Bills of exchange. Types and rules of drafting bills

The security, the issue and circulation of which is governed by the bill of exchange, is called a promissory note. Its purpose is to meet the debt of one person (that is, the debtor) in a monetary form to another person (that is, the creditor). Rights to this type of securities may be transferred to a third party without the consent of the person who issued it, but on the order of the owner.

The bill is recognized as the initial form of all securities. It is the first, the earliest in the world of commodity circulation securities, from which, to one extent or another, all other types of securities took place. And the bill itself replaced the promissory note.

Today, the bill is still active, but its place in the world of securities is more than modest, in comparison with bonds or shares.

What's the Difference

The bill is a debt security, while the share is a share. Only their loan capital will unite them, and not its productive form or commodity one.

From a bond, a bill distinguishes several features arising from real forms of their existence as securities:

- A bill can be used as a means for settlements or payments, which is absolutely forbidden for bonds;

- the issue of bonds must be registered by the state, for bills it is not provided;

- the bond can be sold under a contract of sale, the bill is only on the order of the person who owns it;

- A bond is an issuing paper, a bill is of a private nature (although there are large bills of bills on the market), and so on.

Two forms of bills

These are generally recognized species - a simple and a bill of exchange.

The first, sometimes called a solo bill, is an unconditional obligation (or unconditional) to pay monetary debt to the lender. And only on the conditions prescribed in the bill. As a matter of fact, it is a debt receipt of the payer.

A simple bill of exchange is drawn up based on the results of the commodity transaction, in the event that the buyer does not have the required amount to pay. Instead, it is issued this security, on which the seller through the specified period of time will have to receive the amount stipulated in the simple bill. After the expiry of the term, the drawer presents the bill to the buyer (that is, the debtor), receives his money. A debtor receives this security, which is now considered repaid. A simple bill is issued in the name of the creditor.

The second bill, called a draft - an order considered unconditional, from the person who issued it, to its debtor with a condition to pay the amount prescribed in the paper to a third party (bill holder). That is, a bill of exchange is a written document that contains an order to transfer this amount to an outside person.

The meaning of a bill of exchange is clear from the title - it transfers the debt from one person to another. In most cases, the drawer (the one who writes the paper) is simultaneously the debtor of one person and the creditor of the other. Therefore, a bill of exchange prescribes a requirement for the debtor to pay not to the drawer, but directly to the creditor.

Requisites of a bill as a security

Any security is a strictly formal document. Therefore, the design of a bill of any type is subject to special rules.

Requisites of a promissory note:

- a bill of exchange, that is an indication that this is a "simple bill";

- the obligation to pay a certain amount is not conditional;

- the amount is indicated in figures and in words (corrections make the paper invalid);

- terms of payment of a debt;

- a meeting place with a bill holder;

- name, as well as the address of the payee (or by order of which payment will be made);

- place and full date of drafting a bill;

- Signature of the drawer (only with his own hand).

The requisites of the bill of exchange differ only in the bill of exchange ("bill of exchange"), unconditional demand to pay a certain amount on this paper, as well as the name of the payer and his location.

Amount as a bill requisite

In both the simple and the bills of exchange, the amount of the debt is indicated in figures and duplicated in words. In case of their inconsistency, the bill is issued for the amount indicated in the words. If there are several of them, a smaller amount is effective. Normative requirements are not allowed to split a debt into several parts or terms. For the bill is recognized as an abstract obligation to pay the agreed amount, regardless of the reason for its issuance.

It is allowed to issue a bill with the amount indicated with interest. They can be included in the total payment or specified separately. Moreover, the interest rate will be valid if the bill has a deadline for payment upon presentation or within a specified period from the presentation. In other cases, even if the rate is specified, the payer has the right to not pay interest.

Address of the debtor and its name

If the payer of a bill is a registered legal entity, then as a requisite it is necessary to write down the full legal address and name. If the debtor is a physical person, his full name, surname and patronymic, as well as the place of registration and passport data are fully indicated. For a promissory note this is enough. In the bill of exchange, the drawer and the debtor are different people. Therefore, in this paper, the second address and the name of the person are added to the requisites.

Payment Condition

A simple bill is issued by the debtor, therefore, in writing, it prescribes its obligation to pay the required amount.

The bill of exchange is issued by the creditor to the payer, but with a condition to pay the debt to a third party - the creditor of the drawer. Therefore, the bill of exchange does not contain an obligation, but a demand to pay the debt.

Maturity of the bill

Legislatively, they are established as follows:

"Upon presentation." That is, as soon as the bill is presented, payment is made. This should happen within a year from the date of issue of the bill, if it does not specify a specific date. In case of delay, the bill becomes invalid.

- "At a certain time after presentation." Payment of the debt occurs after the agreed time after the date of presentation. It is necessary to fix this on the front side of the bill form. This mark will be de facto consent to repay the debt or the day of protest in acceptance.

- "Within a certain period from the drawing up" - the refund takes place after the specified number of days from the date of drafting the bill.

- "For a certain day" - the payment of the debt must be made on the day prescribed in the security.

In the absence of a term, a bill may be presented for payment within a year from the date of its execution. If the date and term of payment are not specified in the paper at the same time, the bill is considered invalid.

Place of debt repayment

If the security does not stipulate otherwise, the place of payment is the location of the debtor. If the bill of payment does not include the place of payment and the location of the payer, then it becomes invalid. As well as with the indicated several payment points.

Date and place of the paper making

The location of the debtor and the place of registration of the bill may not coincide. However, if in the bill form the place of drawing is not registered, then the paper is considered to be written out in the place that is next to the name of the debtor. If the bill does not contain any of the indicated places or it is non-existent, then the security is recognized as invalid.

The date of drafting a bill is a very important requisite, since it starts the countdown of the payment term and the period of the obligation on the bill. It is considered invalid if an unreal date of compilation is indicated.

Signature

Is placed below the full name and location of the debtor in the lower right corner, and only by hand. If the document is signed by a legal entity, then in addition to its signature, the signature of the chief accountant and the company seal is required. Invalidity of a bill will be recognized in the absence of signature / signatures. And also if the document was signed by nonexistent persons or not having the right to sign it.

Guarantees

Both for a simple and for a bill of exchange, the regulations provide for an additional guarantee of payment on an accepted security by issuing a bill of exchange (aval). It is provided by a third person (most often a bank) as the main payer, and for any other person who carries a bill obligation.

Aval is a special inscription on the front side of the document or on the additional sheet (allonge). It indicates: for whom the bank's guarantee was issued, the date and place of its issuance. And also put a stamp of the bank and the signature of its first officials. "Count for aval" - this expression is recognized as classical. But it is possible to use any other, suitable in meaning.

The guarantor of the bill (avalist) is jointly and severally liable. If the guarantor paid the paper, then the rights flowing from the document go to him.

A guarantor can only be a financial institution. That is, an individual and even a legal person, no matter what solvency it possesses, can not give a bills guarantee.

What gives bail

There are a number of reasons that do not contribute to the development of bill circulation in our country. Here are some of them:

- distrust of persons (physical or legal) issuing a bill;

- possibility of fraud;

- the absence in our country of a system for fixing and recording bills of exchange;

- the norms and rules for the rapid collection of a bill of exchange from a declining payer (or his insolvency) and others are not prescribed.

Our legislation puts a bill among other securities at the lowest position, and this contributes to the fact that in the event of a bankruptcy of the drawer, the case of damages will be the last in line.

Judicial procedures for such financial claims last a very long time, and no one gives a guarantee of a positive outcome. Therefore, creditors and try to additionally secure themselves by issuing an aval. Regardless of the purpose for which the bill is avalized, the avalist becomes a participant in the bill turnover. And on the same rights as other signatories of the document.

What is the risk of the recipient

Strangely enough, but the bill guarantee does not give an absolute guarantee of a refund. Therefore, when you make a document, you must follow certain rules. They will allow to reduce possible troubles to a minimum. From all to get rid hardly it will be possible, probably, therefore the bill is considered as a security of a high degree of risk.

First of all, it is necessary to consult a high-class lawyer who knows all the nuances of bill legislation. He begins his work by checking the registration of securities and guarantees on it. Any clerical error, misprint or unreliability of the data can serve as the reason why the drawer will refuse payment with the wording "form defect".

Secondly, the lawyer checks the guarantor. And solvency is not the main thing. Pay attention to the charter of the organization (firm). Sometimes the statutory form fixes a provision on the prohibition of transactions associated with a bill of exchange guarantee. And if, nevertheless, any official of such an organization (firm) signed the bill, then the responsibility for the aval falls on him. True, excess of authority will be punished. There are times when only the head of the company can give an aval, and even his first deputy does not have such a right. Naturally, the guarantee given by such a person also entails serious difficulties.

Here it is necessary to note that the avalyst always risks signing the bill. After all, the company (or an individual) who issued a bill and refused to pay it, shifts all responsibility to the guarantor. Russian legislation in this respect is always adamant. Even if it is proved that the drawer originally had a malicious intent, and he intended to mislead the guarantor by his actions, even this will not absolve him from responsibility. That is, you still have to pay the debt.

Purchase of bills of exchange

This procedure is considered one of the most reliable and sought-after among such financial instruments on the securities market. Buying a bill is not only an advantageous means of payment, but also an opportunity for successful investment.

Income can yield so-called bill of exchange interest. They are credited to the debt amount indicated in the bill. Interest-bearing bills are issued only "on demand", "on presentation, but not earlier than a certain date", as well as "in a certain period from presentation". The calculation is made for the entire period (the number of days) of the security of the bill holder. The date of the beginning of the period is the date of drafting the bill or the number prescribed in the text of the document. Moreover, the Civil Code specifies that the countdown begins the next day from the dates described. And the Bank of Russia gives such an explanation: the day of the actual placement of the bill is not included in the calculation period for promissory notes.

The end date of the interest period is the maturity date (inclusive). Naturally, the period on which interest is accrued can not be longer than the time allowed for the presentation of the security to be paid.

For someone who pays interest on a bill, a certain order is introduced to find the number of circulation days of a security per month. They are calculated as follows:

- if interest is accrued in the first month - from the day of the beginning and to the last date in this month;

- if interest to maturity is accrued in the month of presentation - from the first day of the current month to the day indicated for presentation;

- if in any other month - the number of calendar days.