LAW OF THE REPUBLIC OF KAZAKHSTAN

of April 28, 1997 No. 97-I

About circulation of bills in the Republic of Kazakhstan

This Law according to the Convention establishing the uniform law about translated and simple bills of exchange, the Convention which is intended for permission of some collisions of the laws on translated and promissory notes, and the Convention on the stamp tax concerning translated and promissory notes of June 7, 1930 regulates circulation of bills in the Republic of Kazakhstan and determines functions of the bill of exchange as payment instrument and means of crediting.

The concepts applied in this Law

The aval - bill guarantee in case of which person which made it assumes liability on implementation of payment on the bill of exchange (completely or in part) for other person obliged on the bill of exchange.

The guarantor - person who made the aval.

The acceptance - the written consent to payment of the bill of exchange.

The allonge - additional leaf to the bill of exchange for making of endorsements.

The bronze bill of exchange - the bill of exchange which is written out on fictional person.

Currency of the bill of exchange - monetary unit in which the amount of the bill of exchange is expressed.

The drawer - the legal entity or physical person which issued the bill of exchange.

The bill holder - the owner of the bill of exchange having the right to the amount of money specified in it.

The bill of exchange - the payment document of strictly established form containing deed unconditional monetary commitment.

Bill paper - the kind of stamped paper having certain degree of protection and intended for creation of the bill of exchange on it.

Grace day - preferential day on which the payment due date specified on the bill of exchange is extended.

Discount - the percent levied when accounting bills of exchange before maturity.

The domiciled bill - the bill of exchange which is subject to payment by the third party in other place than the residence of the payer, from name and at the expense of the payer, in case of designation about it on the bill of exchange.

Friendly bills of exchange - the bills of exchange issued by persons each other without intention of the drawer to make on it payment, and only for the purpose of research of money by means of mutual accounting of these bills of exchange in bank of the second level.

The endorsement - endorsement on the back of the bill of exchange or on the allonge, certifying assignment of the rights on this bill of exchange to other person.

The endorsee - person transferring the bill of exchange.

The endorsee - person for benefit of whom the bill of exchange on endorsement is translated.

The commercial bill - the bill of exchange issued on the basis of purchase and sale agreements, performance of works, rendering services (except for financial services).

Brokerage fee - the remuneration paid to the intermediary during transaction with the bill of exchange.

The residence - the residence of physical person (postal address) or the location of the legal entity (postal address).

- the formula included in the bill of exchange by the drawer, meaning prohibition to transfer to "Not the order" the bill of exchange by means of the endorsement.

"turnover without costs", "without protest" - the clause included in the text of the bill of exchange by the bill holder, the endorsee, the guarantor, exempting the bill holder from making of protest of the bill of exchange in non-payment or the non-acceptance by the drawer.

Persons obliged on the bill of exchange - those persons to whom requirement to meet bill can be imposed: drawer, endorsee, payer, acceptor, guarantor.

Bill of exchange (bill of exchange) - the bill of exchange containing nothing not caused proposal (order) of the drawer (drawer) to the third party (drawee) to pay to the first bill holder (payee) or on his order in certain time in the future, or the amount of money at sight designated in the bill of exchange.

The Preporuchitelny endorsement - the text on the bill of exchange made by the bill holder and aiming at transferring of some rights on the bill of exchange in the limits set by the endorsee.

The promissory note (solo) - the bill of exchange containing nothing not caused obligation of the drawer to pay on demand or in certain time in the future the amount of money designated in the bill of exchange to the bill holder.

Protest of the bill of exchange - the written act certifying not dating of the acceptance either refusal in the acceptance or payment.

Regress - the return requirement for the unaccepted or unpaid bill of exchange.

The recambio - the requirement which can be drawn up in the form of the bill of exchange (the return bill of exchange), shown by person which lost on the bill of exchange to one of persons obliged on the bill of exchange. The recambio can include the paid amount of the bill of exchange, percent, penalty fee, costs connected with making of protest.

The remittance - the draft in foreign currency acquired by the debtor for national currency at the third party and sent them to the foreign creditor to debt repayment before it.

Accounting office - the bank of the second level (further - bank) having the license for implementation of accounting transactions.

The finance bill - the bill of exchange issued for the purpose of fund raising and also on the basis of transactions about rendering financial services.

Cession - requirement concession in the obligation according to the civil legislation.

Section I. About translated and simple bills of exchange

Chapter 1. About creation and about form of bill of exchange

Article 1.

The draft shall contain:

1) the name "bill of exchange" included in the text of the document and expressed in that language in which this document is constituted;

2) nothing not caused order to pay certain amount of money;

3) the name of the one who shall pay (payer);

4) specifying of payment due date;

5) specifying of the place in which the payment shall be made;

6) the name of the one to whom or by order of whom the payment shall be made;

7) specifying of date and place of creation of the bill of exchange;

8) the signature of the one who issues the bill of exchange (drawer).

Article 2.

The document in which is absent any of the requirements specified in prior Article is not valid bill of exchange, except as specified, determined in the following lower paragraphs.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info