Stocks: Veksel - What is it?

The bill (from it. Wechsel) — strictly established form, certifying nothing the caused obligation the drawer (promissory note), or the offer to other payer specified in the bill (draft) to pay after approach of the term provided by the bill a certain sum of money in a concrete place. The bill can be order (to bearer) or nominal. In both cases cession of rights under the bill occurs by fulfillment of a special inscription — an endorsement though for drive of the order bill the endorsement isn't obligatory. It essentially distinguishes the bill from requirement cession of rights on cession. The endorsement can be blank (without instructions of the person to which the bill is transferred) or nominal (with instructions of the person to which execution should be made). The person who has transferred the bill by means of an endorsement, bears responsibility before the subsequent holders on a level with the drawer.

In the bill which is subject to payment after a presentation or during so much time from a presentation, it is possible to stipulate that for the bill sum percent will be charged. In any other bill charge of percent isn't supposed. The interest rate should be specified in the bill. Percent are charged from the date of drawing up of the bill or from the named date.

The inscription on the bill, certifying that the bill is subject to payment after a presentation or after certain term from the date of its presentation is called ависто. The inscription ависто can be made also on checks and transfers.

Bill:Obligatory requisites of the bill

Obligatory requisites of the bill are established by the Uniform law about переводно?м and the promissory note (ЕВЗ), being the appendix № 1 to the Geneva convention from June, 7th, 1930 № 358 «About the Uniform law about translation and promissory notes»:

* a bill label "bill" in the document text;
* the unconditional order or the obligation to pay the certain sum;
* the name of the payer and the first holder;
* the name of the payee;
* term and a payment place;
* date and a place of drawing up of the bill and the signature of the drawer.

At absence at least one of obligatory requisites the document can't be recognized by the bill. Though there is a number of exceptions:

at not specified term of payment it is considered that the bill is subject to payment after a presentation;
at payment places, it is considered that the specified address of the payer;
at not specified place of drawing up, it is considered that the address of the drawer;
if on the bill there are signatures of the persons, incapable to be obliged or false signatures of other persons nevertheless don't lose force.