{"id":3693,"date":"2012-09-04T07:15:17","date_gmt":"2012-09-04T14:15:17","guid":{"rendered":"http:\/\/www.sociedades-limitadas-colombia.com\/?p=2673"},"modified":"2012-09-04T07:15:17","modified_gmt":"2012-09-04T14:15:17","slug":"convention-on-international-bills-of-exchange-and-international-promissory-notes-2","status":"publish","type":"post","link":"https:\/\/lawin.org\/convention-on-international-bills-of-exchange-and-international-promissory-notes-2\/","title":{"rendered":"Convention on International Bills of Exchange and International Promissory Notes 3"},"content":{"rendered":"

Convention on International Bills of Exchange and International Promissory Notes<\/a> <\/h1>\n

 <\/p>\n

Article 9<\/p>\n

(1) An instrument is deemed to be payable on demand:<\/p>\n

(a) If it states that it is payable at sight or on demand or on
\npresentment or if it contains words of similar import; or<\/p>\n

(b) If no time of payment is expressed.<\/p>\n

(2) An instrument payable at a definite time which is accepted or
\nendorsed or guaranteed after maturity is an instrument payable on demand
\nas regards the acceptor, the endorser or the guarantor.<\/p>\n

(3) An instrument is deemed to be payable at a definite time if it
\nstates that it is payable:<\/p>\n

(a) On a stated date or at a fixed period after a stated date or at
\na fixed period after the date of the instrument; or<\/p>\n

(b) At a fixed period after sight; or<\/p>\n

(c) By instalments at successive dates; or<\/p>\n

(d) By instalments at successive dates with the stipulation in the
\ninstrument that upon default in payment of any instalment the
\nunpaid balance becomes due.<\/p>\n

(4) The time of payment of an instrument payable at a fixed period
\nafter date is determined by reference to the date of the instrument.<\/p>\n

(5) The time of payment of a bill payable at a fixed period after sight
\nis determined by the date of acceptance or, if the bill is dishonoured by
\nnon-acceptance, by the date of protest or, if protest is dispensed with,
\nby the date of dishonour.<\/p>\n

(6) The time of payment of an instrument payable on demand is the date
\non which the instrument is presented for payment.<\/p>\n

(7) The time of payment of a note payable at a fixed period after sight
\nis determined by the date of the visa signed by the maker on the note or,
\nif his visa is refused, by the date of presentment.<\/p>\n

(8) If an instrument is drawn, or made, payable one or more months
\nafter a stated date or after the date of the instrument or after sight,
\nthe instrument is payable on the corresponding date of the month when
\npayment must be made.<\/p>\n

If there is no corresponding date, the instrument is payable on the last
\nday of that month.<\/p>\n

Article 10<\/p>\n

(1) A bill may be drawn:<\/p>\n

(a) By two or more drawers;<\/p>\n

(b) Payable to two or more payees.<\/p>\n

(2) A note may be made:<\/p>\n

(a) By two or more makers;<\/p>\n

(b) Payable to two or more payees.<\/p>\n

(3) If an instrument is payable to two or more payees in the
\nalternative, it is payable to any one of them and any one of them in
\npossession of the instrument may exercise the rights of a holder. In any
\nother case the instrument is payable to all of them and the rights of a
\nholder may be exercised only by all of them.<\/p>\n

Article 11<\/p>\n

A bill may be drawn by the drawer:<\/p>\n

(a) On himself;<\/p>\n

(b) Payable to his order.<\/p>\n

Section 3. Completion of an incomplete instrument<\/p>\n

Article 12<\/p>\n

(1) An incomplete instrument which satisfies the requirements set out
\nin paragraph (1) of article 1 and bears the signature of the drawer or
\nthe acceptance of the drawee, or which satisfies the requirements set out
\nin paragraph (2) of article 1 and subparagraph (d) of paragraph (2) of
\narticle 3, but which lacks other elements pertaining to one or more of
\nthe requirements set out in articles 2 and 3, may be completed, and the
\ninstrument so completed is effective as a bill or a note.<\/p>\n

(2) If such an instrument is completed without authority or otherwise
\nthan in accordance with the authority given:<\/p>\n

(a) A party who signed the instrument before the completion may
\ninvoke such lack of authority as a defence against a holder who had
\nknowledge of such lack of authority when he became a holder;<\/p>\n

(b) A party who signed the instrument after the completion is
\nliable according to the terms of the instrument so completed.<\/p>\n

CHAPTER III. TRANSFER<\/p>\n

Article 13<\/p>\n

An instrument is transferred:<\/p>\n

(a) By endorsement and delivery of the instrument by the endorser
\nto the endorsee; or<\/p>\n

(b) By mere delivery of the instrument if the last endorsement is
\nin blank.
\nArticle 14<\/p>\n

(1) An endorsement must be written on the instrument or on a slip
\naffixed thereto (“allonge”). It must be signed.<\/p>\n

(2) An endorsement may be:<\/p>\n

(a) In blank, that is, by a signature alone or by a signature
\naccompanied by a statement to the effect that the instrument is
\npayable to a person in possession of it;<\/p>\n

(b) Special, that is, by a signature accompanied by an indication
\nof the person to whom the instrument is payable.<\/p>\n

(3) A signature alone, other than that of the drawee, is an endorsement
\nonly if placed on the back of the instrument.<\/p>\n

Article 15<\/p>\n

(1) A person is a holder if he is:<\/p>\n

(a) The payee in possession of the instrument; or<\/p>\n

(b) In possession of an instrument which has been endorsed to him,
\nor on which the last endorsement is in blank, and on which there
\nappears an uninterrupted series of endorsements, even if any
\nendorsement was forged or was signed by an agent without authority.<\/p>\n

(2) If an endorsement in blank is followed by another endorsement, the
\nperson who signed this last endorsement is deemed to be an endorsee by
\nthe endorsement in blank.<\/p>\n

(3) A person is not prevented from being a holder by the fact that the
\ninstrument was obtained by him or any previous holder under
\ncircumstances, including incapacity or fraud, Duress<\/a> or mistake of any
\nkind, that would give rise to a claim to, or a defence against liability
\non, the instrument.<\/p>\n

Article 16<\/p>\n

The holder of an instrument on which the last endorsement is in blank
\nmay:<\/p>\n

(a) Further endorse it either by an endorsement in blank or by a
\nspecial endorsement; or<\/p>\n

(b) Convert the blank endorsement into a special endorsement by
\nindicating in the endorsement that the instrument is payable to
\nhimself or to some other specified person; or<\/p>\n

(c) Transfer the instrument in accordance with subparagraph (b) of
\narticle 13.<\/p>\n

Article 17<\/p>\n

(1) If the drawer or the maker has inserted in the instrument such
\nwords as “not negotiable”, “not transferable”, “not to order”, “pay (X)
\nonly”, or words of similar import, the instrument may not be transferred
\nexcept for purposes of collection, and any endorsement, even if it does
\nnot contain words authorizing the endorsee to collect the instrument, is
\ndeemed to be an endorsement for collection.<\/p>\n

(2) If an endorsement contains the words “not negotiable”, “not
\ntransferable”, “not to order”, “pay (X) only”, or words of similar
\nimport, the instrument may not be transferred further except for purposes
\nof collection, and any subsequent endorsement, even if it does not
\ncontain words authorizing the endorsee to collect the instrument, is
\ndeemed to be an endorsement for collection.<\/p>\n

Article 18<\/p>\n

(1) An endorsement must be unconditional.<\/p>\n

(2) A conditional endorsement transfers the instrument whether or not
\nthe condition is fulfilled. The condition is ineffective as to those
\nparties and transferees who are subsequent to the endorsee.<\/p>\n

Article 19<\/p>\n

An endorsement in respect of a part of the sum due under the instrument
\nis ineffective as an endorsement.<\/p>\n

Article 20<\/p>\n

If there are two or more endorsements, it is presumed, unless the
\ncontrary is proved, that each endorsement was made in the order in which
\nit appears on the instrument.<\/p>\n

 <\/p>\n

\n

Conclusion<\/h3>\n<\/div>\n
\n

Notes<\/h3>\n<\/div>\n
\n

See Also<\/h3>\n<\/div>\n
\n

References and Further Reading<\/h3>\n<\/div>\n
\n

About the Author\/s and Reviewer\/s<\/h3>\n<\/div>\n

Author: international<\/b><\/p>\n<\/p>\n

Mentioned in these Entries<\/h3>\n

Duress<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Convention on International Bills of Exchange and International Promissory Notes   Article 9 (1) An instrument is deemed to be payable on demand: (a) If it states that it is payable at sight or on demand or on presentment or if it contains words of similar import; or (b) If no time of payment is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,101,5],"tags":[20],"_links":{"self":[{"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/posts\/3693"}],"collection":[{"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/comments?post=3693"}],"version-history":[{"count":0,"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/posts\/3693\/revisions"}],"wp:attachment":[{"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/media?parent=3693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/categories?post=3693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lawin.org\/wp-json\/wp\/v2\/tags?post=3693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}