For a financial bond to be considered a bill, the following elements must be met:
The term of the bill is written in the instrument, the date of the bill, the place in which it was made, the name of the person obligated to fulfill the "drawee", the name of the person to be paid for or to his order, and an order that is not dependent on the condition that a certain amount of cash, the maturity date, the place of payment, his signature, and the name of the person who created the bill "the drawer" If the check does not include one of these stated elements except for clauses 2, 6, 7, then it is not considered a bill, meaning that the instrument does not include the place and date of maturity and the place where the bill was created does not cancel the fact that the financial instrument is a bill, and interest may be taken on the amount shown in the bill of exchange if the amount is due to be paid with Looking at the bill or after a while, and the interest rate must be determined on the bill, otherwise the interest condition shall be considered null. «Article 409»
If a group of people sign the bill "as drawers or endorsers" and some of them lose their capacity, then the obligation falls on the qualified persons who signed the bill "Article 412". The bill has its rights devolved to him and he has the right to claim this other person who signed the deceased on his behalf, and this provision generally applies to whoever exceeds the limits of his representation «Article 413 Paragraph 2.1» It is permissible to multiply copies of the bill in an identical way, and then the bill number must be placed on each copy, otherwise Each copy of the bill is considered independent from its sisters and the liability of the settler on the bill is considered pure, if it is fulfilled on the basis of the image he has, "it must bear the same number of the original bill."
As for the drawee "usually a bank or a financial institution", he must receive all the copies and the original if they are all acceptable to him "that is, express his acceptance of the original and the images in the original." Those concerned and after a period of distortion or fraud occurred in the bill. What happened after the distortion process is responsible for what was mentioned in the distortion. As for the previous signers, they are bound by what was stated in the original draft (Article 420).
The drawer of the bill who is obligated to pay it provides the amount of the bill with the drawee and is responsible towards the endorsers and holders of the bill (Article 432). If the drawer becomes bankrupt, the holder of the bill has the right to lien over other creditors to fulfill his right in the money of the bankrupt, whether the money is securities, goods, or commercial papers and they are The drawee is in possession of “Article 437, 438 Paragraph 2” and the bearer of the bill is not compelled to receive the value of the bill before the due date, and if the drawee fulfills the value of the bill before its maturity date, he alone bears the responsibility for his work, “Article 460”, and he is obligated to pay all the interest value if The bearer’s request that, and the partial fulfillment of the bill is acceptable, and it is not permissible to refuse it in the holder of the bill, and the bearer and endorsers of the bill shall be discharged to the extent that he pays it «Article 461 Paragraph 2 and 4»
The debtor of the bill may pay its value on maturity to the court treasury if the bill does not submit a request for payment, and the debtor in this case must obtain a document for depositing the amount of payment in the court’s treasury, and the obligation to deliver it to the bearer of the bill when the latter delivers the bill to him and the creditor receives the amount of the bill from the court’s treasury According to the document delivered to him, but if the debtor does not deliver the document of depositing the amount to the creditor, then he is obligated to pay the value of the bill again, and if the bill is lost or its bearer becomes bankrupt, it is permissible to refrain from fulfilling "Article 464".
Every lawsuit arising from a bill against its acceptor shall be set aside by the lapse of three years from the maturity date, and the claims made by the bearer of the bill towards the drawer or indorsers of the bill shall expire by one year from the date of the protesto drawn up on the legal date or from the date of maturity, and the claims of the endorsers against each other and towards the drawer by six months The day on which the indorser fulfilled the bill or on the day the lawsuit was filed against him «Article 502», and if the lawsuit is filed, the statute of limitations provisions shall not be enforced except on the date of the last procedure in which «Article 503» and if the debtor acknowledges the debt or a judgment on the debt is issued, this statute of limitations does not apply.
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