What is a bill in simple words? Full overview of the security! Ra Promissory note simple! Why do I need a bill of exchange and when to draw it up.

PLAN:

1. Introduction

2. Promissory note. Concept and main features

3. Types of bills

4. Bill as a primary derivative

5. Condition bill market Russia

6. Prospects for the development of the bill market in Russia

7. Conclusion

8. List of used literature

INTRODUCTION

Securities are commodities traded on the stock market. Consider what is included in the concept security.

In accordance with the Law of the Russian Federation "On the Securities Market" dated March 20, 1996, an issuance security is any security, including non-documentary, which is simultaneously characterized by the following features:

Secures the totality of property and non-property rights subject to certification, assignment and unconditional exercise in compliance with the form and procedure established by this Federal Law;

Placed by issues;

It has equal volume and terms of exercising rights within one issue, regardless of the time of purchase of the security.

In world practice, there are various approaches to the definition of securities:

The lists of securities included in this concept are different;

Different approaches to content economic relations, which express securities.

IN Russian Federation, in accordance with the Regulations on the issue and circulation of securities and stock exchanges in the RSFSR dated December 28, 1991, a security is money document, certifying the property right or loan relationship of the owner of the document in relation to the person who issued such a document.

Securities may exist in the form of separate documents or account entries.

PROmissory note. CONCEPT AND MAIN FEATURES

One of the types of securities most frequently used in Russian practice in Lately, is a promissory note.

A bill of exchange is an unconditional written promissory note drawn up in the form prescribed by law by one party (drawer) to unconditionally pay at a certain place the amount of money indicated in the bill, to the other party - the owner of the bill (bill holder) - upon the due date for the fulfillment of the obligation (payment) or at his request .

The bill gives its owner the right to demand from the debtor or the acceptor (the third person who has undertaken to pay the bill) to pay the amount specified in the bill when the payment due date comes. Therefore, a bill of exchange acts as a complex settlement and credit instrument capable of performing the functions of both a security and credit money and means of payment. In particular, as a security, a promissory note itself can be the object of various transactions. The issue and circulation of bills of exchange is regulated by the current Fundamentals of Civil Legislation and the Federal Law of the Russian Federation "On Transferable and Promissory Notes", adopted by the State Duma on February 21, 1997.

The main features of the bill, which have developed in international and Russian practice:

1) the abstract nature of the obligation expressed by the promissory note (the text of the promissory note should not contain references to the transaction that is the basis for issuing the promissory note); the indisputable nature of the obligation under the bill, if it is genuine; the unconditional nature of the obligation under the bill (the bill contains a simple and unconditional offer or promise to pay a certain amount, and therefore attempts to stipulate payment by the occurrence of any conditions have no legal force);

2) a bill of exchange is always a monetary obligation (an obligation under which the payment of a debt is made by goods or the provision of services cannot be considered a bill of exchange);

3) a bill of exchange is always a written document (it is not possible to issue bills of exchange in non-cash form);

4) a bill of exchange is a document that has strictly established mandatory details. According to the International Convention, there are eight mandatory details of the bill:

Bill of exchange label - that is, the word "bill" must be contained not only in the name, but in the text content of the bill;

Currency of the bill - the payment amount, which must be indicated at least twice: once in numbers, and the other time in capital letters;

Information about the payer on this bill;

Information about the person in whose favor the payment is made;

Indication of the place of payment;

Indication of the payment term;

Time and place of display;

Handwritten signature of the person who issued the bill. The parties obligated under the bill shall be jointly and severally liable (if the principal debtor fails to fulfill the obligation, the creditor - the holder of the bill may apply for recovery to any of the former holders, who, in turn, upon repayment of the bill by him, acquires the right to demand the bill amount from any of the persons who passed in the bill of exchange ).

TYPES OF BECKS

Depending on the classification criteria, the following types of bills are distinguished.

1. Simple (solo bill) and bill of exchange (draft) - differ in the number of participants;

2. Commodity (commercial), financial, treasury - depend on the nature of the transaction underlying the bill;

3. Bronze, friendly, counter - depending on the security: secured and unsecured;

4. Bearer and order (circulation by endorsement) - they are distinguished by the method of transmission.

Commodity bill. The basis of the monetary obligation expressed by this bill is a commodity transaction, a commercial loan provided by the seller to the buyer when selling the goods. In this capacity, a bill can, on the one hand, act as an instrument of credit, and on the other hand, serve as a means of payment, repeatedly passing from hand to hand and serving as a monetary substitute for numerous acts of sale and purchase of goods.

Financial bill. The basis of the monetary obligation expressed by this type of bill is any financial transaction not related to the sale of goods. A variety of financial bills are "commercial papers" - simple, negotiable bills in the name of the issuer, without collateral, discount or interest-bearing to face value, issued most often for a period of 1 to 270 days, in the form of "bearer".

treasury bill- a short-term security issued by the government.

Friendly bill is a bill of exchange behind which there is no the real deal, real financial obligation, however, the persons involved in the bill are real. Usually friendly bills are exchanged by two real persons who are in a trusting relationship, in order to then take into account the bank or pledge the bill, receiving real money against it, or to use it to make payments.

Bronze bill- this is a bill, behind which there is no real transaction, no real financial obligation, and at least one person participating in the bill is fictitious. The purpose of the bronze bill is either to receive money from the bank against it, or to use a false document to pay off debts on real commodity transactions or financial obligations.

A promissory note involves two persons, of which the drawer is the payer. The latter, writing out such a bill, undertakes to pay directly to his creditor (bill holder) a certain amount in a certain place and at a certain time.

IN bill of exchange three or more persons are involved. The payer is not the drawer (drawer), but another person who assumes the obligation to pay such a bill on time. A bill of exchange is actually a written offer of the drawer addressed to a third party (payer, called the drawee) to pay the stipulated amount to the creditor (bill holder, issuer). In addition to the classical bill of exchange with the participation of three persons, it is possible to issue bills of exchange with the participation of two or even one person. The drawer may, when issuing a bill of exchange, appoint as the recipient not a third party, but himself or someone whom he himself subsequently orders.

In a bill of exchange, the obligation of the drawer is conditional, he undertakes to pay the amount of the bill if the drawee has not paid it, in which case the drawer is equated to the holder of a promissory note. A bill of exchange cannot be regarded as an obligation of the drawer's person. It can become an obligation of the payer (drawee), but only after he has performed a unilateral act of expression of will of a special form - acceptance. An accepted promissory note is a promissory note that has the consent of the payer to pay for it. From the moment of acceptance of the bill by the drawee, the latter becomes a direct debtor. If the drawee accepts the bill, but does not pay on it, a protest of non-payment arises against him. Naturally, a protest also arises in the case of unjustified non-acceptance.

The remitter can act with the received bill in two ways: either present it for payment to the drawee, or transfer his rights in terms of payment of the bill to another person. This operation is called endorsement (endorsement) of the bill and is performed with the help of an endorsement, a special endorsement on the back of the bill or an additional sheet (allonge).

The number of endorsements on one bill is not limited.

Types of endorsement:

Full endorsement;

Partial endorsement;

Bank endorsement;

Nominal endorsement;

Negotiable endorsement;

non-recourse endorsement;

Endorsement with reservations;

Endorsement without reservation;

A permissive endorsement.

The circulation of bills of exchange is regulated by laws and regulations based on international bill of exchange law (Geneva International Convention on Bills of Exchange of June 7, 1930), which provides for an extremely liberal procedure for issuing them. This does not require any state registration a bill of exchange, no special protection of its certificate, no preconditions for its appearance, no special mortgage or bond. Participants in a transaction concluded using a bill of exchange are only required to have legal or legal capacity.

At the same time, the ease of issuing a bill is compensated by the strictness of the execution of its terms by the parties to the transaction. There are a number of requirements and special procedures for conducting bill transactions. That is why working with bills of exchange requires a certain professionalism.

In order to increase the reliability of the bill in circulation, it is signed by a special guarantor, called an aval. Moreover, the aval can concern both the entire amount of the debt, and its part. Thus, the person who made the aval (avalist) assumes responsibility for making the payment if the drawee, drawer or endorser fails to do so.

If we consider the practice of bill circulation in the Russian Federation, we can say that two trends are clearly visible here. First, desire Russian enterprises and banks to increase the share of their bills in circulation. Secondly, banks have found a new sector for capital investment. According to the data of the Central Bank, as of July 1, 1996, promissory notes were issued in Russia for total amount 20.2 trillion rubles. In Russia, commercial bills are issued, as a rule, for settlement with creditors, while the accounts receivable of enterprises are not taken into account. Use of corporate economic activity of enterprises is justified by the need to “clear up” the non-payments that have literally overwhelmed the Russian economy. Tough deflationary policy of the government in 1994-1996. led to a sharp shortage of "real" money in the economy. Many enterprises, especially manufacturing ones, have lost the last source of replenishment of working capital - inflation.

On the other hand, a high level lending rates for end borrowers has led to the fact that bills and other surrogates have become the only possible forms of payment and replenishment of working capital.

Therefore, most Russian commercial bills works according to a scheme different from the classical one (in the form of a commodity loan). Often the bills of enterprises are used only as a means of settlement with creditors, and its function of direct conversion into money is ignored. The reason is simple: as soon as a bill of exchange is transformed into money, then the products from the category of shipped products become sold, therefore, it is necessary to pay income tax. Therefore, the bill passes from one counterparty to another as a cover accounts receivable and if it is returned to the drawer, it is only as repayment of receivables.

Therefore, bill market operators make the main impact on operations with bank bills as more reliable and liquid. This circumstance is due to the fact that cash holders of bank bills can receive real money on them, while commercial ones, at best, are backed by some kind of goods. The interest of banks in bills is quite natural. First, the decline in yields in the GKO/OFZ and OGSZ markets forced banks to turn their attention to higher-yielding securities. Secondly, banks could not ignore the requests of customers, and also actively use them for mutual settlements. In addition, receiving income from the use of promissory notes, banks thereby expand the range of services offered to customers.

A negative factor in the use of promissory notes by Russian banks is their immoderate issuance. Indicative in this sense is the example of Tveruniversalbank, the "pioneer" of the bill market. The risky policy of this bank in the use of bills put him in a difficult financial situation.

A PROmissory note AS A PRIMARY DERIVATIVE

The primary securities are shares, bonds, notes, promissory notes, certificates of deposit and other instruments that are rights to property, cash, products, land and other primary resources. Derivative securities - any securities certifying the owner's right to purchase or sell primary securities - shares, government bonds. These securities include options, futures, subscription rights. The concept of derivative securities is legally recognized, Russian Regulation on the issue and circulation of securities and stock exchanges in the RSFSR. In the form of separate documents In the form of account entries Securities - separate documents - have a material form in the form of paper certificates. About securities - account entries - they say that they have non-cash form. In this case, the security exists as an entry in the account accounting and analytical registers to it. Respectively, accounting entry contains all the necessary details of securities (issuer, terms, amount, holder, percentage). When buying and selling securities, donating, transferring, redeeming, etc. it is moved not by handing over a paper certificate (it does not exist), but by making accounting entries on accounts and entries in accounting registers.

Securities that can only be issued by a bank: securities that can be issued by both banks and other issuers; deposit and savings certificates, currency futures, checks. Banks cannot issue bills of lading and (according to existing legal norms) shares of the labor collective, commodity futures and option contracts.

Securities are: circulating, not circulating and with a limited range of circulation.

Transferable securities may be freely bought and sold, including on the basis of an endorsement or without such an endorsement, without limitation - according to the terms of issue - of the types of markets in which they can be traded. Non-tradable securities cannot be bought or sold on various types of markets. For example, if the issuer, when issuing a security, stipulates that it cannot be resold and can only be redeemed back by the issuer, then this is a non-tradable security. Purchase and sale transactions in securities with a limited range of circulation can be made with restrictions on the types of markets.

Registered security - the name of the holder is registered in a special register maintained by the issuer. The Civil Code of the Russian Federation establishes that the person who owns the rights certified by a registered security must be named in it. Russian law requires that a registered security be transferred to another person in the manner established for the assignment of claims.

Bearer security - is not registered with the issuer in the name of the holder and is transferred to another person by delivery. Order security - is drawn up in the name of the first holder with the reservation "by his order". Accordingly, the order security is transferred to another person by making an endorsement. Russian legislation can be a check, a bill of lading.

Term securities have specific maturities. Securities with a maturity date do not contain a specific maturity, obligations under them are fulfilled upon presentation of the security.

Securities with a fixed income - at the time of issuance of a security, it rigidly fixes the level of its yield to face value; with fluctuations in the average interest rate in the market, the level of profitability does not change. Securities with fluctuating income - the yield of a security to face value changes in accordance with fluctuations in the average interest rate in the market; it can be indexed, for example, at the exchange rate.

Callable securities may be called by the issuer ahead of schedule, before maturity. Perpetual securities may also be withdrawn if it is provided for by the terms of the issue (for example, preferred shares). The investor is obliged to return the specified securities to the issuer on the condition of resale, at the prices established during the issue of securities. Irrevocable securities cannot be called back and redeemed by the issuer ahead of schedule, which should be provided for by the terms of their issue.

Investment securities are securities in which funds are invested on a relatively permanent, long-term basis. The purpose of investments is to receive profit from interest on securities and increase in their market value, as well as to create a reserve of liquid assets to support the issuer's liquidity requirements. In international practice, this category usually includes only those securities that have a high rating and quality assessment. Marketable securities - securities in which funds are invested for speculative short-term transactions for the purchase and sale of securities.

With a denomination expressed in domestic and foreign currencies(double denomination) obligations to pay interest on each bond, indicate the places where the bonds and coupon sheets will be delivered to their holders, determine the legal title and mortgage property, insure the mortgaged property against fire and other possible losses; pay taxes, disclose information about the joint-stock company and the legal basis for its activities.

If Joint-Stock Company does not fulfill its obligations to bondholders, then the latter, along with a trusted representative, may take some action in order to recover their losses.

The joint-stock company pays interest on bonds in certain periods of time. Therefore, when selling bonds on days that do not coincide with the days of interest payment, the buyer and seller must divide the amount of interest between themselves. Most bonds are sold at increasing interest rates. In this case, buyers pay sellers in addition to market value bonds the interest due for the period elapsed since their last payment. The buyers themselves, when the interest payment is due, receive them in full. Thus, the amount of interest is distributed among different owners.

STATE OF THE RUSSIAN BEC MARKET

The rapid development of the bill market in Russia, observed in the last two or three years, is largely determined by the crisis state of the national economy. The hypertrophied form of bill circulation is a consequence of a number of crisis phenomena.

Firstly, it is a crisis of public finances, manifested in the desire of authorities at various levels (federal, subjects of the federation, local) to use various monetary surrogates to cover the budget deficit. So, for example, in 1995-1996. The Ministry of Finance widely used treasury bills as an instrument of settlements with state enterprises. The International Monetary Fund has criticized the monetary authorities of Russia for the large-scale issue of treasury bills, pointing out that quasi-money is being pumped into the national economy of the country. The Ministry of Finance, in principle, agreed with the criticism of the IMF and curtailed the issue of treasury bills. However, in 1996, the Ministry of Finance began to actively apply a scheme of guarantees to commercial banks on promissory notes for recipients of budgetary funds.

In this case, bills of commercial banks began to play the role of money substitutes. Some commercial banks, being agents of the government within the framework of the program of bill lending to recipients of budgetary funds, could not resist the temptation of massive bill lending outside the framework of the state program. This is how the Director of the Department of Securities and financial markets Ministry of Finance of the Russian Federation B.I. Zlatkis: "If a bank sold bills of exchange, as Tveruniversalbank sold, in unlimited quantities, which, unfortunately, is also the case with a number of other banks, then the Ministry of Finance, of course, is not going to and will not be liable for these bills."

Quite a few simply counterfeit bills are also circulating on the market, where the drawer or availer is the Ministry of Finance. At present, there are counterfeit bills in circulation issued on behalf of the federal treasury of North Ossetia and Dagestan in the amount of 7 trillion rubles. The subjects of the federation contributed to the chaotic development of the bill market by issuing various money substitutes, including bills.

Recently, some subjects of the federation came up with the idea of ​​creating non-documentary bills (domestic know-how). B. I. Zlatkis described the concept of non-documentary bills as follows: “Green onion salad with pineapple fruit salad ... There is a piece of GKO, there are words from some kind of bill of exchange law, there is a computer system 3-4 years old.” It should be noted that the IMF has once again reacted to the laissez-faire state of the bill market by strongly recommending that Russia this year limit borrowings by subjects of the federation to 30% of its own revenue sources, and the cost of servicing this debt to 15% of revenues.

Secondly, a negative impact on the circulation of bills had a restriction credit opportunities commercial banks, a significant part of which is in the "dying" stage. Banks largely stopped lending to trading capital, and economic entities began to compensate for the lack of "live" money in trade and production circulation through the active introduction of commercial bills into economic circulation.

Thirdly, the desire of a huge mass of "black" money to be legalized by any means has a significant impact, and the bill, due to its inherent abstractness, is very convenient for this. The situation is aggravated by the fact that the Federal Assembly cannot pass the Law on Combating Money Laundering (in many countries with less criminalized economies, for example, in the UK, such regulations have been adopted and have been working for a long time).

Fourthly, imperfect and inefficient legislation makes the promissory note a convenient tool for legal tax evasion for legal entities and individuals.

There is one more important circumstance that stimulates the issuance of bills in Russia: the contraction of the monetary aggregate M2 in relation to the gross domestic product (GDP) to such an extent that all economic entities, from the state represented by the Ministry of Finance to a small enterprise, which is a link in the chain of debtors, experiencing a paralyzing money hunger.

M2 is a monetary aggregate that includes cash (outside banks) and non-cash funds. As of July 1, 1996, the money supply (M2) amounted to 266.9 trillion rubles, including 104.4 trillion rubles in MO cash.

Comparison of the parameters of the coefficient of monetization of the economy in Russia and abroad clearly highlights the problem of "financial hunger" of our) national economy: in Germany this figure is 66%, in the USA - 68%, in France - 90%, in the UK - 90%, in China - 80%, and in Russia only 15%. Thus, the issuance of bills of exchange on a grandiose scale (only bank bills in 1996 were issued for a total amount of 140 trillion rubles) is the desire of the economic mechanism to satisfy the "money hunger" even with the help of money substitutes.

But, if a bill of exchange is, to one degree or another, a substitute for money, then the limitation of studies of volume and structure money supply the framework of the M2 aggregate (cash plus funds in accounts) seems disputable from the point of view of the methodology of monetary regulation. Unfortunately, the published statistical studies of the Bank of Russia in the field of the volume and structure of the money supply are limited to the M2 aggregate. Meanwhile, when analyzing and planning the volume and structure of the money supply, banking regulation and supervision bodies abroad distinguish M4 and L aggregates, consisting of certificates of deposit, shares of savings and loan associations, treasury obligations, credit obligations, certifying the right to receive income (the bill falls under this category) and other securities. Thus, at present in Russia, the volume and structure of the money supply are not fully controlled by the regulatory authorities.

The chaotic and crisis state of the promissory note market in Russia does not even allow the Central Bank to engage in the traditional "Bank of Banks" operation - the rediscount of commercial and bank bills. Here is how A. A. Kozlov, Deputy Chairman of the Board of the Bank of Russia, sees the current situation: " central bank will not rediscount bills. We have decided that bills in their current form, in the absence of a normal infrastructure, rules of work, trade, information, etc. we will not recalculate. Because we do not have enough opportunities to raise the entire bill market directly on our own. We have chosen a longer, but, from our point of view, more effective way - this is sponsoring and supporting the Association of Bill Market Participants (AUVER)."

The uncontrollable and dangerous for the national economy nature of the development of the bill market was recognized by the state in 1996.

In September 1996, the Bank of Russia introduced the H13 standard (the risk ratio for promissory notes of credit institutions), which limited the operations of commercial banks with promissory notes to 200% of the amount own funds(since March 1, 1997, this standard has been tightened to 100%).

The Central Bank does not currently allow credit institutions to work with bills of exchange in non-documentary form.

And, finally, under the auspices of the Central Bank, AUVER is being created, designed to create the necessary legal, technological infrastructure for the bill market and ensure its information transparency.

The Russian economy, including the bill market, is currently making the transition from laissez-faire to active state regulation. During the years of the same transition of the American economy, US President Franklin Roosevelt formulated the role of the state as follows: "I do not mean comprehensive regulation and planning of economic life, but the need for powerful state intervention in the name of a true community of interests, but only of different regions and population groups of our great country but also between different branches of its national economy. Latest initiatives Central Bank testify that the concept formulated by the great American reformer is the basis for the regulation of the bill market.

PROSPECTS FOR THE DEVELOPMENT OF THE RUSSIAN BEC MARKET

Skeptics say that the bill market in Russia has no future. There is some truth in this judgment. And this is connected not so much with the existence of a real contradiction between the "inventions" of Russian practice, the so-called emission bills ("energy", "privatization", "uncertificated") and the business turnover of the civilized market of classical bills, but with a real threat to "slam" it by legislative means .

The state has already undertaken in 1991-1994. efforts to restructure legislation and the system of state regulation and supervision of the bill market. Attempts were made to organize the circulation of bills of exchange in the country by order. As subsequent events showed, these efforts were largely in vain, and the resurgent practice of bill circulation constantly nullified them.

Last attempt to let down legislative framework under the "rules of the game" in the bill market is associated with the adoption by the State Duma of the Russian Federation on February 21, 1997 of the federal law "On Transferable and Promissory Notes" and its signing by the President of the Russian Federation on March 11.

The existing contradictions in the development of the bill market are due to many reasons: objective and subjective; external and internal; both macro- and microeconomic in nature. Let's consider one of the contradictions. So, on the one hand, the Russian bill of exchange legislation, based on the Geneva Conventions of bills of exchange, is subject to the norms of international law, the norms are quite strict and designed for the development of the customs of the bill of exchange business. On the other hand, in modern Russia there are almost no customs, and the practice of bills of exchange has just begun to revive. How can this contradiction be resolved? There are currently three ways to solve this problem.

First way- the most simple and logical. Its essence is that the Geneva Conventions are outdated and should be replaced in Russia regulations, which would detail in the future the legal regulation of the circulation of bills (in the field of application of bills, in regulatory authorities, in the procedure for making a protest, etc.). Following the denunciation of international treaties, the formation of the practice and customs of the bill of exchange would begin, including the "bill general education", and finally, the legislative consolidation of these customs and the choice of a system of bill of exchange law (Anglo-American, continental or own), which would be worth joining in the future. Logically, this is the most correct way. First, the customs of business turnover are formed, practice is being developed, all this is taken into account in regulatory documents, in bill legislation.

However, this way can hardly be used to resolve the existing contradiction, for which there are good reasons: firstly, the absence of bill of exchange law on the market will be instantly filled with other types - civil, commercial, financial law; secondly, the long absence of bill of exchange regulatory framework(it will take decades to create business customs) will lead to a significant increase in abuses in the bill market; thirdly, we will come into conflict with international trade law (at the end of 1996, Russia received "most favored nation treatment" in trade by ratifying the Partnership and Cooperation Agreement with the European Union, and also applied for membership in the World Trade Organization).

Second way- traditional, it is on it that the Russian bill market is developing now. The current bill of exchange legislation has remained in force since 1937. Over time, there is a gradual regulation of unresolved problems of bill of exchange turnover by departmental regulations - instructions, orders and resolutions of the Government of the Russian Federation, the Ministry of Finance of the Russian Federation, the Bank of Russia, the Federal Securities Commission of Russia - which are based on generalizations of the practical experience of the emerging bill of exchange turnover in country.

This path does not fully meet the needs and capabilities of the Russian economy. This is due to the fact that, firstly, the compliance of Russian bill of exchange legislation with the norms of the Geneva Conventions in itself is not yet a guarantee of successful legal regulation of bill circulation. It should be noted that the Regulation on a bill of exchange and a promissory note, approved by the Decree of the Central Executive Committee and the Council of People's Commissars of the USSR N 104/1341 of August 7, 1937, is practically not a literal reproduction of the text of the Uniform Bill of Exchange Law from the original language into Russian and requires further preparation new edition his translation.

Secondly, the publication of numerous contradictory by-laws (for example, the Decree of the Federal Securities Commission of Russia dated March 21, 1996 on the circulation of "uncertificated promissory notes") has already generated certain "tensions" in the bill turnover.

Thirdly, the development of the bill market, which was left to chance without strict regulators, led to the filling of the market with "friendly", "bronze" and counterfeit bills, most of which, in fact, became criminal money surrogates or took the form of "securitized" non-payments. . The current legislation does not establish any restrictions on the issuance of bills, which allows the state, subjects of the Russian Federation and municipalities place bills in unlimited quantities. Often such unsettledness leads to the fact that the local administration issues bills of exchange for an amount exceeding the revenue part of its budget, turning the "classic" bill into an issuance security.

third way seems to be optimal and consists of the preparation and implementation of a bill reform in the country, that is, a complex of measures to create a legal, organizational, technological, regional and information infrastructure for a civilized bill of exchange in Russia. The purpose of the reform should be, on the one hand, strengthening the protection of the interests of the holders of the bill, on the other hand, increasing the responsibility of all parties liable under the bill.

The reform should be based on the developed Concept for the Development of the Promissory Note Market, linked to the Concept for the Development of the Securities Market in the Russian Federation (Decree of the President of the Russian Federation No. external factors(switching cash flows into the real sector, tax reform, enterprise restructuring, public utilities and military reforms in the country), as well as internal factors (an increase in the volume of issuance of bills and an increase in the share of corporate bills, a sharp increase in unsecured "friendly", "bronze" and counterfeit bills, the complication of the bill market, features of accounting and taxation of operations with bills).

Although it is already possible to name the main principles of the bill reform, it would be better to confine ourselves to the principles on which the system of Russian bill of exchange legislation should be built.

First- Preservation of bill of exchange legislation based on the Geneva Conventions (possibly with a number of reservations).

Second- self-sufficiency of bill legislation.

The third- the construction of bill of exchange legislation mainly on the system of dispositive norms, and imperative norms should regulate only a minimum of bill relations, without which it is impossible to avoid abuses.

Fourth- norms of the bill of exchange legislation should be strictly tied to the tax and currency legislation, as well as to regulate issues that are absent in the regulations of the bill of exchange law.

Fifth- Bill of exchange legislation should adequately reflect the emerging business practices, otherwise it will result in a system of non-working norms that everyone knows, but does not comply with. The reform should primarily include:

Amendments to the Civil Code of the Russian Federation and the Law of the Russian Federation "On the Bankruptcy (Insolvency) of Enterprises" on the procedure for satisfying creditors' claims and separating creditors' claims on promissory notes into a separate queue;

Bringing the deadlines for making a protest in accordance with the EVZ and defining the procedure for making a protest at the legislative level;

Amendments to the Arbitration Procedure Code on the introduction of an accelerated procedure for considering claims on bills of exchange;

Granting the right to an authorized state body (FCSM, Central Bank of the Russian Federation, Ministry of Finance of the Russian Federation) to receive from notary offices information about the facts of a protest and imposing an obligation on this body or a person authorized by it to provide the information received to all interested persons and the media;

Creation of a legislative base for self-regulatory organizations that unite participants in the bill market (for example, AUVER);

Reform tax system and unification of taxation of income of individuals and legal entities on various securities;

Development and adoption of the Code of bill of exchange normative documents (Promissory Code).

The creation of a legal, organizational, informational infrastructure for a civilized bill of exchange is impossible without the training of specialists, employees of commercial structures, judges, managers government organizations, the population to the skills of working with bills, studying both the Russian experience and the customs of the bill turnover in other countries.

CONCLUSION

At present, the securities market of the Russian Federation is still rather amorphous. There is no clear distinction between primary and secondary stock market. It is represented mainly by stock and commodity exchanges, which absorb the main stream of private securities.

The development of the primary securities market in the structure of the entire market is possible only if the following conditions are developed: wider and more active privatization of enterprises, companies and associations; the creation of intermediaries - investment banks and brokerage firms that could carry out an intermediary function between issuers and buyers in the way that is customary in world practice, in particular the USA, Canada, England, Japan; wider sale of bonds of companies and enterprises. In the West, the bulk of the financing (70 - 95%) of the securities market is carried out through the issuance of bonds of corporations and companies. It is the primary market there that is based on bonds, and investment banks are the main placement intermediary.

The Russian market lags far behind the world market. But, in the near future, with a reduction in inflation, it is possible to expect the development of the corporate securities market (stocks, bonds, bills), which can have a beneficial effect on the economy. So the issue of shares, as you know, is the cheapest form of lending, and even more so without a term.

With all the variety of types of securities permitted for issue and circulation (shares, bonds, bills, warrants, futures, options), there is the possibility of constructing securities, and this, in turn, implies the inclusion of the properties of several securities into one, that is, into the one that constructing.

But with all this, the securities market has many problems. First of all, this is the problem of protecting investors from financial criminals and fraudsters. To do this, we need to strengthen the legal framework. The second acute problem is the weak infrastructure of the market.

Solving these two problems should increase confidence in the Russian market and increase capital inflows to Russia.

To go global, our professional members the securities market should significantly improve the quality of their work. This problem should be solved by introducing higher standards for domestic participants. Only on the basis of high requirements it will be possible to carry out licensing of brokerage and dealer activities.

Thus before Russian market There are still many unsolved problems in securities, but their solution in the foreseeable future is quite realistic.

LIST OF USED LITERATURE:

1. Law of the Russian Federation "On the Securities Market" dated April 26, 1996.

2. Federal Law of the Russian Federation "On a transfer and promissory note" dated 21.02.1997.

3. Voronin D.V. Russian bill market: from laisses-faire to state regulation. // Banking, No. 4, 1997.

4. Zhalninsky B.A. Prospects for the development of the bill market in Russia. // Banking, No. 5, 1997.

5. Mirkin Ya.M. Securities and stock market. M., Perspektiva, 1995.

6. Bill circulation is gaining momentum. // Economy and life, N43, 1996.

bill of exchange- a debt security, a written obligation of a strictly defined form. The person who issues the bill is called the drawer. Owner of a bill - a bill holder. Bills are simple and transferable.

Under a promissory note, the drawer undertakes, without any conditions, to pay the holder of the bill the specified amount.

A bill of exchange (draft) is a debt paper in which the drawer gives a written order to the payer to unconditionally pay the named amount. The procedure for assuming an obligation to pay a bill of exchange by the payer is called acceptance of the bill.

When using a promissory note, two parties are involved: the one who owes and the one who is owed. A bill of exchange requires the participation of three already - the drawer, the payer and the one who is paid.

The drawing up of bills of exchange, as well as their circulation on the territory of Russia, is not regulated by civil law, prescribed in Civil Code RF, but the so-called bill of exchange law. Federal Law of March 11, 1997 No. 48-FZ "On a bill of exchange and a promissory note" refers to the Decree of the Central Executive Committee of the Council of People's Commissars of the USSR of August 7, 1937 No. 104/1341 "On a promissory note and a bill of exchange", which, in turn, , practically word for word repeats the international convention of June 7, 1930 "On a uniform law on a transferable and promissory note", to which Russia joined. That is, bills are regulated by international law.

Primal financial task bills - the transfer of commodity-money relations in the form of an unconditional promise to pay. At the same time, the origin of the debt loses its legal significance, and the fact of the debt is a priori considered proven.

Rights under a bill are not transferred by cession, as with other securities, but by endorsement, that is, through an endorsement. Any person or organization that puts his signature on the promissory note becomes a co-defendant in debt with the right of recourse to all others who put their signatures. In other words, any person who has put an endorsement can be attracted to pay. Having paid a bill, a person acquires the right to demand payment from other persons who have put an endorsement, or directly from the payer. The endorsement is placed on the reverse side of the bill.

On the front side, an aval can be affixed - a guarantee for a bill. Any signature on the front side of the bill, if it is not the signature of the payer or drawer, is considered aval.

Bills of exchange are registered or warrant - bearer. The due date for a bill of exchange is given as follows:

• on presentation;
• in so much time from the presentation;
• in so much time from compilation;
• on a certain day.

Only when a bill of exchange is issued payable at sight or at a certain time from presentation, interest can be indicated in it. In other cases, the accrual of interest is not allowed - they will be considered unwritten. Receipt of income on a bill is possible, as a rule, in the form of a discount.

The law requires that the bill be presented for payment on time, either on the day the bill is due or within two days of that date. In case of refusal to pay a bill of exchange, there is a special procedure - a protest against the bill. The protest against the bill is carried out at the notary, and further consideration in court is not required. The court immediately issues a writ of recovery. That is, it starts enforcement proceedings against the debtor.

The promissory note is not an issuance security. Its release does not require state registration. Taking advantage of this Russian banks use bills of exchange as a financial instrument, similar to deposits. However, bank bill liabilities, unlike time deposits, do not participate in the deposit insurance system.

In a market economy, enterprises use various forms of payment. Sometimes situations arise when there is not enough money, but it is necessary to receive a product or service.

Then the company can take a loan from a bank or use a commercial loan, in which the participants in the commodity-money exchange themselves are the lender and the borrower. A promissory note can be used to provide a commercial loan with deferred payment.

The concept and essence of a bill

A bill of exchange is a written document certifying promissory note debtor (drawer) or other person to the creditor (bill holder).

The drawer and the holder of the bill (another name is the remitter) are most often the buyer and supplier in the transfer of goods, but other persons can also be parties to the bill of exchange. If there is a shortage of funds, the buyer issues a bill of exchange to the supplier, in which he undertakes to return the money within a specified period and at a specific place.

The first bills appeared in Italy at the turn of the XIII-XIV centuries. At that time it was the center of world trade. In Russia, this security began to be used at the beginning of the 18th century mainly in foreign trade settlements with Germany. Translated from German, the word "bill" means "exchange". According to Article 142 of the Civil Code of the Russian Federation, this document refers to securities. The relations of the parties in the circulation of bills are currently regulated by the Federal Law No. 48 of March 11, 1997 “On Transfer and Promissory Notes”.

Many provisions in it are taken from the international Geneva bill of exchange convention of 06/07/1930.

Essential Features

The following features of this document can be distinguished:

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Varieties

There are many types of bills.

Are classified they are according to the following criteria.

By sign issuer:

• treasury;
• private.

Treasury (state) bills are issued by municipalities, the government of the Russian Federation with the participation of the Central Bank in order to raise funds. The repayment period for them is almost always 3-6 months. Private bills are issued by enterprises of all forms of ownership and commercial banks.

By subject payer:

• simple (solo bill);
• transferable (draft).

By promissory note the drawer must pay. He signs the document and hands it over to the holder of the bill. After a certain time has elapsed at the appointed place, the creditor (the holder of a bill) presents a security for payment, and the drawer settles in money. That is, the supplier (remittent) actually credits its buyer (payer of the bill). In this calculation scheme, the number of participants is two.

IN bill of exchange the payer (drawer) will be the person appointed by the drawer (drawer). Most often, the payer is selected from the drawer's debtors. When the time comes for paying the bill, the payer, paying off the bill holder, will close his debt to the drawer. In order for the debtor of the drawer (payer) to be aware of such a calculation, there is a column for acceptance on the bill. Until the written consent of the payer is on the document, the obligation to pay remains with the drawer. With this calculation scheme, the number of participants is three.

By types of serviced transactions:

• commodity;
• financial. These bills are:
  • banking;
  • friendly;
  • bronze.

Commodity enterprises use bills of exchange in transactions or. Financial is not directly related to the turnover and performance of work. They are used when issuing loans, receiving money from the budget, exchanging currency, and replenishing cash.

Via bank bills banks attract working capital. Deposits are also used for the same purpose. A friendly promissory note is issued by one enterprise to another in case of existing financial difficulties. Subsequently, the debtor draws up a counter bill and both documents are repaid.

Bronze bills issued to both real and non-existent firms. They are not backed by anything and are often used in fraud. In Russia, their release and circulation is prohibited.

By the presence of a specific bill holder:

• nominal;
• order.

IN registered bills the recipient is clearly defined. IN order the specific holder is not indicated, but there is only a record of the debtor, the amount of the debt, the place and time of receipt. Such securities may be transferred without using an endorsement - endorsement, while registered bills must have this inscription.

Form, content and required details

The bill is drawn up both on a special form, protected from forgery, and on a plain sheet of paper.

This security is not, so ready-made forms can be bought at a printing house, a bank, downloaded from the Internet, printed on your own.

Required details the following:

1. The word "bill" (bill mark). It must appear at least once in the document. For example, "Pay this bill."
2. Date and place of compilation. A specific date, month, year, city (village) and territorial subject of the Russian Federation is recorded.
3. A promise to pay a certain amount unconditionally. There should be no additional conditions for the implementation of this obligation.
4. bill amount. Written in numbers and cursive, without corrections.
5. Payment term. One for the entire amount, splitting into several terms is prohibited.
   Deadline options:
   • on presentation (another name is avista). The bill must be paid as soon as it is presented. An additional indication of the time interval is possible;
   • exact day;
   • after a specified period of time from presentation. The fact of presentation of the bill is marked by a visa on the front side or by a statement of the bill holder;
   • after a specified period of time from compilation. The time period can be specified in days, months, years.

   If there is no due date, then it is considered “at sight”.

6. Place of payment. The location of the payer, his place of residence or any other may be recorded. It should be clear and clearly defined to everyone. For example, the premises of a bank, a specific address where the bill holder will receive payment. If the place of payment is not filled in, then it is considered the place of permanent registration of the payer.
7. Full name and address of the holder of the bill. The name of the legal entity or the surname, name and patronymic of the individual is indicated. By means of endorsement, a bill can change its issuer, but the first bill holder on the document must be.
8. Drawer's signature. A person signing a document on behalf of a legal entity must have the right to sign (). Be sure to indicate the name of the enterprise, your position, surname, initials.

IN bills of exchange there is also a mandatory column to fill in “name and address of the payer”. These data are written without abbreviations. As a payer, the drawer can indicate himself and then the bill of exchange will actually turn into a promissory note.

If the required details are filled in incorrectly, then the security is considered invalid.

Price

Interest may accrue on the amount owed. They can be registered separately, or they can already be included in it. The interest rate is set only if the term of payment on the bill is “at presentation” or “after a certain period of time”. This is reflected in the document in writing, otherwise the accrual of interest is illegal.

Formula for calculating the amount of interest next:

∑ percent \u003d N * (C (%) * T) / 360, where

N - face value (bill amount);
С(%) – interest rate;
T is the interest calculation time, days.

When the due date comes, the holder will receive the face value plus the amount of interest. Participants determine the interest rate themselves. Much depends on the relationship between enterprises, average rate on loans, maturity, amount of risk and features of the transaction.

If the holder of a bill wants to receive the money before the due date, he can sell the bill to a bank or pay it off to another person. At the same time, he is paid the promissory note amount with accrued interest (if any) minus the discount. In fact, the holder of the bill receives a discount loan secured by the security.

Selling price is determined by the formula:

Р=(N*(1+(C%*T/360)))/(1+r*(t/360)), where

P is the selling price;
t is the remaining time to maturity, days;
r is the discount rate.

The closer the due date, the higher the selling price. It will be maximum the day before this deadline.

Banks have the right to issue their bills at a discount. When buying such a security, the holder of the bill sells it in the future at the par value (it will be higher than the purchase price). This difference is his income.

nominal value calculated by the formula:

NP=P*(1+(Tv*r/365*100)) , where

NP is the par value of the security;
Tv - term of the bill in days;
P - sale price (meaning the price at which the bill holder bought the bill from the bank).

The longer the term of the security and the higher the discount rate, the more income the holder will receive.

Validity periods

The document is valid from the moment of drawing up and until its repayment (payment). Securities with a maturity of "at sight" can be made available for payment within 1 year from the date of issue. If there is a condition "not earlier than a certain date", then the calculation of one year starts from this date.

When the exact date of redemption is known, the holder of the bill must submit the bill for payment on that day or within the next two business days. He has no right to demand from the payer to pay the bill ahead of time. The payer also cannot demand to accept the payment before the due date.

A bill of exchange must be accepted within 1 year from the date of issue. If the due date is indicated "at such and such a time from presentation", then the date of presentation is considered the date of acceptance.

Payment term can be roll over although the law does not provide for such a procedure. The parties may put in the document a new payment date. Then a secondary written consent (re-acceptance) of all participants is required. Or draw up a new bill of exchange with a later maturity date.

If the holder of the bill does not present the security for payment, the missed period shall not be restored. The remitter loses the right to demand the amount of the bill from other participants in the bill of exchange. In case of refusal to pay, you can count on the collection of only the payment on the bill without interest.

Who has the right to issue a bill

According to the legislation of the Russian Federation, drawers can be individuals who have reached the age of 18 and have full legal capacity, as well as legal entities with legal capacity. The signature of the chief accountant and seal is optional.

These persons may also be bill holders. Promissory notes cannot be issued by executive authorities of the Russian Federation.

Operations on bills

With bills you can produce following operations.

Bank sale. The remitter sells the security to the bank by endorsement before the maturity date. For early payment, the bank takes discount rate. This operation is called accounting of a bill.

Settlement with other persons. Accept a bill of exchange as a deferred payment from the debtor or, having a security in hand, pay off already with your debtor.

Transfer to another person by endorsement. The inscription is placed on the back of the bill or on the second additional sheet (allonge) with the words "to pay by order" or "to pay in favor", indicating the new holder. Be sure to put the date. By performing such an operation, the remitter (endor) transfers all rights and obligations under the bill to a new holder (endor). Partial endorsement cannot be issued.

The security can be transferred unlimited number of times, but each endorser remains a guarantor for payment (in a bill of exchange - and for acceptance). When the bill needs to be paid, the last bill holder will demand the debt. If there is no payment and the bill is protested, then the last payer may apply for recovery to any of the endorsers. This is called the right of recourse. Otherwise, fraudulent bills would be possible. In order not to assume joint and several liability, the holder of the bill may put a note in the endorsement “without turnover on me”. The transfer of a bill can be excluded if the text of the document says “not to order”. Then only sale will be possible.

Endorsement options:

• nominal - contains the exact name of the endorser, his signature and seal.
• blank - a specific endorser is not written. He can then write himself in or hand over the bill without making any other notes. When the due date is reached, the last remitter will enroll itself.
• collection - an instruction to the bank to make an accent and receive payment. It is also called "on collection". The bank takes a small commission. The following endorsements on such a document can only be a transfer (without the right of ownership).
• collateral - the bill is transferred to the bank as collateral for the loan. 60-90% of the bill amount is accepted as security. As with a collection endorsement, subsequent transfers do not change the owner of the security.

It is possible to issue an endorsement after the protest of the bill. However, the endorser will no longer be responsible for the payment.

Domiciliation. This is an instruction to the bank from the drawer to make payment at the appointed time. Such bills are called domiciled. The bank will carry out this operation only if there is money in the current account.

On the bill can stand additional marks: acceptance and aval. Acceptance means that the payer agrees to pay. Usually the drawer accepts the bill and only then transfers it to the holder. But there are also situations when the payer himself meets with the payer, if they are geographically close, and the drawer is far away. Acceptance may be partial, indicated by the words "I agree", "I will pay" or other similar in meaning. Be sure to sign, put the date and seal.

Aval is a bill of exchange guarantee. The avalist guarantees payment for the drawer, payer or any of the endorsers. If the person obligated to pay the bill refuses to pay, then this demand passes to the avalist. Having made the payment, he has the right to demand the promissory note amount from all participants in the transaction. Avalization of bills is most often carried out by commercial banks. It is allowed to issue a partial aval. A valuable paper with aval is considered more reliable.

Where do these documents apply?

In Russia, this security is actively used in business. Most often, a bill acts as a lending instrument. It is used by transport, energy, metallurgical and other companies.

Banks issue both their own bills and buy them from private enterprises. For the lender, this form of credit is more secure than because of the possibility of a protest procedure. Also, the bill is used as a deferred payment in the calculations of entrepreneurs whose activities are related to trade.

With a lack of liquidity, the territorial remoteness of the counterparty, this security is very convenient for replenishing working capital. The maturity of most bills in our country does not exceed 1 year.

Accounting

When a bank buys a bill, it takes discount amount (account percentage) behind early payment the holder of the bill.

It is calculated by the formula:

∑discount=(N*Tres.*r)/(100*365), where

N - face value (principal plus interest);
Toast. – remaining time to maturity, days;
r – discount rate, %.

Rediscount of a bill call the operation of the sale by the bank of the purchased security to the Central Bank.

For the record these securities in accounting are used separate sub-accounts. Commercial bills of exchange are recorded on accounts 60, 62, 91, 97. Financial bills are recorded on accounts 66, 76, 58, 76. Operations for the issuance of a bill of exchange are recorded on an off-balance account 009, and repayment - on an off-balance account 008.

Tax accounting provides for exemption from payment when calculating promissory notes, but there are exceptions. When receiving as payment a promissory note of a third party with a discount, if the discount rate exceeds the refinancing rate, then the difference between them is subject to VAT. When a security is received from a third-party counterparty as an advance for the supply of products, then VAT must also be paid.

If the payment is not made within the appointed time or the payer pays only part of it, the holder of the bill draws up a protest of the bill.

On the next business day, before 12 noon, the document is handed over to the notary, who presents the payer with a demand for unconditional payment. In case of refusal, an act of protest is drawn up, and a mark is placed on the security paper.

Further, the bill, together with an inventory of all participants in the bill of exchange, is transferred to the court and enforcement proceedings immediately begin. It is not necessary to prove the existence of a debt to the court. The holder of the bill can count on interest and penalties for late payment. The same procedure is carried out if the bill is not accepted.

Differences from an IOU and other securities

Promissory note and IOU certify the existence of a debt, but there is significant differences.

The bill has strict form, mandatory details, can change the holder and the responsibility for it is much more serious. There are no such strict requirements for the receipt, it does not change the lender and can be challenged by the borrower. The presence of a debt on it will need to be proved, and the collection of debt on a bill begins immediately.

Unlike stocks and bonds the bill is issued only in paper form, and large issues are rare. It is used as a means of payment and is transferred by endorsement. A share indicates the presence of its owner's share in the right of ownership, and a bill of exchange reflects a monetary obligation. Shares and bonds are not calculated, and they are transferred through another endorsement - cession. Unlike an endorsement, an assignment is a bilateral agreement, and the previous holder is only responsible for the existence and validity of the transferred rights, and is not responsible for their actual implementation.

The use of promissory notes allows you to establish stable trusting relationships between business entities. For further development and expansion of the scope in Russia, it is necessary to improve the legislative framework.

For information on what a bill is and what are the rules for its use, see the following video lesson:

A written obligation, a security of a certain form, is called a promissory note. According to the document, its owner has the right to demand payment of a monetary debt in set time and for a specified amount. This tool is widely used by legal entities for settlements with each other.

What is a bill

In commodity relations, the first security, which gave rise to all other types of similar financial instruments, is a bill. This is a document that is issued and controlled by a special branch of legislation - bill of exchange law, and taxation is regulated tax code RF. A bill is a security that serves as confirmation of the debt of one person (the drawer) to a second person (the holder). Issue, issuance of paddle paper to the first owner is called emission.

This is one of the oldest financial documents. Its prototypes are celebrated even under the ancient Romans and the inhabitants of the Roman Empire. The first form of promissory note, called a bill of exchange, arose in Italy in the 18th century. Most of the terms that are associated with paper are of Italian origin. The flexibility and convenience of the document led to its ubiquity. Today, this financial instrument has received the widest application in Russia.

A significant difference between a promissory note and a bond is that the subject of debt in the first instrument is cash, and in the second, the share of participation in the capital of shareholders. There are other signs by which papers are distinguished from each other:

1. Each bond must be subject to state registration.
2. A bill of exchange can be used instead of cash, with bonds this is not possible.
3. Bonds are formed according to the legal mechanism of purchase and sale, and a bill of exchange document is transferred by order of the current owner.

The following characteristics of a financial instrument are defined:

• abstractness;
• indisputability of obligations;
• unconditionality;
• simplicity, the absence of unnecessary information, the use of only mandatory details;
• formalism;

The characteristic "abstract" means that the receipt does not contain an indication of the agreement that became the basis of the bill of exchange document. The payment is not affected by obligations between entities. The characteristic "unconditional" means the absence of any conditions for payment. No conditions can cancel the payment of funds to the holder of the bill, specified in such a receipt.

Form and details of the bill

A strictly established form is a mandatory feature of a debt instrument. A form is understood as a way of fixing the rights certified by it. Only when drawn up according to certain rules, legal force and properties are acquired. Promissory note details refer to the elements of the form and cannot differ from the established procedures.

Mandatory details of the bill of exchange (transferable form), determined by the bill of exchange legislation of Russia, include:

• designation "bill" in the text;
• an offer to pay a specified amount of money, which is unconditional;
• name of the payer (drawee);
• payment term;
• the name of the recipient of the debt;
• data on the place and date of writing the promissory note;
• signature of the person issuing the bill of exchange.

Types of bills

IOUs must be in writing, but not all of them look the same. Know what bills are. These financial instruments are of two types:

• simple;
• transferable.

There are also interest-bearing and interest-free bills. The meaning becomes clear from the names: in the first case, the interest rate is indicated, in the second - not. With an interest-free form of debt clearance, only the nominal value is not necessarily paid. In an explicit or implicit form, any commercial instrument involves the payment of interest. The interest-free form is conditional, because the interest rate is included in the face value, which will be paid upon repayment of the debt.

promissory note

One of the subspecies of debt clearance is a simple or solo bill. According to this document, the drawer undertakes to return to the bill holder the specified amount in specified period. Often the parties to such an agreement are the buyer and the seller. The buyer of any goods can issue debt paper in the name of the seller acting simultaneously as a creditor.

Promissory note with endorsement

When an entry is made on the back of a promissory note or on an appendix (allonge) that all rights of claim have been granted to another person, this text is called an endorsement (giro). A bill transferred by endorsement removes obligations from the former bill holder and transfers it to the endorsee (new bill holder). The person transferring the debt obligation in this case is called the endorser. The law does not allow the transfer of part of the amount (partial endorsement).

bill of exchange

When in financial instrument indicates the need to pay the debt by the drawer to a third party - the holder of the bill, we are talking about the transferable form of registration of debt. A draft bill of exchange "transfers" a debt from one person to another. In such documents, the drawer is called the drawer, the debtor - the drawee, and the recipient of money - the payee. The draft, the form of which is strictly established, contains a proposal (order) from the drawer to pay the specified amount to the drawee to a third party - the payer.

The difference between a promissory note and a bill of exchange

It is often misunderstood that transferable debt clearance can be transferred from one holder to another, but simple debt cannot. It is legal to sell, buy, use debt of any form as collateral for a loan, but an endorsement is issued for this. A promissory note and a bill of exchange differ from each other in the number of sides. There are three parties to a transfer obligation:

• drawer;
• payer;
• recipient (bill holder).

Simultaneously with the draft, an acceptance is drawn up - a paper that serves as confirmation of the payer's consent to pay the debt. A simple type of document is a special case of a transfer document, since the drawer and payer are the same person. Acceptance is not required when issuing a promissory note; the payer confirms his consent to payment by signing the main document.

Types of bills

Differences in the rights of the owner of debt clearance determine the classification into the following types:

• nominal;
• order;
• to the bearer.

Documents of the 1st type contain information about the person who is granted the right to demand a return of money from the drawer. In the second case, such a right is granted to the person who currently owns the document. His data is not written down on paper. An order obligation is drawn up in the name of the first owner and can be transferred to another person by making an endorsement. Selling and buying is carried out with each type of this financial instrument. A bank bill may be collectable. Then an endorsement in favor of a particular bank is fixed.

Nominal bill

If the surname, name, patronymic of the owner is indicated in the form of a financial instrument, then such an obligation is defined as a nominal one. The specified person has the right to demand payment of the debt in accordance with the concluded document. A promissory note is the most common type of promissory note. The holder can be changed by applying an endorsement on the back of the paper. The record contains the name of the next owner and the signature of the previous one.

Bearer bill

The order bill does not contain information about the bill holder. The paper prescribes the amount of the debt, the date and place of the calculation, the data of the debtor. The person who currently owns it has the right to receive a debt under an order form. During the validity of the document, several owners may change (especially if the amount is large), and the last holder requires payment of the debt.

Acceptance of a bill

An inscription on a bill of exchange is called acceptance, which confirms the obligation of the drawee to pay the specified amount. Sometimes this term denotes a procedure in which a third party (the payer) assumes the obligation to pay the debt. The issued debt is considered accepted when the consent or guarantee of the payer to pay the debt is issued. A bill of exchange can be presented for acceptance at any time from the date of issuance until the end of the payment period.

What is a surety bond called?

A guarantee, a guarantee on a bill, according to which a person (availer) assumes the obligation to pay a certain amount, is called an aval. In fact, the aval of a bill is the postscript “consider aval” or equivalent on the front side of the issued debt next to the name of the drawer. The entry does not apply to mandatory details, but its occurrence affects the value of the paper. When a document is validated financial institution, the holder receives a guarantee from this institution for payment. The debt equally applies to the debtor and the avalist.

Bill circulation and bill settlements

Deferral settlements between suppliers and payers, regulated by a special document, are called bill form. Settlements where bills are applied are carried out between individuals and legal entities, when offsetting the mutual requirements of enterprises. Bill circulation is understood as the transfer of rights to receive fixed amount from one person to another.

Bill accounting

When a bill holder sells a debt obligation to a bank before the due date for it, we are talking about bill accounting. The bank buys the debt from the holder of the bill by endorsement. The owner receives for this the agreed amount without discount interest (discount), determined by the bank itself, depending on the solvency of the drawer. Accounting for bills of exchange is used when the holder needs money, it is impossible to use paper for payment by endorsement, and the time when the borrower must issue money has not yet come.

There are three types of accounting:

1. Ordinary accounting - the amount of the bearer loan is the full amount reflected on the financial instrument.
2. Accounting with reverse - the bearer undertakes to redeem the registered securities within a certain period of time.
3. Non-negotiable accounting - the bearer sells the security at an agreed price, and not at full value.

How to draw up a promissory note

For the validity of a debt obligation, it is important that the execution of a bill of exchange complies with all the norms established by law. The security paper is drawn up according to the model, it must certainly contain:

1. Label "bill" - at least once.
2. The amount of the obligation - in numbers and in words.
3. Date of repayment of the debt or other indication of the repayment period.
4. The location where the obligation will be returned.
5. Drawer's signature.
6. If necessary, the endorsement (on the back), the signature of the avalist, information about the issuer is fixed.

Regulated by law and information, features that should not be in the document. These include:

1. Debt payment terms.
2. Defects in shape that may result from decorative elements (such as frames).

Maturity of the bill

According to the legislation, the following payment terms are established:

• on a specific date (urgent);
• agreed with the moment of presentation;
• correlated with the date of compilation;
• requiring payment on demand.

A promissory note with a maturity date other than those specified is invalid. If the document stipulates payment at sight, then it should be handed over to the drawer no later than 1 year, otherwise it loses its force. The debtor can pay off earlier or stipulate a longer repayment period. Even in the security, there may be stipulations that the creditor does not have the right to demand the return of funds under the payment obligation upon presentation before a specific deadline.

Video: Bills - what is it

A bill of exchange is a debt security certifying 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 debtor. The issue and circulation of bills of exchange are carried out in accordance with the bill of exchange law.

BILLS: types, registration procedure, terms of issuance of bills, Accounting of bills

When implementing entrepreneurial activity, any company takes part in transactions for the sale of goods, works, services, which leads to the emergence of mutual settlements with other organizations, which are carried out on the basis of the terms of such transactions.

At the same time, mutual settlements can be carried out not only in cash, but also in other means of payment. One such medium is a bill of exchange. According to the provisions, the bill refers to securities.

Note: A security is a document certifying (in compliance with the established form and mandatory details) property rights, the exercise or transfer of which is possible only upon its presentation.

With the transfer of a security, all the rights certified by it in the aggregate pass (clause 1). Securities refer to objects civil rights in accordance with and in accordance with paragraph 2, are recognized as movable property.

In accordance with the provisions of article 1 federal law RF dated February 21, 1997. No. 48-FZ “On a bill of exchange and a promissory note” No. 48-FZ, on the territory of the Russian Federation, the Decree of the CEC and the Council of People's Commissars of the USSR “On the Enactment of the Regulations on a Transfer and Promissory Note” dated 07.08 is applied. 1937 No. 104/1341.

Decree No. 104/1341 deals with two types of bills of exchange: promissory notes and bills of exchange.

Also in the theory of bill of exchange law, other types of bills are distinguished: 1) treasury, 2) bronze, 3) friendly, 4) counter.

And depending on the security: 1) secured, 2) unsecured.

Bills are also conditionally divided into:

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1. Commodity or settlement bills

A commodity is a bill of exchange used for settlements between organizations and their counterparties in transactions related to the sale and purchase of:

• goods,
• works,
• provision of services.

2. Financial bills.

Financial bills are called, transactions with which are not related to purchase and sale transactions. Including bills of exchange that are collateral for a loan obligation.

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TYPES AND FEATURES OF BECKS

A bill of exchange is a written promissory note of a strictly statutory form, issued by the drawer (borrower) to the holder of the bill (creditor), giving the latter the unconditional right to demand from the drawer the payment of the amount of money specified in the bill by a certain date.

The concepts of a promissory note and a bill of exchange and their differences:

1 . promissory note a document containing a simple and unconditional obligation of the drawer to pay the holder of a certain amount at a specified time and in a specific place.

A promissory note is issued by the debtor. At its core, it is an IOU.

2 . A bill of exchange (draft) is a document that is an indication of the drawer (drawer) to the drawee (payer) to pay the payer (third party) a certain amount on time and in a specific place.

The difference between a promissory note and a bill of exchange is that a bill of exchange, unlike a promissory note, involves three parties:

• Drawer - drawer,
• The drawee is the payer,
• Beneficiary or holder of a bill.

Together with the bill of exchange, an acceptance is issued, proving the consent of the payer to pay the bill.

A promissory note is a special case of a bill of exchange in which two parties are involved due to the fact that the drawer and payer are the same person. A promissory note does not require acceptance, since the very fact of issuing a bill automatically means consent to its payment.

At the same time, both a bill of exchange and a promissory note can be transferred from one holder to another. For this, it is necessary to issue endorsement - endorsement on the back of the bill.

Other common types of bills and their definitions:

1 . discount bill They call an interest-free bill placed at a price below par, that is, taking into account the discount.

2 . Interest-bearing bill called a fixed bill interest rate. It is issued for the purpose of accumulating income as a deposit instrument. The advantage of such bills is that they can also be used to pay counterparties.

3 . Interest-free bill call a promissory note not containing conditions on an interest rate, or with a zero interest rate and a maturity date "at sight".

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PROCEDURE FOR ISSUING BECKS

When conducting transactions with bills of exchange, it is necessary to remember the following:

1. The bill is a formal document. The absence of any of the required details makes the bill invalid.
2. Only money can be the subject of a promissory note.
3. The bill is unconditional and indisputable monetary obligation, since the obligation to pay a bill of exchange cannot be limited by any conditions.
4. A bill of exchange and a promissory note must be drawn up only on paper (Article 4 of Law No. 48-FZ).

In accordance with the provisions of Decree No. 104/1341, the bill must contain:

1. The name "bill" included in the text of the document itself and expressed in the language in which this document is drawn up.
2. A simple and unconditional offer to pay a certain amount.
3. Specify the payment term.
4. Specify the location where the payment is to be made.
5. The name of the person to whom or to whose order the payment is to be made.
6. Indication of the date and place of drawing up the bill.
7. Signature of the person who issues the bill (drawer).

For a bill of exchange also obligatory requisite is: the name of the person who has to pay (the payer).

In accordance with paragraph 2 of Decree No. 104/1341, a bill in which any of the above details is missing is not valid, except in the following cases:

1. A promissory note with no maturity date is treated as payable at sight.
2. In the absence of a special indication, the place of drawing up the document is considered the place of payment and, at the same time, the place of residence of the payer.
3. A bill that does not indicate the place of its drawing up is recognized as signed in the place indicated next to the name of the drawer.
   

   Note: In a bill of exchange payable at sight, the drawer may stipulate that interest will accrue on the bill amount. In any other bill, such a condition is considered unwritten.

Interest rate must be indicated on the invoice itself. In the absence of such an indication, the condition is considered unwritten. Interest is accrued from the date of drawing up the bill, unless another date is specified.

Both a promissory note and a bill of exchange may be transferred by endorsement.

Note: An endorsement is an endorsement affixed by the holder of a bill of exchange on a bill of exchange (or on an additional sheet - allonge), by means of which all rights under the bill are transferred to another person.

In this case, the drawer may prohibit the transfer by placing the clause "not to order" in the text of the document. This or a similar clause makes a negotiable document non-negotiable. Such a bill cannot be transferred by endorsement. A bill containing such a restriction is called a "recta bill" and can only be transferred in accordance with the form and with the consequences of an ordinary assignment.

An endorsement may be made even in favor of the payer, regardless of whether he accepted the bill or not, or in favor of the drawer, or in favor of any other person liable under the bill. These persons may in turn endorse the bill. The endorsement must be simple and unconditional. Any condition limiting it is considered unwritten. Partial endorsement is invalid. An endorsement to the bearer has the force of a blank endorsement.

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A bill of exchange may be issued for:

1. Upon presentation.

Such a bill is payable upon presentation and must be presented for payment within one year from the date of its drawing up. The drawer may shorten this period or stipulate a longer period. These periods may be shortened by endorsers. The drawer may stipulate that a bill of exchange with a maturity at sight cannot be presented for payment before a certain date. In such a case, the time limit for presentation shall run from that time limit.

2. At so much time from presentation.

The maturity of a bill of exchange drawn up at such and such time from sight is determined either by the date of acceptance or by the date of protest.

In the absence of a protest, an undated acceptance shall be deemed to have been made in respect of the acceptor on the last day of the period provided for presentation for acceptance.

3. So much time from compilation.

The maturity date for a bill of exchange issued for a period of one or several months from drawing up or from presentation, comes on the corresponding day of the month in which the payment is to be made.

If there is no corresponding day in a given month, the due date for payment is the last day of that month.

If a bill of exchange is issued for a period of one and a half months or several months and a half from the drawing up or from presentation, then whole months must first be counted.

4. On a certain day.

If a bill of exchange is due for payment on a certain day in any place where a calendar other than that of the place of issue is adopted, then the due date shall be deemed to be fixed according to the calendar of the place of payment.

If different calendars are in force at the place of issue and at the place of payment for a bill of exchange issued for a period of so much time from the date of issue, then the date corresponding to the day of issue according to the calendar of the place of payment is set, and depending on this, the due date is determined.

Note: Promissory notes containing either a different term or consecutive terms of payment are not valid.

Payment on a bill of exchange, the term of which falls on a non-working day established by law, may only be demanded on the first following business day. Likewise, all other actions relating to the bill, in particular presentation for acceptance and protest, can be made only on a working day. If any of these acts must be completed within a specified period, the last day of which is a statutory non-working day, then such period shall be extended to the next business day after the expiration of the period. Non-working days falling on the time of the passage of the term, go into the account of the term.

In accordance with paragraph 73 of Decree No. 104/134, the time limits established by law or in the bill do not include the day from which the time period begins to run.

So, for example, when calculating interest, the day itself of drawing up a bill or more late date indicated on it for interest calculation is not included in the calculation.

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ACCOUNTING OF PAYMENTS BY BILLS, Accounting entries

The accounting procedure for transactions involving bills of exchange is determined by:

• Based on the very conditions of such transactions, taking into account the functions performed by bills,
• Based on whether the bill is a bill of a third party or a bill of an organization participating in the transaction.

1. The organization paid for the purchased goods (works, services) with its own promissory note.

1.2 Accounting with the seller of goods (works, services). The buyer paid with a bill.

In accordance with the provisions of the Chart of Accounts for accounting of the financial and economic activities of organizations and the Instructions for its application, approved by order of the Ministry of Finance dated October 31, 2000. No. 94n, account 62 “Settlements with buyers and customers” is intended to account for received bills that secure the buyer's debt.

A sub-account 62.3 “Bills received” is opened for this account.

The buyer's debt is transferred to this subaccount from subaccount 62.1 "Settlements with buyers and customers":

Debit of account 62.3 "Promissory notes received" __ Credit of account 62.1 "Settlements with buyers and customers": - debt of the buyer on bills received as payment for goods (works, services).

Such a bill is not a financial investment in accordance with paragraph 3 of PBU 19/02 “Accounting for financial investments”: financial investments of an organization do not include bills issued by a bill issuer to a seller organization when paying for goods sold, products, work performed, services rendered .

In accordance with Order No. 94-n, if interest is provided on the received bill that secures the buyer's (customer's) debt, then the following entries are made as this debt is paid off:

Debit of account 51 "Settlement accounts" or 52 "Currency accounts" __ Credit of account 62.3 "Promissory notes received": - for the amount of debt repayment.

Debit of account 51 "Settlement accounts" or 52 "Currency accounts" __ Credit of account 91 "Other income and expenses": - by the amount of interest.

However, this rule meets the requirements of the prudence principle to a greater extent than the principle of the temporal certainty of the facts of economic activity.

At the same time, in accordance with clause 12 of PBU 9/99 “Income of the organization”, revenue is recognized in accounting if the following conditions are met:

• the organization has the right to receive this revenue, arising from a specific contract or otherwise confirmed as appropriate;
• the amount of proceeds can be determined;
• there is confidence that as a result of a particular operation there will be an increase in the economic benefits of the organization. The certainty that as a result of a particular transaction there will be an increase in the economic benefits of the organization, there is a case when the organization received an asset in payment, or there is no uncertainty regarding the receipt of the asset;
• the right of ownership (possession, use and disposal) of the product (goods) has passed from the organization to the buyer or the work has been accepted by the customer (the service has been rendered);
• the costs incurred or to be incurred in connection with this transaction can be determined.

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Thus, the accrual of interest on a bill of exchange can be reflected in the accounting monthly as follows:

Debit 62.3 "Promissory notes received" ___ Credit 91 "Other income and expenses": - the buyer's debt has been increased by the amount of interest on the bill.

When choosing this method, it should be fixed in accounting policy companies for accounting purposes.

Analytical accounting on account 62 “Settlements with buyers and customers” is kept for each invoice presented to buyers (customers), and in case of settlements by planned payments - for each buyer and customer.

At the same time, the construction of analytical accounting should provide the possibility of obtaining the necessary data, including:

• For bills discounted (accounted for) in banks;
• Promissory notes for which funds were not received on time.

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1.3 Accounting with the buyer. The organization issued its own promissory note.

In accordance with the provisions of Order No. 94n, account 60 “Settlements with suppliers and contractors”, sub-account 60.3 “Promissory notes issued” is intended to account for promissory notes issued securing debts to the seller.

The buyer's debt is transferred to this subaccount from subaccount 60.1 "Settlements with suppliers and contractors":

Debit 60.3 “Promissory notes issued” ___ Credit 60.1 “Settlements with suppliers and contractors”: - Own bill issued to the supplier.

Analytical accounting on account 60 "Settlements with suppliers and contractors" is kept for each presented invoice, and settlements in the order of planned payments - for each supplier and contractor.

At the same time, the construction of analytical accounting should provide the possibility of obtaining the necessary data, including:

• to suppliers on promissory notes issued, the due date for which has not come;
• suppliers on overdue bills.

2. The organization paid for the purchased goods (works, services) with a bill of a third party.

2.1. Accounting with the seller of goods (works, services). The buyer paid with a third party promissory note.

In contrast to the situation with the buyer's own bill, the transfer of a third party's bill leads to the repayment of the buyer's debt to the supplier from the moment of such transfer.

If the bill of a third party is: 1) Interest-bearing or 2) Discount. Then such a bill is accounted for in accordance with the provisions of PBU 19/02 “Accounting for financial investments”.

In accounting, such a transaction is reflected in the following way:

Debit 58 " Financial investments” (subaccount 58.2 “Debt securities) __ Credit 76 “Settlements with different debtors and creditors": - a third party promissory note was transferred from the buyer to the supplier.

Debit 76 “Settlements with various debtors and creditors” __ Credit 62.1 “Settlements with buyers and customers”: - the buyer's debt for the received goods (works, services) was repaid with a third party interest / discount bill.

Interest on the bill will accrue:

Debit 76 “Settlements with various debtors and creditors” __ Credit 91 “Other income and expenses”: - interest on the bill was accrued.

If a promissory note of a third party is interest-free, then such a promissory note cannot be accounted for as financial investments, since it does not meet the requirements of clause 2 of PBU 19/02.

In accounting, the transfer of such a bill is reflected in the posting:

Debit 76 “Settlements with various debtors and creditors” __ Credit 62.1 “Settlements with buyers and customers”: - the buyer paid for the received goods (works, services) with an interest-free bill of a third party.

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2.2. Buyer account. The organization transferred to the supplier as payment for goods (works, services) a promissory note of a third party.

The disposal of a bill of exchange of a third party is recorded in a separate transaction, as the sale of bills of exchange. When disposing of interest / discount bills, it is necessary to be guided by PBU 19/02 “Accounting for financial investments”.

Such a disposal is reflected in the entries:

Debit 76 "Settlements with various debtors and creditors" __ Credit 91.1 "Other income": - reflects the sale of a bill of a third party.

Debit 91.2 “Other expenses” __ Credit 58 “Financial investments” (sub-account 58.2 “Debt securities): - the value of the bill was written off as expenses.

The disposal of an interest-free bill in accounting is reflected as follows:

Debit 62.1 “Settlements with buyers and customers” __ Credit 76 “Settlements with various debtors and creditors”: - an interest-free bill of a third party was transferred as payment for the goods (works, services) received.

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