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Persons liable under the promissory note include: Promissory note and its types

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.

Consider some types of bills in more detail.

A promissory note is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the holder or his order.

From the very beginning, two persons participate in such a bill: the drawer, who himself directly and unconditionally undertakes to pay on the bill issued by him, and the first acquirer (the bill holder), who owns the right to receive payment on the bill.

The difference between a promissory note and other promissory notes is that:

  • 1) a bill of exchange can be transferred from hand to hand by an endorsement;
  • 2) liability for the bill of exchange for the persons participating in it is joint and several, with the exception of persons who have made a non-negotiable inscription;
  • 3) it is not required to appear at the notary's office to certify the signature;
  • 4) in case of non-payment of the bill within the established period, it is necessary to make a notarial protest;

A bill of exchange not paid on the due date must be handed over to a notary public the next day for protest. This requirement is categorical: under no circumstances can a bill be submitted for protest earlier than the day following the day of the due date; on the other hand, the omission of this day, even if not through the fault of the bank, makes it impossible to make a protest. If the deadline for payment or the deadline for sending a bill of exchange for protest coincides with a day of rest, these deadlines are extended by one day.

5) a bill of exchange is an abstract monetary document and, therefore, is not secured by a mortgage, pledge or penalty.

A promissory note with no maturity date is treated as payable at sight.

In the absence of a special indication, the place of drawing up of the document is considered to be the place of payment and, at the same time, the place of residence of the drawer.

A promissory note that does not indicate the place of its drawing up is considered as signed in the place indicated next to the name of the drawer.

To a promissory note, in so far as they are not inconsistent with the nature of the document, the provisions relating to a bill of exchange concerning:

  • - endorsement;
  • - payment term;
  • - payment;
  • - claim in case of non-acceptance or non-payment;
  • - payment by way of mediation;
  • - copies;
  • - changes;
  • - prescription;
  • - non-working days, calculation of terms and prohibition of rational days.

A promissory note shall also be subject to the provisions relating to a bill of exchange payable to a third party or in a place other than the domicile of the payer; interest clause; disagreements in the designation of the amount payable; the consequences of the signature of a person who acts without authority or in excess of his authority; to the form of a bill of exchange; aval.

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

The obligated party under a bill of exchange and a promissory note can be two categories of persons:

  • 1) citizens of the Russian Federation;
  • 2) legal entities of the Russian Federation.

The Russian Federation, subjects of the Russian Federation, municipal formations have the right to acquire the status of an obligated subject for bills of exchange only with the permission of the federal legislator.

A bill of exchange (draft) is a written document containing an unconditional order of the drawer to the payer to pay a certain amount of money at a certain time and in a certain place to the recipient or his order.

A draft is a bill of exchange. In modern banking and commercial practice, as well as legal and economic literature, a draft is a synonym for the term "bills of exchange".

The main difference between a bill of exchange and a simple bill of exchange, which is essentially a debt receipt, is that it is intended for the transfer, movement of values ​​​​(money amounts) from the disposal of one person to the disposal of another.

To issue (trace) a bill of exchange means to assume the obligation of a guarantee of acceptance and payment on it.

Consequently, it is possible to trace to another only if the drawer (drawer) has at his disposal a value of not less than the amount of the traced bill. Unlike a simple bill of exchange, not two, but three persons participate in a bill of exchange: the drawer (drawer), who issues the bill, the first acquirer (or bill holder), who, together with the bill, receives the right to demand payment on it, and the payer (drawer), to whom the bill holder offers make a payment (in a bill of exchange this is indicated by the words "pay", "pay").

Here the obligation of the drawer is conditional: he undertakes to pay the amount of the bill if the payer (drawee) does not pay it. The need for the drawer to fulfill such an obligation arises when the drawee has not accepted and paid the bill or has accepted and not paid. In the latter case, the drawee is equated with the drawer of a promissory note and a protest of non-payment arises against him.

The holder of a bill of exchange must promptly present the latter for acceptance (acceptance) and payment, since otherwise the failure to comply with these conditions may be attributed to his own fault. In cases with promissory notes, their presentation to the payer for acceptance, and, consequently, drawing up a protest in non-acceptance is not required, that is, from the very beginning of the bill's appearance, there is a direct debtor. According to a bill of exchange, such a direct debtor acts only from the moment of acceptance of the bill by the payer. Up to this point, there is only a conditional debtor (drawer).

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 that is not related to the purchase and 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".

A Treasury bill is a short-term government-issued security.

A friendly bill is a bill that has no real transaction behind it, no real financial obligation, but the persons involved in the bill are real. Usually friendly bills are exchanged by two real persons who are in a trust 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.

A bronze bill is a bill for 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.

N 48-FZ "On a transfer and promissory note"

Article 1. In accordance with the international obligations of the Russian Federation arising from its participation in the Convention of June 7, 1930, establishing the Uniform Law on Transferable and Promissory Notes, to establish that the Decree of the Central Executive Committee and the Council of People's Commissars of the USSR is applied on the territory of the Russian Federation " On the Enactment of the Regulations on a Transferable and Promissory Bill of August 7, 1937 N 104/1341 (Collection of laws and orders of the Workers 'and Peasants' Government of the USSR, 1937, N 52, art. 221).

Article 2. Citizens of the Russian Federation and legal entities of the Russian Federation may be bound by a bill of exchange and a promissory note.

The Russian Federation, subjects of the Russian Federation, urban, rural settlements and other municipal formations have the right to be bound by a bill of exchange and a promissory note only in cases specially provided for by federal law.

A bill of exchange and a promissory note issued by the Russian Federation, constituent entities of the Russian Federation, urban, rural settlements and other municipal entities prior to the entry into force of this Federal Law shall retain the previously established obligations to repay it.

Article 3

Articles 48 and 49 of the Regulations on a bill of exchange and a promissory note are paid in the amount of the discount rate established by the Central Bank of the Russian Federation in accordance with the rules established by Article 395 of the Civil Code of the Russian Federation.

Article 4. A bill of exchange and a promissory note must be drawn up only on paper (hard copy).

Clause 5 code of the RSFSR.

Article 6. This Federal Law shall enter into force on the day of its official publication.

Article 7 N 31, item 1024).

Article 8. Propose to the President of the Russian Federation and instruct the Government of the Russian Federation to bring its normative legal acts in line with this Federal Law within three months from the date of entry into force of this Federal Law.

bill law

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

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

The difference between a bill of exchange and a share consists in the fact that the latter is an equity security, and a bill of exchange is a debt security. Their unity comes from the fact that any security is based on loan capital, and not its commodity or productive forms.

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

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

Unlike and the bill can exist only in documentary (paper) form.

Promissory note and bill of exchange

The bill exists in two forms: a promissory note and a transferable one.

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

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

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

basis of a bill of exchange. A bill of exchange is associated with the "transfer" of a debt from one person to another. Usually, the drawer of a bill of exchange (drawer) is both the creditor of one person and the debtor of another person. In a bill of exchange, the drawer requires that the person who owes him pay, not directly to himself, but directly to his creditor.

A bill of exchange has the Italian name “draft” (which means “transfer” in translation), and the drawer is called the drawer, the debtor of the bill is the drawee, the holder of the bill (beneficiary of the bill) is the payee.

Mandatory bill details

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

A promissory note has the following details:

  • bill of exchange, that is, the designation of the document with the word - " promissory note»;
  • an unconditional obligation to pay a certain amount of money;
  • payment term;
  • place of payment;
  • the name and address of the payee to whom or by whose order it is to be made;
  • place and date of compilation (day, month and year of compilation);
  • The drawer's signature is given to them in their own handwritten way.

A bill of exchange has the following details:

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

Bill amount

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

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

Name and address of the payer

If the payer is a legal entity, then its legal address and its full name are indicated. If the payer is an individual, then the last name, first name, patronymic, place of residence, passport data are indicated. In a promissory note, the payer is the drawer. In a bill of exchange, the drawer and payer are different persons. For this reason, an additional, in comparison with a promissory note, requisite appears in a bill of exchange.

Unconditional obligation to pay a bill of exchange and demand for payment of a bill of exchange. Since a promissory note is issued by the debtor, in so far as the bill of exchange he undertakes to pay on it.

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

Payment term

The bill of exchange legislation establishes the following payment terms for a bill:
  • "on presentation" - payment is made upon presentation of the bill. It must be presented for payment within one year from the date of its drawing up, but the drawer may stipulate the terms of presentation for payment, for example, "... upon presentation, but not earlier than March 1 ¼ of the year." In case of delay, the bill loses its bill of exchange force;
  • “at so much time from presentation” - payment is made after a certain period of time after the date of presentation of the bill. The latter is fixed by a mark on the front side of the bill, which is actually an agreement to pay or the day the bill is protested in acceptance;
  • “at so much time from drawing up” - payment is made after a certain number of days from drawing up a bill;
  • "on a certain day" - payment occurs on the day specified in the bill.

If the term of payment is not specified in the bill, this means that it is payable at sight within a year from the date of issuing the bill. A promissory note that does not simultaneously indicate the date of issue and the due date is invalid.

Place of payment- usually it is the location of the payer, unless otherwise specified in the bill. If the place of payment is not specified in the bill, then the location of the payer will also be considered as the place of payment. If the bill of exchange does not contain the place of payment and the location of the payer, the bill is considered invalid. A bill of exchange will be invalid if it contains several places of payment.

Indication of the place and date of drawing up the bill

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

The date of drawing up the bill is obligatory, since it is necessary for calculating the maturity of the bill and the period of the bill of exchange obligation. The unrealistic date of the drafting of the bill means its invalidity.

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

The regulation on promissory notes and bills of exchange provides that payment on a bill of exchange accepted by the payer can be additionally guaranteed by issuing a surety (aval), which is given by a third party (usually a bank) both for the original payer and for each other person liable under the bill.

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

Aval is issued with a special inscription of the avalist, which is made on the front side of the bill or on an additional sheet to the bill (allonge). In the aval, they indicate for whom the guarantee was issued by the bank, the place and date of issue, the signature of the first two officials of the bank and its seal are affixed. Promissory notes avalized by the bank are credited to its off-balance account “Guarantees, guarantees issued by the bank”.

The avalist and the person for whom he vouched shall be jointly and severally liable for the payment of the bill. In case of payment of the bill by the avalist, all rights arising from the bill are transferred to him.

Avaliation of bills increases their reliability and promotes the development of bill circulation.

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

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

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

All transfer inscriptions on the bill, its acceptance or aval are drawn up within the established payment period. The due date for a bill of exchange is a mandatory requisite, and its absence makes the bill invalid.

Acceptance of a bill of exchange

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

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

Acceptance, like aval, can be partial.

Bill circulation

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

Endorsement

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

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

The holder of the bill on the reverse side of the bill or on the additional sheet (allonge) writes the words: "pay to the order" or "Pay in favor" indicating the person to whom the payment is transferred.

  • endorser- the person in whose favor the bill is transferred.
  • Endorser- a person who transfers a bill of exchange by endorsement.

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

Partial endorsement is not allowed, i.e., the transfer of part of the amount of the bill. The endorser signs the endorsement with his own hand, which is sealed with his seal. He is responsible for the acceptance and payment of a bill of exchange and payment of a promissory note. However, he can relieve himself of responsibility for acceptance and payment if he makes the clause "no return on me". In this case, he is excluded from the chain of persons liable for the bill, which usually leads to a drop in the liquidity of the bill.

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

Types of endorsement

There may be the following types of endorsements:
  • nominal, which contains the name of the endorser, the signature and seal of the endorser and clearly fixes to whom the ownership of the bill passes;
  • blank - it does not contain the name of the endorsee and such a bill is bearer. The endorser has the opportunity to enter the name of the new holder himself or transfer the bill without making any more entries. A blank endorsement turns into a nominal endorsement if the name of the holder of the bill is entered in the text of the endorsement, which is done upon the maturity of the payment;
  • collection- this is an endorsement in favor of a certain bank, authorizing the latter to receive payment on a bill. Such an endorsement has the form: “for collection” and gives the bank the right to present the bill for acceptance or payment;
  • mortgage is done in the case when the holder of the bill transfers the bill of exchange to the creditor as a pledge of the issued loan. Typically, such a bill is accompanied by a clause: "currency as collateral" or another equivalent phrase. A pledge endorsement does not give ownership of the bill to the endorser.

Differences between endorsement and cession

Assignment — This is an endorsement on a registered security about the transfer of ownership of it.

The main differences between these two forms of endorsement are as follows:
  • cession is a bilateral contract, and endorsement is a unilateral order of the holder;
  • in a cession, the seller of a security is liable only for the validity of property rights, and not for their enforceability, while in an endorsement, the holder is liable for both;
  • cession is always a nominal transfer, and an endorsement can be bearer;
  • the cession can be formalized both by an inscription on the security itself, and by a contract of sale, and an endorsement is made out only by an inscription on a bill (or on an additional sheet to it - an allonge).

Bill posting

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

D = N× t× r / 100%× T,

  • D - discount;
  • N is the face value of the bill;
  • t - the time remaining until the repayment of the bill (in days);
  • r is the discount rate of the bank;
  • T is an annual period (365 days).

The need to account for a bill of exchange arises if its holder needs money and cannot use instead of them the bill he has as payment by endorsement, and the due date for the bill has not yet come. Early presentation of a bill for payment does not give him any chance if the debtor has no money. The only place in the market where there is money is the bank, which trades not in goods but in money. Consequently, when receiving a bill of exchange by endorsement, the bank can only transfer money in return. Since a bill is essentially a loan, insofar as the accounting of a bill is for the bank the issuance of a cash loan at its own interest. But the bank gives this loan not to the holder of the bill, but to the payer of the bill, who must repay the loan plus interest on it. In sum, this is the face value of the bill. The bank can pay for the bill to its holder only an amount equal to the loan, i.e. face value of the bill minus the percentage discount.

Rediscount of a bill

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

Bill payment

The promissory note payment procedure is strictly standardized and includes:
  • the bill of exchange is presented for payment at the location of the payer, unless otherwise indicated in the bill;
  • the payer must make payment immediately upon presentation of the bill, if the presentation of the latter is timely. Postponement of payment on a bill of exchange is allowed only in case of occurrence of force majeure circumstances;
  • when calculating the maturity of a bill, the day on which it is issued is not taken into account. If the maturity date falls on a non-working day, the bill must be repaid on the next business day;
  • presenting a bill for payment before the maturity date does not oblige the debtor to pay on it, just as the debtor's demand for the bill holder to accept payment before the maturity date of the bill cannot be satisfied;
  • the debtor can pay only a part of the amount on the day of repayment of the bill, and the holder of the bill has no right not to accept payment. In this case, a note is made on the front side of the bill of exchange about the repayment of a part of the bill amount. The holder of the bill has the right to protest the unpaid amount and bring a claim against any of all persons liable under the bill in the amount of the unpaid amount.

Use of bills in settlements

bill of exchange- this is a payment obligation in which the buyer, or a third party, undertakes to pay its owner (bearer) a certain amount after a specified period specified in the bill.

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

When using bills, the following main tasks are solved:

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

Bill features:

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

The bill can be used to pay off one's own debt, it can be kept until the specified date and presented for payment; sell the bill before maturity.

Types of bills:

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

promissory note issued by the borrower to the lender. They draw up the borrower's debt to the creditor. This is the obligation of the borrower to pay the amount of money indicated on the bill at the specified place at the specified time.

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

drawer- this is the person issuing the bill (with a promissory note - this is the borrower).

Payee- this is the person to whom the bill is sent (with a promissory note - this is the creditor).

Bill holder- a person who has a bill at his disposal and who receives money under the bill either when the bill matures, or when the bill (sale) is discounted before the maturity date (in the case of a promissory note - the creditor).

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

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

The bank acts as the payer.

When transferring a bill, an endorsement is put on the back - an endorsement.

Accounting for a bill is the issuance of money to a creditor.

Rice. 1. Scheme of bill circulation:
  1. goods are being delivered;
  2. acceptance is consent to payment at the buyer's bank;
  3. transfer of an accepted bill;
  4. a payment order to the seller's bank for payment of a bill;
  5. accounting of the seller's bill;
  6. presentation of a bill of exchange for payment on time;
  7. receipt of payment on a bill.

Benefits of using bills:

  • reduced need for cash;
  • payment deferment;
  • payment guarantee;
  • if the chain of settlements is disrupted, funds can be received.

Problems of bill circulation:

  • it is necessary for the participants to have a good knowledge of the rules of bill circulation;
  • the procedure for the rapid collection of funds on a bill is not regulated by law;
  • bills of large issuers are suitable for real use.

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

The current legislation provides for the presentation of a bill of exchange to a notary's office for making a protest for non-payment on the next day after the expiration of the payment date on the bill no later than 12 noon. A bank that fails to fulfill the client's instruction to collect bills of exchange shall be liable for their timely appeal.

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

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

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

bill of exchange - this is a document drawn up under certain conditions that give the right to one person (the holder of a bill) to demand from another person (the drawer) who is obliged under the bill to pay the amount specified in the bill at a certain time and in a certain place.

In accordance with, a bill is a security, the rights to which belong to the person named in it, who can transfer them to another person or exercise them independently.

The bill simultaneously acts as a means of payment, a security and a debt obligation and allows you to receive income on invested capital.

Bill holder- the owner of the bill, having the right to receive the amount of money specified in it. The holder designated as the payee on the bill of exchange is called the first holder ( remittent).

Remittent(from lat . remitten- sender) - the person in whose favor a bill of exchange is issued, the first bill holder.

The alienation of rights under a bill is carried out by drawing up an inscription by the bill holder ( endorser) on the bill of endorsement itself endorsement(from lat . in- on the , dorsum - back) with the simultaneous transfer of the bill to the acquirer ( endorsee) . The endorsement usually has the following form: "Pay the order" or "Instead of me / us, pay (pay)". If there is not enough space on the bill itself to make new endorsements, then an additional sheet is attached to it - allonge. When issuing a bill to the first bill holder, no endorsement is required. By means of an endorsement, all rights under a bill of exchange are alienated in the aggregate, including the right to receive payment on a bill in full. Each endorser who has signed the bill of exchange is responsible for the acceptance and payment of the bill. Joint responsibility- this is the full responsibility of each person obligated under the bill to the legal bill holder. The holder of a bill of exchange, in the event of non-payment and a duly protested bill of non-payment, has the right to bring an action against all or some persons liable under the bill, not observing the order of endorsers. This right of the holder is called right of recourse. An exception is the case when the endorsement contains the words "without recourse to me" (non-recourse endorsement).

Mandatory details bills are:

The name of the document "bill", included directly in the text of the document and expressed in the language in which the bill is drawn up;

Indication of the payment term;

An indication of the place where payment on the bill is to be made;

The name (name) of the person by whom or by whose order the payment under the bill is to be made;

Indication of the date of drawing up the bill and the place of its drawing up;

Name (name) and signature of the drawer.

The set of properly executed details of the bill constitutes the form of the bill, and the absence or incorrect execution of at least one of them can lead to a defect in the form of the bill. Form defect is a term that defines the non-compliance of a document presented as a bill of exchange with the formal requirements of bill of exchange law. A defect in the form of a bill of exchange leads to the loss of the bill of exchange force by the document, the unconditionality of the text set forth in the document (abstractness of the bill of exchange), joint and several liability of persons liable under the bill.

The subject of a bill of exchange obligation can only be money. bill amount(nominal value of a bill) is the amount of money specified in the text of the bill itself and payable by the payer to the holder of the bill. The amount of the bill is subject to an exact number of monetary units that are legal tender in the territory of the Russian Federation, or in another currency.

The person obliged to the timely and full performance of the obligation under the bill in favor of the subject bill holder is the person named in the text of the bill as the payer and who accepted the bill - acceptor. Acceptance is expressed by the word "accepted" or another equivalent word; it is signed by the payer. By means of acceptance, the payer assumes the obligation to pay the bill of exchange on time. In case of non-payment, the holder of a bill, even if he is the drawer, has the right to bring an action against the acceptor.

Note on the bill due date it can be done by:

Determination of the exact calendar date of payment on the bill;

Determining that this bill is payable after a certain period of time from the date of its compilation;

Determining that this bill is payable at sight;

Determining that this bill of exchange is payable after a certain period of time from the moment it is presented to the payer for acceptance;

Determining that this promissory note is payable after a certain period of time from the moment it is presented to the drawer for putting down a mark on presentation.

The reliability of a bill can be increased if there is a surety on it. This guarantee is called aval. By virtue of the bill of exchange guarantee provided by him, the guarantor ( avalist) assumes joint and several liability with other persons liable under the bill to the proper holder of the bill for its timely payment.

Aval can be drawn up in the form of an inscription with the clause "consider as aval" included in its text or another equivalent clause on the front or back of the bill or on an additional sheet to the bill ( allonge). Aval is signed by those who give aval. Paying the bill, the avalist acquires the rights arising from the bill against the one for whom he gave the guarantee, and against those who, by virtue of the bill, are obliged to this latter.

Operations with bills of exchange can be carried out through intermediaries. The drawer, endorser or avalier may designate any person for acceptance or payment of the bill. A bill of exchange may be accepted or paid under prescribed conditions by a person acting as an intermediary for any of the debtors under the obligation regression(i.e. a reverse claim for reimbursement of the amount paid). The intermediary may be a third party, even the payer, or any person already obligated by virtue of the bill, with the exception of the acceptor.

The mediation acceptance is noted on the bill and signed by the mediator. It indicates at whose expense it is committed. The payment by way of mediation must cover the entire amount due to those for whom the payment is made.

The person who has made the payment by means of mediation acquires the rights arising from the bill of exchange against the person for whom he paid and against those who are obliged to him by the latter under the bill. However, he cannot endorse the bill again. Endorsers following the person who signed the bill of exchange and for whom the payment was made are released from liability.

Thus, the main properties of the bill are the following:

Joint and several liability for payments, regardless of the order of occurrence of obligations on them;

Establishing the exact date of the debt, i.e. urgency of payment without the right to extend it;

Abstractness: once having arisen on the basis of a specific transaction, in the future, the bill is isolated and exists as a separate agreement (payment instrument).

Previous
  1. By form of ownership:
    1. State (treasury) - debt issued on behalf of the state to cover the budget deficit.
    2. Municipal, or regional, - debt obligations issued on behalf of local authorities and administration in agreement with the government.
    3. Private debt issued by corporations, financial-industrial groups, commercial banks, individuals.
  2. By nature of the deal:
    1. Commercial, which are based on a specific commodity transaction for the sale (supply) of goods (products). Essence - deferred payment, the provision of a commercial loan.
    2. Financial, based on the issued loan. The essence is a guarantee of the return of the loan received.
    3. Fictitious, based on neither the movement of goods nor the movement of money.
    4. Banking (corporate). Issued only in Russia. The bottom line - attracting "cheap" temporarily free money, reflects the ratio of borrowing money by the drawer from the holder of the bill for a certain fee.
  3. By number of participants:
    1. Simple (solo). Payer and drawer are one person. The essence is the drawer-debtor, the holder-creditor.
    2. Transferable (draft). Payer and drawer - different persons. The consent of the payer is required to be payers - the main debtor of the bill. The payer-debtor of the drawer, the drawer is the debtor of the first bill holder.
  4. By due date:
    1. Definitely urgent. You can set a specific date (day) of payment.
    2. Indefinitely urgent. The day of payment is not determined in advance and depends mainly on the holder of the bill.
  5. By collateral:
    1. Secured. The bill is guaranteed by collateral, which remains at the disposal of the loan until the full payment of the debt.
    2. Unsecured. The bill is not guaranteed by collateral.
  6. If transferable to another person:
    1. Endorsed. By endorsement, I can be transferred to another person, I freely circulate.
    2. Non-endorsable. Nominal, transfer to another person is impossible, a reservation is made “not to order”.
  7. Place of payment:
    1. Domiciled. The place of payment does not coincide with the location of the payer, the first holder or the place of issue of the bill. Specified in the bill additionally.
    2. Not domiciled. The place of payment is the place of location of the drawee (bills of exchange), drawer (promissory note), remitter (first recipient) or place of issue of the bill.

The nature of bill transactions

  • commercial
  • financial
  • fictitious
  • banking

At the core commercial bill is a specific commodity transaction. A commercial bill is a document that arises in transactions for the sale of goods, the provision of services and the performance of custom work in credit. It is accompanied by additional documents confirming its commercial nature.

For financial bill it is characteristic that it is an additional guarantee of the return of the issued loan, that is, it is based on the movement of money. Financial bill - issued by the Ministry of Finance and banks to raise additional money.

Fictitious bill- at the basis of the bill there is neither the movement of goods, nor the movement of money. Fictitious bills include: bronze, friendly, counter.

Bronze bill does not have commodity coverage (real collateral), and does not participate in real transactions. He has no financial obligation, and his appeal necessarily involves a fictitious person or obviously insolvent.

Friendly bill- a bill that is issued by one solvent person to another insolvent person as a means of payment or raising money by accounting for a bill in a bank. It is also a security that two people write out to each other in order to cash out money in a bank without the movement of goods.

Rice. 1. Scheme of a bill of exchange transaction using a friendly bill.

Counter bill- two persons issue bills to each other, after which they are accounted for in different banks. When the due date for payment, they again exchange bills and take them into account in other banks.


Rice. 2. Scheme of a bill of exchange transaction using a counter bill.

A bank bill is a unilateral, unconditional obligation of the bank issuing the bill to pay the bill holder the amount specified in the bill within the prescribed period.


Rice. 3. Scheme of a bill of exchange transaction using a bank bill.

Banks issue bills interest and discount. Interest is sold at face value, and when a bill is presented for redemption, the holder of the bill is paid the face value, as well as interest on it. The interest amount depends on the established interest rate, the terms of its payment and the time during which the bill was with the holder of the bill. Such bills must be indefinitely urgent: paid by the bank at sight or at a certain time from presentation. The bank may indicate in such bills that the term of their presentation is not earlier than such and such time from the date of drawing up (sale).

Discount bills are sold below face value (with a discount-discount). Such bills are definitely urgent, that is, when selling, the bank stipulates the maturity of such a bill. For the issuing bank, such bills serve as a means of attracting temporarily free money from legal entities and individuals. The advantage of the bank is that the issue of bills does not require registration: you do not need to disclose information about yourself, as required by the issue of other securities, you do not need to pay issue tax and incur other costs.

For the buyer, the purchase of bank bills is beneficial because:

  • they are liquid
  • can be obtained on credit against promissory notes
  • bank bills are bought and sold on the secondary securities market
  • they can be used as a means of payment

A bank bill has a deposit form and is used in various financial transactions. It is easy to get it at the bank, for which you need to deposit a bill of exchange at the cash desk, and the bank will issue a bill of exchange for a period of 1 to 270 days.

Number of participants in a negotiable bill

bill of exchange- This is a document containing an order to make a payment to another person, which the acceptor must execute.

A bill of exchange (draft) is a written document containing an unconditional order from the drawer to the payer to pay a certain amount of money at a specified time and in a specific place to the holder or his order. Thus, a bill of exchange (draft) is a document that regulates the bill of exchange relations of three parties: the drawer (drawer), the debtor (drawee) and the bill holder - payee (payee). In this case, the drawer is a debtor to the payee, the drawee is a debtor to the drawee. The drawee becomes the main payer after the agreement (acceptance) to take over the payment of the bill. The law establishes that the drawer (drawer) is responsible for both acceptance and payment of the bill.


Rice. 4. Scheme of a bill of exchange transaction using a bill of exchange.

Promissory note (solo)- this is the obligation of the creditor to pay the specified amount of money to another person.

A promissory note is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money on time and in a specific place to the holder or his order.

The structure of bill of exchange relations for a promissory note is somewhat simpler than for a transferable one. In a promissory note, the drawer is a direct debtor, and he is obligated under the promissory note, as well as the acceptor under the transferable one, therefore, the promissory note does not need to be accepted.


Rice. 5. Scheme of a bill of exchange transaction using a promissory note.

Application of promissory notes

Solo bills are actively used in the following areas:

  1. Attracting temporarily free money. Banks actively use promissory notes to raise funds, since a bill of exchange has undeniable advantages over both a deposit and a savings certificate.
    1. First, unlike deposits, which are taxed at the general income tax rate, promissory notes are generally less taxed. Such a difference in taxation, of course, makes the promissory note as an instrument of raising funds more attractive for both banks and depositors.
    2. Secondly, although the income tax rates on promissory notes and savings certificates are the same, a promissory note is still preferable to savings certificates due to greater liquidity. This means that the holder of a bill has the opportunity to settle with his creditors not only in money, but also in a bill of exchange for goods delivered and services rendered, or to discount the bill ahead of schedule.
  2. Bill lending. The essence of this type of lending is that the borrower receives a loan not in cash, but in promissory notes. As a rule, such bills are liquid, since the borrower uses them as a means of payment in their financial and business transactions. This type of lending is beneficial to both the bank and the borrower, because the bank, lending to the borrower, does not use its assets, which reduces the cost of the credit operation. Accordingly, the loan interest for the borrower is less.
  3. Bill as a means of payment. The bill is a special security. This feature is that the bill can be used as a means of payment. Currently, operations with so-called "settlement" bills are very popular among banks, financial and credit and industrial enterprises. A "settlement" bill is a bill that is purchased at a discount to cover accounts payable to the drawer in the amount of the bill amount. The essence of such an operation is that the difference between the purchase price of a bill and the bill amount is income. Typically, in such transactions, bills of reliable banks or enterprises of the transport (primarily railways), energy, metallurgical and other industries are used, the products or services of which are liquid. The bills of the above industrial enterprises are purchased for the purpose of early repayment of accounts payable to the drawer, therefore they are usually accompanied by letters of guarantee with the obligation of the drawer to pay off the bill ahead of schedule on account of the bill holder's accounts payable to the drawer for goods produced by the latter and services rendered.

Determine whether the following statements are true (B) or false (F)
1. To issue, sell and buy bills of exchange, the permission of the relevant regulatory authority is required.
2. In Russia, the issuance of friendly and bronze bills is not legally prohibited
3. One of the trends in modern bills of exchange in international practice is an increase in the share of promissory notes compared to the share of transferable
4. A bill of exchange is the word "bill" in the text of the document
5. A promissory note is a simpler form of a bill of exchange than a bill of exchange, but historically the first form of a bill was a bill of exchange.
6. Even if there are fake signatures on the bill, the persons who put their original signatures are jointly and severally liable for the bill in full.
7. There are no legal barriers to issuing commercial paper in the Russian Federation
8. The organized bill market has the same disclosure requirements as the stock and bond market.
9. Serially issued bills of companies correspond to the characteristics of issue-grade securities, and therefore require additional regulation by the state N
10. If there is no maturity date in the bill, it still does not lose bill of exchange force
11. Each of the copies of a bill issued in several copies has the force of a genuine bill
12. Bills of exchange must be issued on a special bill of exchange paper (form of a bill)
13. All endorsers are jointly and severally liable for the bill
14. If payment on a bill is due to some circumstance, then the bill loses its bill of exchange force
15. On a copy of a bill, you can make transfer inscriptions - endorsements

1. The transfer of a bill by way of assignment may be carried out
1. only by nominal endorsement in the order of assignment (*answer*)
2. only by blank endorsement
3. by simple handing
4. by personal or blank endorsement
2. A promissory note with a maturity date on a certain date contains an interest clause. It means that

2. the bill is valid only as an IOU
3. the bill does not lose its force (*answer*)
4. percentage clause is considered unwritten (*answer*)
5. percentage clause is valid
3. The main and last payer on a promissory note is
1. drawer (*answer*)
2. acceptor
3. avalist
4. last endorser
5. the person indicated in the bill as payer
4. Persons liable under a bill of exchange include
1. drawer (*answer*)
2. drawee (*answer*)
3. Remittent
4. avalist (*answer*)
5. endorser (*answer*)
6. endorser
7. acceptor (*answer*)
5. Individuals in Russia may act as
1. guarantor
2. drawee (*answer*)
3. drawer (*answer*)
4. Remittent (*answer*)
5. acceptor (*answer*)
6. avalista (*answer*)
7. endorser (*answer*)
6. Endorsement with the clause "as entrusted" further apply
1. can normally
2. can only by nominal endorsement (*answer*)
3. can only by blank endorsement
4. can only with a similar clause (*answer*)
5. can only in the order of cession
6. can't
7. An interest clause is included in the bill without specifying the maturity date. It means that
1. the bill loses its force
2. the bill does not lose its force (*answer*)
3. interest clause is considered unwritten
4. percentage clause is valid (*answer*)