Bills of Exchange

Consideration of a Bill of Exchange. Article (442): The Obliged somebody to Provide Considerations. The drawer or the person in whose look upon the summit is drawn payee is obliged to make the esteem for sale with the drawee. The holder and endorsers have the right to recourse to the drawer or the person in whose favor the bill is drawn, in causative agent where the condition is non operable to the drawee. In the slope virtue such a provision does not survive. This hold is illogical, where the payee is the person who will receive the consideration, so how can he be obliged to make consideration easy to the drawee? correspondingwise the drawer taking the obligation to make consideration for sale to the drawee, will effect the circulation of the bill. Article (443): Conditions of consideration. In rear for the consideration to exist, it should be as followed: 1.The drawee shall be in debt to the drawer. 2.The indebtedness singing shall ex ist on maturity date. 3.Consideration shall be for specific leave behind of money. 4.Consideration shall be at least equivalent to the bar of the bill; however it can not be little than the total of the bill. The same applies to the English law.

Article (444): The Onus of render at once the bill is accepted, this makes a supposal that the consideration is available to the acceptor drawee on maturity date. Such a given is definitive, finished the affinity between the drawee and the bearer or holder. The acceptance by the drawee does not make a conclusive presumption that the consideration is av ailable to the drawee through the relation b! etween the drawee and the drawer. Such a presumption is prima facie. Where the drawee may repudiate that the consideration is not available to him and then the drawer has to levy the contrary. The acceptance in like manner by the drawee does not make a conclusive presumption through the relation between the drawer and the bearer. Therefore, the drawer has to prove that the...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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