, all the rights, claims and risks of the bill.
Bills of exchange can be accepted for accounting by banks . The essence of this operation is that the holder of a bill transfers (sells) the bills of exchange to the bank under the endorsement before the due date of payment and receives for this the bill of exchange minus the interest due to the bank. This percentage is called the discount percentage, or discount. In turn commercial banks may re-account the bills of exchange of enterprises in other credit institutions or at the Bank of Russia. Neither the bills themselves nor their transfer are currently subject to stamp duty. Instead, on transactions with bills of exchange, a tax on transactions with securities is taken at a rate of 0.3% of the amount of the bill. Transactions with promissory notes are not subject to this tax.
In addition to the division into types - simple and transferable - there are other forms of bills: commodity, financial, banking, blank, friendly, bronze, security.
Commodity (or commercial) bills of exchange are used in the relationship between the buyer and the seller in real deals with the supply of products or services.
Financial promissory notes are based on a loan issued by an enterprise at the expense of available available funds to another enterprise. According to the Decree of the President of the Russian Federation No. 1662, bills of exchange that draw up overdue accounts payable enterprises.
IN recent times in Russia, bank bills became widespread. They certify that the company has made a deposit to the bank in the amount indicated in the bill. The Bank undertakes to repay such a bill upon presentation of it for payment within the time period indicated on it. In this case, a certain interest income is charged on the bill. In this case, the bill actually acts as a certificate of deposit.
Rekta - promissory note, or a registered bill, cannot be endorsed.
IN blank bill the buyer accepts the blank bill of exchange form, which will be subsequently completed by the seller. Such a situation is possible when the final price of the goods (or it may change as a result of delivery) and delivery time have not been established during negotiations. Naturally, such a bill of exchange can only be written by parties who trust each other, because if an amount is entered into it that is different from the one agreed with the payer, the latter will still be forced to pay it.
Friendly bills issued by people who unconditionally trust each other. In this case, one person in order to help an enterprise experiencing financial difficulties, accepts his bill so that the latter either pay off its debtors, or take it into account in the bank. It is assumed that the issuer of the promissory note will subsequently find funds in order to repay it himself.
Bronze Bill is a bill of exchange that has no real security, issued to a fictitious person. Bronze bills can also be issued for real firms. In this case, the two firms exchange bills and take them into account different banks... Before the maturity of the first promissory notes, they re-write the promissory notes against each other and, with the help of their accounting, try to pay off the old loan.
Security bill issued to secure a loan to an unreliable borrower. It is kept in the borrower's deposited account and is not intended for further circulation. If the payment is made on time, then the bill is redeemed, if not, then the debtor is presented with claims.
There are three parties involved in bill of exchange transactions: drawer (creditor), drawee (debtor) and payee (remitter). The most typical scheme for using this bill of exchange is when a company and the first supplier take a loan from a bank for their production activities and repay it using payments to the bank from their buyers, i.e. The bill of exchange pays off two loans: the drawee to the drawer and the drawer to the payee. This scheme allows the bank to control the intended use of the loan.
In a bill of exchange, the drawee, after accepting the bill, has a direct obligation to the payee. The trader, on the other hand, bears conditional responsibility. He undertakes to pay the bill of exchange if the drawee did not accept the bill, accepted but did not pay, or refused to pay at all. Naturally, for the emergence of obligations under the bill of exchange, the remitter must submit it for acceptance and payment in time, since failure to comply with these conditions may be attributed to his error.
The bill of exchange must contain the following details:
The name "Bill" included in the text of the document and expressed in its language;
A simple and unconditional offer to pay a certain amount of money;
Name and address of the debtor (drawee);
An indication of the due date;
Indicating the place of payment;
The name of the payee (remitter) to whom or on whose order the payment is to be made;
Indication of the date and place of drawing up the bill;
Signature of the drawer (drawer).
A document without any of these details does not have the effect of a bill of exchange.
Bills of exchange... To distinguish a bill of exchange from related documents, it is necessary first of all to designate the word "bill of exchange". In foreign languages, this word is written as follows: “Bill of Exchange“ (English); “Lettre de chage“ (French); "Letra de Cambio" (Spanish);
“Wechsel“ (German). But this word alone is not enough, tk. any other document in this case can be given the form of a bill. The text itself must contain the words: "Pay this bill in favor of ..." or "... pay against this bill of exchange by order ...".
Bill amount is formed from the concept of "bill of exchange", for the holder of a bill it is completely indifferent what transaction was the basis of the relationship between the seller and the buyer. The bill of exchange cannot be accompanied by any references to obligations under the transaction. If they exist, then the document becomes a bill of exchange. The bill amount must be clearly indicated in the text of the bill of exchange in words or figures. In the event of a discrepancy between the amount indicated in figures or in words, the amount indicated in words shall be deemed correct. If there are several amounts in a bill, then it is considered to be written out for a smaller one. In a bill of exchange that is payable on demand or at a certain time after presentation, interest may be charged on the bill of exchange. In bills of exchange with a fixed payment date, this condition is considered not written.
Interest rate must be indicated in the bill, otherwise it is also considered not written. Interest is calculated from the date of the bill of exchange, unless otherwise specified. In bills of exchange with other payment dates, interest may be included directly in the bill amount. When a bill of exchange is transferred from one owner to another, splitting of the bill amount is not allowed.
Payer's name and address usually indicated at the bottom left of the bill. The payer can be a legal entity or an individual.
Payment terms the following are distinguished:
but) upon presentation... Payment must be made upon presentation of the bill, which is stipulated by the phrase: “Pay at sight”. The bill may specify the maximum and minimum terms of presentation, for example, “upon presentation, but no later than July 20, 1997. If this is not specified, then it can be presented for payment only within a year from the date of issue. If this period is delayed, the owner of the bill loses the right to demand payment. The term for the presentation of a bill can be reduced by its recipients under the endorsement. The drawer may also establish that a bill of exchange may be presented for payment not earlier than a certain date. In this case, the period for presentation is counted from this date;
b) at some time from presentation (promissory note “a viso“) ... In this case, the entry in the text of such a bill of exchange looks like: “Pay in (number of days) after presentation”. The day of presentation is the date of the payer's mark on the bill of exchange of consent to payment (actual acceptance of the bill) or the date of the protest in this regard. Unless otherwise specified in the bill, then, similarly to clause (a), the period from drawing up to payment shall not exceed one year, i.e. its presentation must take into account that the date of payment must fall within the annual period from the date of preparation. For example, a bill payable two months from the date of submission, drawn up on September 1, 1997, must be presented for payment no later than July 1, 1998;
in) at some time from drawing up (promissory note “a dato“). The countdown starts from the next day after the date of issue of the bill. The due date is considered to have occurred on the last day indicated in the bill of exchange, and not on the next day after it. If the due date is determined by months from the date of preparation, then it occurs on that date last month, which corresponds to the date of writing the bill, and if there is no such number, then on the last day of this month. If the due date is set at the beginning, middle, end of the month, then this means the first, fifteenth and last day of the month. Phrases that correspond to the terms of payment within a certain amount of time from drawing up have the form: "Pay the bill in 3 months" or "Term 2 months from the date of issue";
G ) on a specific day. In this case, the bill indicates a specific date of payment, for example: “I undertake to pay on September 15, 1997”;
e) the due date falls on a non-business day. Payment on such a bill of exchange may be required on the first next business day. If the bill of exchange does not specify any payment term, then it is considered in accordance with the “Regulations on the promissory note and bill of exchange” bearer bill. However, according to the recommendations of the Central Bank of the Russian Federation, such a bill is considered invalid. The payment term must be uniform. It is prohibited to issue promissory notes with payment in successive terms, i.e., for example, with payment of 30,000 rubles on June 1, 1994 and 50,000 rubles on August 1, 1994. contract, sale of goods, etc.
Place of payment... The place of payment must be indicated on the bill of exchange. This is an important requisite of a bill of exchange, since according to it, it is not the debtor who appears with payment to the creditor, but the creditor himself appears for payment to the debtor. Unless otherwise agreed, the place of payment is usually the location of the payer. In addition, the bill may indicate the bank where the payment is to be made. In the absence of an indication of the place of payment, the location of the payer is considered as such. A bill of exchange is considered invalid if several places of payment are indicated on it. In the absence of an indication in the bill of exchange and the place of payment, and the location of the payer, it is also considered invalid.
Beneficiary's name... Usually on the bill it is written: “Pay ... to the order of (name of the remitter)“. In this case, a specific person is indicated. If payment is made to the person who issued the bill of exchange, i.e. the holder of the bill, it is written on it: "Pay in my favor" or "Pay according to our order." Bills to bearer are not allowed.
Indication of the date and place of drawing up the bill. The location of the drawer and the place of drawing up the bill may not coincide. If the place of drawing up is not specified, it is considered to be the place of the drawer. If this is not in the bill, then it is considered invalid. The place of compilation cannot be non-specific geographical points, for example, “Chelyabinsk region” or similar. If a bill of exchange deliberately indicates not the place where it was actually drawn up, but another, then it does not lose its promissory note. Indicating the time of drawing up a bill of exchange is necessary in order to determine, in the event of a dispute, whether the drawer was legally capable at the time of issuing the bill of exchange or could even assume promissory notes. “,“ Upon presentation “,“ at such and such time from presentation “. Bills of exchange with unrealistic dates are considered invalid.
Signature of the drawer... Before the signature of the drawee, his full name and location are indicated. This data can be entered by typographic method or using a stamp. The signature of the drawer is made in handwritten form. Without it, the bill is considered invalid. If a bill is issued by an enterprise, then it is signed by two persons approving monetary documents, or by other persons by proxy. The trader, having signed the bill, takes responsibility for accepting the bill for payment and for its payment. He may, however, relinquish responsibility for acceptance by ticking “No obligation” or “No guarantee”. In case of non-payment of the bill of exchange by the debtor, he cannot relieve himself of the responsibility of payment. If there are counterfeit or non-existent signatures on a bill of exchange, the signatures of other persons remain valid and such a bill is not automatically considered invalid. The appointment of a third party (for example, a bank) as a payer of a bill of exchange is called domilation, and such a bill is called domiciled. An external sign of such bills is the inscription: “Payment in ... bank” under the signature of the payer. The bank pays the bill of exchange only if the payer has deposited the bill of exchange with the bank or there is a sufficient amount on the account of the client who issued the order to pay the bill. Otherwise, the bank refuses to pay, and the bill is protested. Banks usually charge a small commission for the payment of bills of exchange to third-party payers; their clients are not charged.
Promissory note... Only two persons participate in a promissory note, and it is written out and signed by the debtor, pledging to return a certain amount at a certain time in a certain place. TO obligatory requisites promissory notes include: the name "bill" included in the text of the document and written in the language in which this document is drawn up; a simple and unconditional obligation to pay a specified amount; indication of the due date; indication of the place of payment; the name of the beneficiary of the payment to whom or by whose order it is to be made; indication of the date and place of drawing up the bill; the signature of the drawer. Since the promissory note is written out by the debtor, there is no need to accept it, and the drawer is responsible for it in the same way as the acceptor for a bill of exchange. For the rest, the norms of the draft are fully applicable to the promissory note regarding endorsements, terms and procedure of payment, claims, mediation, copies, limitation period. In particular, a promissory note for which no due date has been specified is considered payable at sight.
Endorsement. The essence of the endorsement is that a transfer inscription is made on the reverse side of a bill or on an additional sheet (alonge), through which the right to receive payment is transferred to another person along with the bill. The person who transfers the bill under the endorsement is called the endorser, and the person who received it is called the endorser. The act of transferring a bill of exchange is called endorsement, or endorsement.
An endorsement can be made in favor of any person, including even in favor of the payer or drawer. It should be simple and unconditional. Partial endorsement, i.e. transfer of only part of the bill amount is not allowed.
The endorser is responsible for acceptance and payment. He can absolve himself of responsibility by means of the inscription “Without turning over to me”, although such an inscription will undoubtedly reduce the interest in such a bill of exchange among its subsequent purchasers. The endorser may prohibit a new endorsement with the clause “By order” or “Pay only ...”. The endorsement must be personally signed by the endorser, the rest of its elements can be reproduced mechanically. Crossed out endorsements are considered unwritten.
Endorsements are of the following types :
but) blank endorsement... This endorsement does not indicate on the order of which person the payment is to be made, but it is signed by the endorser. Such a bill is considered to be issued to bearer and can be transferred to another person by simple delivery. A blank endorsement can be turned into a full endorsement by making an inscription on the order of which person the payment should be made. The force of a blank endorsement has a bearer endorsement, usually expressed by the words “Pay the bearer of this bill ...”;
b) personal (full) endorsement... In this case, the endorser's name or title shall be indicated in the transfer inscription. Upon receipt of a bill for a full endorsement, it is necessary to check the continuity of the endorsements;
in) transfer (collection) endorsement... Such an endorsement is made by the holder of the bill when this document is handed over to the bank with a request to receive payment on it. It includes the inscription: "Currency to be received", "For collection", "I trust to receive" or similar. The recipient of a bill of exchange under the entrusted endorsement does not become its owner.
The endorsement only authorizes him to receive money, to protest the bill in case of non-receipt of payment, to notify the previous inscriptions about the non-receipt of payment, etc. Further endorsements on such a bill can only also be transferable.
If the bill is pledged, then the transfer inscription contains the clause “Currency as collateral”, “Currency as collateral” or similar. The holder of such a bill of exchange can exercise all the rights arising from a bill of exchange, but can transfer it only under an assignment endorsement.
An endorsement made after the due date has the same consequences as a previous endorsement.
An endorsement should be distinguished from an assignment, a transfer inscription in registered documents (with the help of an assignment, certificates of deposit and savings certificates are transferred).
Differences between endorsement and assignment :
a) as a result of the endorsement, the endorser assumes responsibility to any subsequent bill holder (unless a special clause is included in the text of the endorsement). In a cession, the assignee is responsible only for their validity, but not for their feasibility;
b) cession is a bilateral agreement between the assignee and the acquirer of the rights. An endorsement, however, is a unilateral transaction made by an assignee of a bill of exchange;
c) the bill of exchange legislation allows the performance of a blank or bearer endorsement. The assignment can only be nominal;
d) an endorsement implies a complete and unconditional transfer of rights under a bill. In case of assignment, the transfer of rights can be made conditionally or partially;
e) the endorsement must be made on a bill of exchange form or an additional sheet. The assignment can be made both on the document itself, and in a separate agreement.
With the help of cession, bills of exchange are transferred after a protest of non-payment or after the expiration of the period established for making a protest.
Bill of exchange acceptance. The debtor on the bill of exchange must consent to the payment of the bill by way of its acceptance. Acceptance is marked on the left side of the front of the bill and is expressed in the words: “Accepted”, “Accepted”, “Pay” or similar in meaning, with the obligatory affixing of the payer's signature. The simple signature of the payer denotes the acceptance of the bill.
Presentation of a bill for acceptance can be made at any time, starting from the day of its issue and ending with the moment of payment. A bill of exchange may be presented for acceptance and accepted even after the due date for payment, and the debtor is responsible for it in the same way as if he had accepted the bill before the due date.
Trassat has the right to demand the presentation of a bill of exchange to him again one day after the first presentation. If after this period there is no acceptance, then the bill is considered not accepted. The debtor does not have the right to demand that the bill of exchange be retained for acceptance.
The trader can be notified of the upcoming presentation of a bill for acceptance by a special letter from the drawer, called a “notification letter” or advice note. Usually it contains details about the issued bill: place and time of issue, bill amount, term, name of the first acquirer, place of payment, as well as settlement issues of the drawee and drawee.
Trassat can agree on a specific date for the presentation of a bill for acceptance, for example, not earlier than a certain period. Bills of exchange payable on a specific date from presentation must be submitted for acceptance within a year from the date of issue. In this case, the acceptance must be dated.
The acceptance must be simple and unconditional, but it can be partial, i.e. the debtor agrees to pay only part of the amount. A situation may arise when the debtor has put an acceptance, and then, before the return of the bill, crossed it out. In this case, it is considered that the acceptance was refused.
Acceptance plays the role of a certain guarantee in transactions against the presentation of unlawful requirements for the fulfillment of the terms of the draft. If the debtor believes that the obligation under the bill does not follow from his relationship with the creditor, then he may not accept it.
On the other hand, the supplier, sending the goods to the recipient, together with the shipping documents transfers to the bank and the draft. The buyer of the goods will not receive the documents, and therefore the goods themselves, until they accept the bill.
The bank can also accept the draft. Such acceptance is called bank acceptance and is used mainly for early accounting of bills of exchange. Bank acceptance is required only for settlements with payment by installments in the form of a documentary credit.
If a bill of exchange is put up for reputable firms, the solvency of which is not in doubt, then, as a rule, the holder of the bill does not resort to acceptance.
Aval - this is a bill of exchange. Instead of bank acceptance, it is more convenient to avalify (confirm) a bill of exchange by banks. Aval acts as a bill of exchange, in respect of which the bill of exchange is applied.
This surety means a guarantee of full or partial payment of the bill if the debtor has not fulfilled his obligations on time. Aval is given on the front side of the bill and is expressed by the words: “Count as an aval” or any similar phrase and signed by the avalist. Aval is given for any person responsible for the bill, therefore the avalist must indicate for whom he gives a surety. In the absence of such an indication, the aval shall be deemed to have been issued for the drawer, i.e. not for the debtor, but for the creditor. The Avalist and the person for whom he is charged shall be jointly and severally liable. Having paid the promissory note, the avalist acquires the right to reclaim the person for whom he issued the surety, as well as those who are obliged to this person.
The plurality of copies of a bill and its copies ... In practice, bills of exchange are written out in several identical copies. These copies must be provided with sequential numbers included in the text of the document itself, otherwise each copy is considered a separate bill of exchange. The first copy of the bill is marked as a prima bill, the second - as a second bill, etc. In this case, the main difference between copies of a bill, for example, from copies, is that the signatures on each of them must be genuine. All copies constitute a single bill of exchange, but each of them can be circulated separately from the other. A plurality of bills is necessary in order to send one copy for acceptance, and the other immediately put into circulation. The payer must accept only one copy of the bill, otherwise he will have to pay for all the copies. After acceptance, he is obliged to transfer his copy to the holder of the second copy of the draft, therefore, when endorsed on the second copies, it is indicated where the first is located. The first copy, accepted by the payer, is presented for payment, and all other copies are paid off.
If the terms of the bill imply acceptance by the payer of all copies, then a clause with approximately the following text is used: “Pay against the second copy (the first is not paid)”.
Copies are removed from the bill in the same way. The copy must accurately reproduce the original from the endorsement and with all other marks that are on it. Copies are not required to authenticate signatures and are not numbered. A copy can be endorsed and avaliable, but it must indicate where the first copy is located. The owner of the first copy must deliver it to the holder of the copy, because only the first accepted copy of the bill is presented for payment.
Bill of exchange payment procedure. When calculating the maturity date, the day on which it was issued is not taken into account, and if the payment date falls on a non-business day, then it is paid on the next business day.
Bills of exchange are presented for payment, unless otherwise agreed, at the location of the payer. In this case, he can be presented for payment on the day of payment or during working hours of the next two days.
Payment of a bill of exchange must follow immediately upon presentation. Deferred payment is possible only in the event of force majeure circumstances, the presence of which must be confirmed by the competent authority.
Payment of a bill can be made in cash or by bank transfer. In this case, the payer may demand that the bill be returned to him with a receipt for payment. The debtor can pay only part of his obligations, and the bearer of the bill is obliged to accept this amount. In this case, a note is made on the bill of exchange about the payment and the remaining amount, and the bearer of the bill can file a protest against the debtor.
Presentation of the bill before the deadline does not oblige the debtor to pay it, although he may provide for the possibility of such payment. On the other hand, the holder of the bill cannot be forced to accept payment before the bill expires, but if he does not appear on time for payment, the debtor can place the amount of payment at his expense in a deposit with the competent authority. Prolongation, i.e. The postponement of the payment deadline is not allowed, and if the parties nevertheless agreed on this, then it is necessary to issue a new bill of exchange on the same terms for a new term.
The bill can be used in settlements between counterparties located in different countries and using different currencies. Cash amount liabilities cannot be expressed on a bill of exchange in two or more currencies. If, according to the terms of the contract, the payment is made in different currencies, then a separate bill of exchange is drawn up for each of them.
As a rule, a bill of exchange is issued in the currency of the country where the payment is to be made. But the currency of payment on the bill may not coincide with the currency in which it is issued. In this case, it is necessary to indicate the currency conversion rate in the text. If there is no such indication, then the official ratio of currencies valid at the place and on the day of payment is taken as the exchange rate. The drawer may apply the “effective payment” clause, ie payment in the currency of a third country.
A bill of exchange may not be accepted for payment or acceptance in the following cases:
a) if it is impossible to find the payer at the specified address;
b) the death of the payer (for an individual);
c) insolvency of the payer;
d) if the bill states “not accepted”, “not accepted”, etc .;
e) if the acceptance record is crossed out.
Bill protest. Claims for non-payment or refusals to accept bills of exchange are considered by the judicial authorities only if they have been properly challenged. The right to a bill of exchange appears when an officially certified demand for payment, acceptance, dating has been made, and they have not been received. To make a protest, the holder of a bill or his authorized person must present the bill of exchange to the notary office at the location of the payer or bank (domiciled bill).
In case of a protest of non-payment, the bill must be presented to the notary's office no later than 12 hours of the day following the expiration of the payment date, and in non-acceptance - within the period of presentation for acceptance. In the event of the expiration of this period, the holder of a bill loses his rights against the endorsements, the drawer and other obligated persons, with the exception of the acceptor.
The notary office must file a protest against the debtor within two working days after the date of payment of the bill. If the bill is protested for non-acceptance, then the protest for non-payment and presentation for payment is no longer required. The notary office draws up a protest in the prescribed form, makes an entry in the register and a mark on the bill itself. In this case, a state duty is levied in the amount of 5% of the unpaid amount of the bill (RF Law “On state fee “).
If the payer is officially declared bankrupt, it is possible to file a claim with the court without notarial protesting of the bill.
The terms for presenting a bill of exchange for payment and protest may be extended for the duration of force majeure circumstances that do not personally concern the holder of the bill. The drawer must notify his endorser and drawer of this within four working days after the protest. Each subsequent endorser, within two working days following the day of receipt of the notification, informs his predecessor and at the same time the avist that he is vouched for this endorser. Failure to send a notice does not deprive the holder of the bill of exchange rights.
A claim may be brought before the due date for the following reasons:
a) there was a partial or complete refusal of acceptance;
b) in case of insolvency of the payer, regardless of whether he has accepted the bill of exchange or not; in case of termination of payments by him, even if this circumstance was not established by the court; in case of ineffectual foreclosure on his property.
If the protest is made in a timely manner, then the following consequences occur:
a) the court authorities have the right to accept such promissory notes for consideration and issue decisions on them;
b) the responsibility of the signers of the bill and the drawee arises. All these persons, with the exception of the endorsers who have marked “No turnover on me”, are jointly and severally liable, and the holder of the bill has the right to sue any of them or all of them together. Thus, the right to pay the bill of exchange arises in the order of recourse, i.e. reverse requirement to previous endorsers, avalists, drawer;
c) the holder of a bill has the right to claim a larger amount than indicated in the bill. The amount increases by: 6% per annum, starting from the due date of the bill of exchange until the day the claim is satisfied; penalties from the date of the due date until the day the money was actually received; costs associated with the protest.
The Regulations on the Promissory Note and Bill of Exchange indicate a penalty of 3% and, according to the recommendations of the Central Bank of the Russian Federation, it is charged on an annualized basis.
The drawer, endorser, or avalist may include in the bill of exchange the clause “turnover without cost,” “without protest,” or similar. This clause exempts the holder of a bill of exchange for the exercise of his right of recourse to a protest in non-acceptance or non-payment. (That is, the holder of a bill can immediately file a claim with the court without protesting the bill in a notary's office and pay 5% of the duty on the amount of the bill). However, it does not exempt him from either presenting a bill of exchange within a specified time frame, or from sending a notice. If the clause is included by the drawer, then it is valid only in relation to them, and despite the clause included by the drawer, the holder of the bill makes a protest, then the costs of the protest are borne by him.
When a claim is filed before the due date of payment, the discount interest is withheld from the bill amount, calculated according to the official bank discount rate at the location of the holder of the bill on the day of the claim. If the holder of the bill satisfied his claim against one of the endorsers, then the latter may, in turn, also bring a claim, but only against the previous endorsers, since for him the inscriptions cease to be responsible for this bill.
At the same time, he includes in his claim, in addition to the amount paid, interest and costs incurred. The holder of the bill has the right to apply to the court on the protested bill of exchange during the term of the bill of exchange. A claim against the acceptor can be brought within 3 years, against the drawers - both on the bill of exchange and on the promissory note, as well as against the endorsers - within 1 year; claims between endorsers are brought within 6 months.
Mediation in the bill circulation system. An intermediary (legal entity or natural person) may exist between the holder of a bill and the debtor of the bill (drawer, endorsers, avists). The intermediary can accept or pay the bill for one of the liable for the bill. It can be any person, even a payer, but not an acceptor.
An intermediary accepts a bill of exchange when the holder of a bill arises the right to claim the bill of exchange ahead of schedule, i.e. when there was a partial or complete refusal of acceptance (for this reason, the acceptor cannot be an intermediary); in case of insolvency of the payer; termination of payments to them; ineffectual collection on his property. The holder of a bill cannot bring claims against debtors under a bill of exchange in the event of non-acceptance or non-payment until he has contacted an intermediary. A claim against debtors under a promissory note is filed in the event that the intermediary refused to perform the specified actions, and this refusal was protested.
The intermediary, accepting the bill, puts his signature on it with an indication of who he did it for. If there is no such indication, then the acceptance is deemed to have been made for the drawer.
Payment by way of intermediary can take place in all cases when, at the due date of payment or before the due date of payment, the holder of a bill has a right of recourse, i.e. the debtor has not fulfilled his obligations. The intermediary, paying the bill, must cover the entire amount. The deadline for payment is determined on the next day after the last day provided for the protest of non-payment. The last day of payment is also the last day of protesting the bill in case of non-payment by the intermediary. If this period is overdue, then the holder of the bill loses his rights under the bill.
When making a payment on a bill, the intermediary puts a mark on it indicating for whom he did it (in the absence of a mark, the payment is considered made for the drawer), and takes the bill. He has the right to demand the amount paid from the person for whom he made the payment, or from the persons obliged to him by the bill of exchange, but he cannot transfer it by endorsement.
The endorsers following the person for whom the payment was made are exempt from liability, and if there are several proposals for payment by the intermediaries of the bill of exchange, then preference is given to the one who exempts a larger number of persons from liability.
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