A bill of exchange is a strictly established form of an unconditional obligation to pay upon the onset of the specified amount of money in the document in a specific place. The bill of exchange is repaid upon maturity or presentation, subject to the necessary conditions. In this case, the creditor performs a number of actions that are necessary to close the bill.
Instructions
Step 1
Present the bill for payment or acceptance to the principal debtor or special payer specified in the document. It is recommended to send a corresponding notice to the drawer before this. A bill of exchange has the right to submit for redemption only by a legal bill holder or his representative, who must confirm his authority with a properly executed and certified power of attorney. The representative must also have a completed application and a bill of exchange acceptance certificate. The payer has no right to demand other documents.
Step 2
Transfer the bill of exchange to the payer for examination for authenticity. The term of the examination is established sufficient for the holder of the bill to be able to make a protest, if necessary. The owner of the bill has the right to be present during the examination, but cannot find out the methodology and details of its implementation. Make a receipt stating that the bill of exchange has been handed over for examination and the corresponding act of acceptance and transfer.
Step 3
Receive payment of the bill of exchange after completing the due diligence on the document's authenticity. Payment can be made both in cash and in non-cash form. If necessary and desired by the holder of the bill, the payment can be made in the form of other rights or property. After the bill is paid off, the mark “paid” is put on it. If the payment is made with a bill of exchange, the acceptor must notify the drawer of this in writing within the prescribed period.
Step 4
Ask the payer for a receipt if he refuses to pay the bill. This document must contain the details and information that are provided for by law for registration of an act of protest in non-payment. Pass the receipt to the notary to expedite the protest process. The Arbitration Court deals with the settlement of disputes on the redemption of the bill.
