Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF MOLDOVA

of June 22, 1993 No. 1527-XII

About bills of exchange

(The last edition from 08-11-2018)

The parliament of the Republic of Moldova adopts this law.

Section I General provisions

Article 1

The bill of exchange - the document representing the commitment debt obligation constituted according to requirements of this law, granting to its owner the indisputable right in case of maturity to demand from the debtor, and in case of dissatisfaction of this requirement and from other persons of payment of the designated sum of money obliged on the bill of exchange.

Bills of exchange are written out as payment for the delivered goods, the performed works, the rendered services. Commodity nature of the bill of exchange shall be confirmed by the relevant documents in accounting of the drawer and endorsee. Bills of exchange of the Ministry of Finance, National Bank, commercial banks and physical persons of the Republic of Moldova can constitute exception.

The bill of exchange can be simple and translated.

The promissory note (sola) is document which the drawer shall pay certain amount of money to the bearer of the bill of exchange or person designated in the bill of exchange, or to the one whom it will specify in fixed term or on demand.

The bill of exchange (bill of exchange) is the document containing unconditional specifying of the drawer (the issuer, the drawer) to the payer (drawee) to pay certain amount of money to the bearer of the bill of exchange or person designated in the bill of exchange, or to the one whom it will specify in fixed term or on demand.

Kind of the promissory note is the treasurer bill of exchange issued by the Government on behalf of the Ministry of Finance for attraction for short terms of temporarily free money.

Other kind of the promissory note is the bank bill issued by banks for attraction of temporarily free money.

The acceptance is mark about the consent of the debtor to meet bill in time, made it on the bill of exchange.

The endorsement (indorsement) - endorsement on the bill of exchange which draws up assignment of rights on it to other person.

The aval - the bill guarantee (the guarantee this to the bill holder) by means of which payment of all bill amount or its part is guaranteed. The aval can be issued for the drawer, the acceptor or the endorsee by means of special mark in the bill of exchange.

Article 2

Both capable legal entities, and capable physical persons can be drawers, acceptors, endorsees and guarantors.

Only legal entities can be guarantors of drawers - legal entities.

Article 3

With introduction in national economy of bills of exchange banks can:

- accept the bill for collection for payment them in time and receipts of payments;

- consider bills of exchange;

- issue secured loans of bills of exchange;

- guarantee on bills of exchange.

The National Bank can perform purchase (accounting) of bills of exchange from commercial banks, and also grant them short-term loans on the security of bills of exchange.

Section II Draft (bill of exchange)

Chapter I Creation and form of bill of exchange

Article 4

The draft contains:

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

b) simple and nothing not caused offer to pay certain amount;

c) the name (surname and name of physical person), the address and bank details of the one who shall pay;

d) payment due date;

e) specifying of the place of payment;

f) the name (surname and name of physical person), the address and bank details of the one to whom or by order of whom the payment shall be made;

g) date and place of creation of the bill of exchange;

h) signatures of the head and the chief accountant of the drawer - the legal entity. The drawer - the physical person enters the surname, name, the address and certifies the bill of exchange the signature witnessed by the notary.

Article 5

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

- the draft according to which payment due date is not specified is considered as subject to payment at sight;

- in the absence of special specifying the place designated near the name of the payer is considered the place of payment and at the same time the residence of the payer;

- the draft in which the place of its creation is not specified is recognized signed in the place designated near the name of the drawer.

Article 6

The draft can be shown for payment by the drawer, or person who will be specified in the order by the drawer, or the third party who legally acquired rights of possession it.

The draft can be met in the location of bank of the third party, or in the payer bank location, or in other place determined by agreement.

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

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