Bill of exchange as a financial instrument
The bill (from the German wechsel) - a security strictly the established form, certifying the unconditional obligation of the Issuer (a simple bill of exchange) or other specified in the bill payer (bill of exchange) to pay upon the occurrence of the specified by the bill term defined monetary the amount. The bill refers to the order of securities, i.e. the transfer of rights in it shall be performed by making special signs - of an endorsement. An endorsement may be blank (without the indication of the person, which must be produced version) or order (with indication of the person, which must be produced version). The person who transferred the bill by an endorsement, shall be liable to subsequent by the holders of the possibility of exercising the rights on the bill of exchange.
The bill is one of the oldest financial instruments. He originally appeared in Italy in the XII century., therefore, many of the terms associated with bills of exchange (an endorsement Aval), are of Italian origin. In those days the bill has been used in the operations, connected with the exchange of currency. Changed, having received the cash, and gave out IOU, payment on which it was possible to get in another place. Due to its flexibility and the convenience of the bill quickly spread throughout Europe.
Classification of promissory notes
In the basis of the classification of promissory notes is their division into two groups: simple and transferable.
Bill envisages the participation of two parties - the Issuer and the Noteholders. In the role of the debtor acts as the Issuer, which shall be obliged to pay the specified in the bill of exchange amount ' notice to the Noteholders.
Calculations of a bill of exchange a bill of exchange further provide the Issuer and the Noteholders participation of the third party - payer. The parties involved in the issue of bills of exchange, there are other names: the drawer (the Issuer); drawee (payer); remitting Bank (holder).
Writing the bill of exchange, the Issuer transfers the obligation to pay the òðàññàòà (payer).
In the economic literature also there is a separation of promissory notes on the commodity and financial.
Under the trademarks usually understood to include promissory notes received by the supplier by the buyer. For the provider, they are additional guarantee of the upcoming payment. Receipt of funds under such a bill does not depend on any additional conditions and circumstances.
Financial called promissory notes purchased by money or by counter-supply of goods (works, services) as financial investments. It's promissory notes, which produce banks, investment companies and enterprises (non-financial institutions) for the attraction of borrowed funds.
There is also the concept of promissory notes of third parties. The so-called bill of exchange, which the enterprise has received not from the Issuer, directly issued (ýìèòèðîâàâøåãî) note, and from the transferor. Endorser - a person who, the bill of exchange received from other enterprises.
The rules of drawing up bills
The promissory note shall be made only on paper. Complete as it can be in any way: by hand, on a computer to a typewriter, rubber stamp. The only exception is the signature of the drawer: a promissory note shall be signed personally by the authorized officer. The promissory note shall be valid only in the case if it is true drafted and contains all the necessary details. The obligatory requisites of promissory notes include the following:
promissory note tag - name «bill of exchange»;
principal amount. The amount of the obligatory indicated in words. Fix the amount is not allowed in any case, even if it is stipulated the signature of the drawer. When the sum, indicated by the figures do not coincide with the amount in words, the real is considered the amount in words. Legislation allows for the issuance of promissory notes in foreign currency, even if a bill of exchange is drawn inside of Russia. It is believed that the nominal value of such notes expressed in conventional units. If the notes are not written, that to pay the debt should be only in the specified currency (the reservation of an efficient payment), then he may be paid in rubles;
name of the Issuer - this is the full name of the legal entity or full name of the physical person) with indication of the address;
date of drawing up;
simple and unconditional obligation (for a promissory note) or offer (for bills of exchange) to pay a certain amount;
the name of the first holder of the bill. The props required, so the law does not allow constitute a promissory note in bearer form without specifying a specific beneficiary of the debt;
signature of the drawer. Legislation does not require the affixing on the bill of exchange seal of the legal person. However, printing certifies the authority of the signatory. After all, if the promissory note signed by a person who had the right to do this, the persons bound by the bill becomes not an organization on behalf of which signed the bill, and inasmuch signature of the natural person. However, the organization will be responsible for such a bill, if in the future endorsed the action of the person who signed the bill of exchange;
the payer of the bill of exchange (only for bills of exchange);
place of payment. At this address, it is necessary to note and demand the payment. Place of payment may not coincide with the location of the debtor, and often the holders of the promissory notes mistakenly sent to the Issuer. Moreover, it should be borne in mind that the protest notes to non-payment is also in the place of payment. Holder should be interested, to address the payment was clearly indicated (city, street, house). If the place of payment is not specified, then it's considered to be the location of the payer;
place of drawing. If the compilation is not specified, then it is also considered to be the location of the payer;
indication of maturity.
Before accepting a bill of exchange to the accounting, enterprise specialists (lawyers, specialists on work with securities, accountants, etc.) must make sure that it is written properly. Some unscrupulous issuing promissory deliberately discharged promissory notes with a defect of form, and the situation may occur when the defect is detected after the receipt of promissory notes, which is accounted for on the balance sheet. To present the bill for payment the Issuer makes no sense, since the company has already lost the rights and advantages, which gives the bill. In this case, it may be required to recover the debt.
There are common situations in which (even with the obligatory requisites) the bill is invalid:
cut out at least one letter in the bill mark of the word «bill of exchange»;
bill cut in half (or part of) and glued;
there is no part of the bill props - bill stained with paint, ink, oil, pitted, spoiled chemical reagents, because of which it is impossible to read the details;
there are deliberate damage of the details.
The bill does not lose its force in the following cases:
stored all the required details;
not preserved elements of protection Blanca (watermarks, thread, magnetic tags, etc.);
glued torn pieces, which, of course, belong to the given bill of exchange;
sealed with a lacerations;
there are bright spots, but they do not prevent the reading of the bill details;
the signature was not named, not by an authorized person.
The underwriter is a person who has undertaken to place securities on behalf of the Issuer or on his own behalf, but due to and on behalf of the Issuer.
An endorsement is a special inscription on the bill of exchange or on an external sheet - àëëîíæå), which transfers the rights on the bill of exchange to the new holder of a note.
The inscription can be such; «Pay order (specify the legal or physical person)», or «Instead of me pay,» or other similar records. Endorsements must necessarily contain the ñîáñòâåííîðó÷íóþ signature of the person sending the bill. The person transmitting the note by endorsement, is called the endorser. The person receiving the bill of exchange, - èíäîññàòîì. With this in èíäîññàìåíòå may not be the name of the person, who passed the bill (however, this does not apply to cases of the initial issue - here you must specify the name of a person, which is passed a bill). This is called an endorsement in blank. The person receiving the bill on the blank labels can transmit it to other people without an endorsement, i.e. just hand it over to.
Having on hand the bill of exchange, the holder may transfer it by endorsement or to demand payment. Demanding the payment of promissory notes, it is important to identify the payer and the day of the presentation for payment. First, the holder must apply to the principal debtor under the bill. In simple bill of exchange them is the Issuer.
The principal debtor under a bill of exchange - acceptor. Acceptance of the means the consent to pay for. The payer writes on the bill: «àêöåïòóþ», «agrees to pay» or simply puts his signature on the front side of the promissory notes. Prior to acceptance, the person named in the bill of exchange a bill of exchange as a payer liable on the bill of exchange shall not be to him no requirements on the bill of exchange cannot be present. At the same simple bill of exchange and does not require acceptance, because in this case the Issuer is responsible for this document from the moment of preparation.
There are several variants of terms of submission of bills to pay:
promissory note with a term of «on demand». If, in such a bill of exchange there are no reservations in terms of timing, i.e., it contains only the words «upon presentation», then he shall be brought within one year from the date of issue;
the bill with payment «in such a time of presentation». Date of the receipt of the payment shall be counted from the date of acceptance (on a bill of exchange) or visa (on a promissory note), received on the first scan. The second presentation of the notes shall be held within the specified period or in one of the following two working days;
the bill with payment «in such a time of drafting». Date of the receipt of the payment shall be counted from the date of issue of promissory notes. Presentation for payment must be either in the specified term, or in one of the following two working days;
bill of exchange with maturity on a certain day. To present the bill for payment must be either in the day or in one of the following two working days.
In case of refusal from payment obligations under a bill of a person holder shall be obliged to certify this fact protest the non-payment (for a promissory note) or protest to the non-acceptance (for bills of exchange). To refuse from the payment is equal and the absence of the debtor at specified in the bill of exchange address. Protest commits a notary (both state, and engaged in private practice) at the place of payment. Holder must apply to him on the day of the expiry of the term of payment or before 12 noon the next working day. Notary in the same day shall be obliged to present to the payer of the requirement about payment, namely: it is the act of protest bills of exchange in payment, makes an entry in the registry or notation on the bill of exchange. Then the bill comes back ' notice to the Noteholders. The protest shall be paid state duty in the amount of one per cent of the ïðîòåñòóåìîé amount.
Protest is not required:
when in the bill on the right says recording of the Issuer «turnover without cost» or «turnover without protest»;
when the debtor is insolvent and it is recognized by court;
for a bill of exchange, unless already done a protest to the non-acceptance.
On the fact of non-payment shall be informed of all obliged entities. Protest the non-payment gives grounds to claim all the persons bound by the bill of exchange parties. This right is called the right of recourse.
