of April 5, 2001 No. 2374-III
About the circulation of bills of exchange in Ukraine
This Law determines features of the circulation of bills of exchange in Ukraine which consists in issue of translated and promissory notes, implementation of transactions with bills of exchange and execution of bill obligations in economic activity, according to the Geneva convention of 1930 which enters the Unified bill of exchange act and promissory notes, taking into account the clauses caused by appendix II to this Convention and according to the Geneva convention of 1930 on settlement of some collisions of bill of exchange acts and promissory notes, the Geneva convention of 1930 on the stamp tax concerning bills of exchange and promissory notes.
Article 1. The legislation of Ukraine on the circulation of bills of exchange consists of the Geneva convention of 1930 which enters the Unified bill of exchange act and promissory notes (further - the Unified law), taking into account the clauses caused by appendix II to this Convention and from the Geneva convention of 1930 on settlement of some collisions of bill of exchange acts and promissory notes, the Geneva convention of 1930 on the stamp tax concerning bills of exchange and promissory notes, the Law of Ukraine "About the capital markets and the organized goods markets", the Law of Ukraine "About accession of Ukraine to the Geneva convention of 1930 which enters the Unified bill of exchange act and promissory notes", the Law of Ukraine "About accession of Ukraine to the Geneva convention of 1930 on settlement of some collisions of bill of exchange acts and promissory notes", The law of Ukraine "About accession of Ukraine to the Geneva convention of 1930 on the stamp tax concerning bills of exchange and promissory notes", this Law and other acts of the legislation of Ukraine adopted according to them.
Article 2. The clauses caused in Articles 3, of 7, of 9, of the 10 and 13 appendix II to the Geneva convention of 1930 which enters the Unified bill of exchange act and promissory notes are effective in Ukraine as follows:
1) article 10 of the Unified law is not applied;
2) the legal situations specified in article 41 of the Unified law determine that the amount of the bill of exchange expressed in foreign currency in the territory of Ukraine can be paid in national currency of Ukraine at the rate of the National Bank of Ukraine on the date of maturity (or if the debtor delays payment, - at the discretion of the bill holder - on the date of payment implementation) or in foreign currency with observance of requirements of the foreign exchange legislation of Ukraine.
This provision is applied also in that case when by the drawer (according to bill of exchange - the drawer) it is caused that the payment is made in the currency determined in the bill of exchange (clause about implementation of payment in foreign currency);
3) the legal situations specified in paragraph three of article 44 of the Unified law determine that the protest in non-payment of the bill of exchange which is subject to payment for certain date or in certain time from the date of creation or presentation shall be performed or in day when the bill of exchange is subject to payment, or in one of two next working days;
4) the legal situations specified in Items 2 and 3 of Article 43, and also in paragraph six of article 44 of the Unified law are determined as follows:
Articles specified in Item 2 43, - in case of initiation of proceedings about bankruptcy of the drawee, and also in case of recognition by his bankrupt and irrespective of whether he accepted the bill of exchange;
Articles specified in Item 3 43, - in case of recognition by the drawer's bankrupt on the bill of exchange which is not subject to the acceptance;
Articles specified in paragraph six 44, - in case of recognition of the drawee by the bankrupt and irrespective of whether he accepted the bill of exchange, or in case of recognition by the drawer's bankrupt on the bill of exchange which is not subject to the acceptance for use by the bill holder of the right of regress there will be sufficient presentation of the judgment on recognition by the bankrupt of such drawee or the drawer;
5) percent about which there is a speech in Item 2 of Article 48 and Item 2 of article 49 of the Unified law on the amount of the bills of exchange as issued, and which are subject to payment in the territory of Ukraine are charged proceeding from the size of discount rate of the National Bank of Ukraine on the date of submission of the claim and from the date of maturity (from the date of payment) about day of submission of the claim respectively.
Article 3. Legal entities and physical persons can undertake and acquire the right according to translated and promissory notes in the territory of Ukraine.
Executive bodies, local government bodies, and also organizations and the organizations which are financed by the government budget, or local budgets can act as the drawer, the drawer, the endorsee or the endorsee only in cases and according to the procedure, determined by the Cabinet of Ministers of Ukraine.
Use of bills of exchange by the National Bank of Ukraine is performed according to the legislation of Ukraine on the circulation of bills of exchange.
Use of bills of exchange by Fund of guaranteeing household deposits is performed according to the Law of Ukraine "About system of guaranteeing household deposits".
Article 4. It is possible to issue translated and promissory notes only for registration of money debt for actually delivered goods, the performed works, the provided services, except for finance bank bills, bills of exchange of Fund of guaranteeing household deposits and finance treasurer bills.
At the time of issue of bill of exchange as the drawee, or the drawer of the promissory note shall have person specified in the bill of exchange before the drawer and/or person to whom or by order of which the payment, the obligation which amount shall be at least, than payment amount on the bill of exchange shall be made.
The condition on carrying out calculations using bills of exchange Surely is reflected in the relevant agreement which is signed in writing. In case of issue (transfer) of the bill of exchange according to the agreement monetary commitments on payment under this agreement stop and there are monetary commitments on payment on the bill of exchange.
Persons guilty of violation of requirements of this Article bear responsibility according to the law.
Article 4-1. To financial bills of exchange belong:
the paragraph two is excluded;
finance bank bill;
finance treasurer bill.
The part two is excluded.
The part three is excluded.
The finance bank bill - security which certifies unconditional obligation of bank institution to pay after maturity certain amount to the owner of the bill of exchange.
Features of issue, the address, accounting, payment and collection on financial bank bills of exchange are determined by the National Bank of Ukraine in coordination with the National commission on securities and the stock market.
Finance treasurer bill - security which certifies unconditional monetary commitment of the central executive body performing treasurer servicing of budgetary funds which draws up debt of the government budget to pay after maturity certain amount to the owner of the bill of exchange (bill holder).
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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