INTRODUCTION …………………………………………………………………… ..5

1. Economic and legislative bases of bill circulation ……………………………………………… 6
1. Bill details ……………………………………………… ..… 6
1. Aval registration …………………………………………. …… 7
2. Execution of endorsement ………………………. …………… ..8
3. Terms of payment on a bill of exchange ……………………………………… 9
4. Terms of protest of a bill of exchange ……………………………………… ..10
2. Bill of exchange settlement ………………………………………… 12
2. TYPES OF VEXELS ………………………………………………….… 13
3. BANKING OPERATIONS WITH VEXELS ………………………… 16
1. Bank lending operations with bills of exchange ………………………… .16
1. Accounting (discount) of bills ……………………………………… .16
2. Loan in the form of a call account …………………………… .18
3. Forfeiting operations with bills of exchange ……………………… 19
4. Issuer loan …………………………………… ..20
2. Commission operations of banks with bills of exchange …………………… ..21
1. Collection of bills of exchange ……………………………………… 22
2. Domiciliation of bills ………………………………………… 23
3. Disposal of promissory notes …………………………………….… ..24
4. Bill of exchange acceptance by the bank …………………………………….… ..25

CONCLUSION ………………………………………………………………… .26

LIST OF USED LITERATURE ………………………….… .27

Feedback on term paper

INTRODUCTION

To achieve this goal, it is necessary to solve the following tasks:

• show the main provisions of modern legislation on a bill;
• define the essence and function of the bill;
• consider the classification, the mechanism of circulation of the bill and the details of the promissory note and bill of exchange;
• describe the mechanism of operations performed by banks in terms of bill circulation;

The prospective development of bill circulation in terms of cashless settlement requires a detailed study and study of the features of such a tool, which determines the relevance of this topic of course work.

To write the term paper, we used regulatory legal acts, articles of periodicals, educational literature and sites from the Internet.

A bill of exchange is an unconditional written promissory note of a strictly established form, which gives its owner (the holder of a bill) an indisputable right, upon maturity, to demand from the debtor the payment of the amount of money indicated in the bill.

A bill of exchange is a strictly formal document. It contains a list of required details. The absence of at least one of them deprives the bill of legal force.

Mandatory bill details include:

bill label, ie designation of the document with the word "bill", expressed in the same language in which the document is written;

place and time of drawing up the bill (day, month and year of drawing up);

a promise to pay a certain amount of money;

indication of the amount of money in numbers and in words (corrections are not allowed);

payment term;

place of payment;

the name of the person to whom or by order of whom the payment should be made;

the signature of the drawer - presented to him in his own handwritten way.

Unlike a promissory note, where the payer is the drawer, in a bill of exchange the payer is a special person - the drawee. The name of the latter is an additional obligatory requisite of the bill of exchange.

Usually, the designation of the payer (drawee) is made by affixing the named person in the lower left corner on the face of the bill.

Instead of the words "I undertake to pay", as it is in the promissory note, the order to pay is recorded in the bill of exchange: "pay", "pay".

The regulation on a promissory note and bill of exchange provides that one hundred payment on a bill of exchange or a bill of exchange accepted by the payer can be additionally guaranteed by issuing a guarantee (aval). The bank is currently the guarantor for the payment of the promissory notes. In this case, the bank can guarantee payment both for the original payer and for each other person obliged by the bill of exchange.

1.1.1. Aval registration

Aval is drawn up with a special inscription of the avalist, which is made on the face of the bill or on an additional sheet to the bill (allonge).

The aval indicates for whom the guarantee was issued by the bank, the place and date of issue, the inscriptions of the first two officials of the bank and its seal are affixed.

A bank guarantee (aval) can be affixed and used in the full amount of the bill and in part of the bill amount.

Bills of exchange delivered by the bank are accounted for on off-balance sheet account No. 91404 “Bank guarantees”. When using a guarantee after writing off to an expense from account No. 91404, the amount of the guarantee is charged to the debit of account No. 60315 "Amounts not collected by the bank for its guarantees" - on the personal account, "Amounts not collected for avals of bills, for bill intermediation" - by posting:

D-t count. No. 60315 "Amounts not collected by the bank under its guarantees"

Kit count. No. 20202 "Cashier", bank correspondent account or bank customer's current account.

In case of payment of the bill by the avist, all rights arising from the bill are transferred to him.

The sale of bills of exchange increases their reliability, contributes to the development of bill circulation.

1.1.2. Registration of an endorsement

The current bill of exchange legislation provides for the possibility of transferring a bill of exchange from hand to hand as a payment instrument using a transfer inscription (INDASSEMENT).

Transfer of a bill under endorsement means the transfer, together with the bill of exchange, to another person and the right to receive payment on this bill.

The holder of the bill on the reverse side of the bill or on an additional sheet (allonge) writes the words: "pay the order" or "pay for me (us)" indicating to whom the payment is transferred.

The person transferring the bill under the endorsement is called the endorser. The person receiving the endorsement bill is the endorsee. All rights and obligations under the bill of exchange are transferred to the endorsee.

The law provides that all crossed out endorsements are considered unwritten and have no legal effect.

For a bill of exchange drawn up with endorsements, all persons participating in it are jointly and severally liable for payments.

It is very important to correctly and completely indicate the persons of bill holders and remitters. When making an endorsement, the indication of persons not identical to those previously indicated may affect the further circulation of the bill. The act of transferring a bill of exchange is called endorsement, endorsement of a bill.

For the payer of the endorsed bill, it is all the same to whom the payment is made, as long as the bill reaches the last holder through a series of successive endorsements. The endorsement must necessarily contain the signature of the person transferring the bill, and can be inscribed or in blank.

In addition to the signature, the company stamp can also be affixed. The endorser's signature must be in his own hand, in contrast to the rest of the transfer inscription.

The holder of a bill (endorser), when transferring a bill of exchange, has the right to place a clause "without recourse to me" in the transfer inscription and thereby remove from himself liability for an unpaid bill of exchange that has been protested in default, which does not apply to the following endorsers.

The presence of the specified clause in the inscription of subsequent bill holders may be caused by fear of possible non-payment of the bill, which undermines interest in such bills and affects their circulation.

If there is not enough space in the bill for transfer inscriptions, they are made in such a way that the endorsement begins on the bill itself and ends on the allonge (additional sheet).

1.1.3. Terms of payment on a bill

The due date is one of the required details. All transfer inscriptions on the bill, its acceptance or aval are drawn up within the established payment period. The due date of a pop bill of exchange is a mandatory requisite, and its absence makes the bill of exchange invalid.

There are 4 ways to set the due date for a bill of exchange:

1. term for a certain day. Expressed in the form of the entry "I agree to pay on December 30," 1997;
2. deadline on presentation - payable on the day of presentation for payment. The maximum period for presenting a bill for payment is 1 year from the date of issue;
3. in a certain amount of time from drawing up a bill. Several options are possible here:

a) after a certain number of days. The due date is deemed to have occurred on the last of these days. The day of issue of the bill of exchange is not taken into account. For example, for a bill with a date of May 1, 1997 and with a bill due in 20 days - the due date is May 21, 1997;

b) after a certain number of months. In this case, the due date falls on that day of the last month, which corresponds to the date of writing the bill of exchange, and if there is no such date in this last month, then on the last day of this month. For example, in a promissory note issued on January 30 for one month, the due date will come on February 28, and for the same promissory note with payment in 2 months - on March 30;

c) at the beginning of the month, the middle of the month, the end of the month. In this case, the due date will be on the 1st, 15th and the last day of the month, respectively;

1. at that time upon presentation of the bill.

The timing of payment is the same as in the previous method. At the same time, this payment method will be convenient for the payer, as it gives him the opportunity to prepare for the payment.

The place of payment is also one of the required details. A bill of exchange may be payable at the place of residence of the drawee (on a bill of exchange), in the same place where the place of residence of the drawer is located (on a bill of exchange), or at any other place indicated in the bill.

Bill circulation (page 1 of 8)

Ministry of Education of the Republic of Belarus

Belarusian State Economic University

Course work

on the subject:

"Stocks and bods market"

Is done by a student V course

Faculty "Banking"

specialty "Credit"

Shpetny Alexander Nikolaevich

Supervisor / ________________________ /

Minsk

I"Bills, their functions and classification"

The bill, as an instrument of credit and settlement relations, was the result of centuries of development of the commodity-money economy.

Its appearance was associated with the need to transfer money from one locality to another, as well as when exchanging coins circulating in one locality for the currency of another state.

This gave rise to many difficulties: the risk of being robbed, a ban on the export of coins outside the country where they were minted, and simply the physical difficulties of the transition due to the bulkiness of the coins.

As a way out of this situation, a transaction appeared connected with the transfer and exchange of money and consisted in making a certain person a sum of money in one place with the latter's obligation to pay the same amount in another place with a coin circulating in that place, i.e. a bill of exchange transaction (from the English word: Wechel - to exchange, change).

The impetus for the development of promissory notes was the practice of bankers, money changers in medieval Italy. A merchant, going to the fair and not risking taking a large amount of cash with him, turned to his banker, deposited money and received a letter from him to the banker at the destination with a request for an equivalent amount.

Initially, relations between participants in bill transactions were of a purely trusting nature, but with the development and complication of monetary circulation, they acquired the character of legal obligations.

Gradually - with the improvement and complication of market relations - the function of a bill as a means of transferring money lost its significance, but its role in the sphere of credit and settlement operations increased immeasurably. First of all, a bill of exchange became the most important, extremely convenient, universal credit instrument, indispensable for obtaining a loan from a buyer to a supplier, an exporter to an importer, a borrower to a lender.

Since its inception, the bill has become the most important means of international settlements, in other words, a universal means of payment.

Promissory note- an unconditional written monetary obligation of one party (the drawer) drawn up in the form established by the law to unconditionally pay in a certain place the amount of money indicated in the bill of exchange, to the other party - the owner of the bill (bill holder) - upon the due date of the obligation (payment) or at his request ...

In the dictionary of the Russian language edited by S.I. Ozhegova promissory note is interpreted as a monetary document - a written commitment to pay someone a certain amount of money at a certain time.

A bill of exchange gives its owner the right to demand from the debtor, or the acceptor, (a third party who has undertaken to pay the bill) to pay the amount specified in the bill upon maturity.

Therefore, a bill is a complex settlement and credit instrument capable of performing the functions of both a security and credit money and a means of payment.

In particular, as a security, a bill of exchange itself can be the subject of various transactions.

Bill of exchange law has a number of features that make promissory notes attractive and provide promissory notes with a number of advantages over other types of debt obligations.

Three features of a bill are usually distinguished: formality, abstractness and unconditionality.

However, there are much more differences - this is both the possibility of issuing a transfer inscription (endorsement), and the joint liability of persons participating in the circulation of a bill, and a feature in which to attest the signatures on a bill of exchange does not require their certification in a notary office, this is a procedure for protesting a bill. and the possibility of guaranteeing payment on a bill by means of aval, etc.

A bill of exchange is always a monetary obligation. Under no circumstances can an obligation be considered a bill of exchange for which the payment of a debt is made by goods or the provision of services.

A bill of exchange is, as a rule, always a written document; the issue of bills of exchange in non-cash form (in the form of account entries) is only at the first stage of its development. In our republic, for several years now, the possibilities of transferring the sphere of circulation of promissory notes to the non-documentary sphere of accounting and settlements have been considered.

A bill of exchange is a document that has strictly established mandatory details. According to the Uniform Law on Bills of Exchange and Bills of Exchange and the Law of the Republic of Belarus "On Circulation of Bills of Exchange and Promissory Notes", there are a number of mandatory bill details:

- bill label - the word "bill" should be contained not only in the title, but in the text content of the bill, expressed in the language in which this document is drawn up. Usually the word "bill" occurs at least twice: in the form of a name, and in a phrase that expresses a promise to pay money on it;

- a simple and unconditional obligation to pay a certain amount of money;

- the term of payment, and this indication can be included in the obligation to pay money, or it can be contained separately.

A bill of exchange can be issued with the terms of payment at sight, at a certain time from presentation, at a certain time from drawing up, on a certain day. Bills of exchange containing other payment terms or successive payment terms are considered null and void.

The term for payment is at sight. Payment must be made upon presentation of the bill, which is stipulated by the phrase: "pay at sight." The bill may specify the maximum and minimum terms of presentation. If this is not indicated, then the bill can be presented for payment only within a year from the date of issue.

If this period is delayed, the owner of the bill loses the right to demand payment.

The term for the presentation of a bill can be reduced by its recipients under the endorsement. The holder of a bill of exchange may also establish that a bill of exchange may be presented for payment not earlier than a certain date. In this case, the deadline for the presentation of the countdown starting from this date.

The due date for payment is that much from the date of presentation. In this case, the entry in the text of the bill looks like: "pay in (number of days) after presentation." The day of presentation is the date of the payer's mark on the bill of consent to pay (in fact, the acceptance of the bill) or the date of the protest in this regard.

Unless otherwise specified in a bill of exchange, the period from drawing up to payment shall not exceed one year.

The due date of payment is so much time from the date of drawing up. The countdown starts from the next day after the date of issue of the bill. The due date is considered to have occurred on the last day indicated in the bill of exchange, and not on the next day after it.

Due date on a specific day. In this case, the bill indicates a specific date of payment.

The due date is a non-working day. Payment on such a bill of exchange may be required on the first next business day.

If the due date is not specified in the bill of exchange, then it is considered, in accordance with the provisions of the Law, a bill of exchange with a due date of payment at sight.

Bills with due dates on sight and within a certain amount of time from presentation are drawn up in the form interest bills. Bills with due dates for a certain day and for a certain amount of time from drawing up are sold at a price below par - discount promissory notes.

- bill currency - the payment amount, which must be indicated at least two times: once in numbers, and the other time in capital letters, and the priority if the amounts indicated in figures and words do not coincide, is given to the amount drawn up in letters;

- information about the payer for this bill. It can be - the drawer (promissory note), acceptor (bill of exchange), avalist (guarantor, surety);

- information about the person in whose favor the payment is made. Usually (according to the legislation of the Republic of Belarus) this is the full name and legal address of the enterprise (organization) and the phrase "or, by his order, to any other person";

- indication of the place of payment. Usually, the city is indicated by the location of the payer (if necessary: ​​full legal address of the payer);

- the time and place of issuing the bill (as a rule, the city and date of drawing up are indicated);

- the handwritten signature of the person who issued the bill. According to the bill of exchange legislation, one signature is enough, however, in accordance with the current legislation of the Republic of Belarus, in addition to the signature of the head, the signature of the chief (senior) accountant and the seal of the enterprise are put.

A bill in which any of the details listed in Art. 75 of the Law, is null and void simple promissory notes. This Law also contains obligatory details. transferable promissory notes.

In Art. 76 of the Law describes the permissible deviations from the mandatory details of a promissory note:

- a promissory note, for which the due date is not specified, is considered payable at sight;

- in the absence of a special indication, the place of preparation of the document is considered the place of payment;

- a promissory note, which does not indicate the place of drawing up, is considered as signed in the place indicated next to the name of the drawer.

Also, in accordance with the current legislation of the Republic of Belarus and international norms, in addition to bill details that are mandatory within the framework of the bill of exchange, on the bill of exchange, after payment of the bill of exchange, the entry "Bill of exchange has been paid in the amount of such and such" must be made, the date and number of the payment must be indicated. orders to transfer bill of exchange to the budget. The entry must be sealed with the seal of the bank in which the drawer has his settlement (current) account. It should be noted that failure to pay the bill of exchange is not a basis for recognizing the bill of exchange as invalid.

The main concepts of bill circulation

Awareness of the endorsement lies in the fact that on the reverse side of the bill or on an additional sheet (allonge), a transfer inscription is made, by means of which the right to receive payment is transferred to another person, together with the bill. The person transferring the bill under the endorsement is called the endorser, and the person who received it is called the endorser. The act of transferring a bill of exchange is called endorsement or endorsement.

The endorser is responsible for acceptance and payment. He is given the opportunity to relieve himself of the obligation by the method of inscription "In the absence of a turnover on me", although a similar inscription will certainly reduce the enthusiasm for this bill of exchange among its subsequent purchasers.

The endorser will be able to prohibit the newest endorsement by saying "By decree" or "You pay only ...". The endorsement must be signed by the endorser with his own hands, its other components have every chance of being reproduced automatically.

Crossed out endorsements are considered unwritten.

The endorsement can be carried out for the benefit of any person, even for the benefit of the payer or the drawer. He must be ordinary and unconditional. Selective endorsement, that is, the provision of only a fraction of the amount of a bill of exchange, is not permitted.

What are the endorsements in bill circulation?

• blank endorsement... This endorsement does not indicate by order of which person the payment is to be made, although it is signed by the endorser.

Such a bill of exchange is considered to be issued to the bearer, and it is possible to transfer it to another person by the method of ordinary delivery.

A blank endorsement can be transformed into a full endorsement by making an inscription on the order of which person the payment is to be made.

The power of a blank endorsement has a bearer endorsement, traditionally expressed by the words "You pay the bearer of this bill ...";

• personal (full) endorsement... In this case, the endorser's surname or name shall be indicated in the transfer inscription.

Upon receipt of a bill of exchange for an absolute endorsement, it is necessary to find out the continuity of the endorsements;

• assignment (collection) endorsement. Such a transfer inscription is made by the holder of the bill of exchange when this document is handed over to the bank with the desire to obtain payment on it.

It contains the inscription: "Currency to be received", "For collection", "I trust to find", etc. The recipient of a bill of exchange under the entrusted endorsement is not made its owner.

An endorsement that is absolute after the due date has the same results as the previous endorsement. An endorsement should be distinguished from an assignment, a transfer inscription in registered documents (with the help of an assignment, deposit and savings certificates are transferred).

The bill is transferred to the mortgage, then the transfer inscription has the clause "Currency in the mortgage", "Currency in security" or the like.

The holder of such a bill of exchange will be able to produce all the rights arising from a bill of exchange, although it has the ability to transfer it only by an assignment endorsement.

The main types of transactions with bills of exchange

• Loans on a special account secured by promissory notes. Banks have every chance to open special loan accounts to visitors on the basis of the concluded credit contract and give loans on them, accepting promissory notes as collateral.

The bills of exchange accepted as security are subject to the same claims, in fact, and to the bills taken into account.

Bills of exchange are perceived as securing a special loan account not at their full price: traditionally 60-90% of their amount depends on the volume set by a certain bank, also depends on the visitor's creditworthiness and the properties of the bills presented to him.

• Bill-credit operations in the bank, in whatever form they are performed, begin with the receipt by the visitor of a bill of exchange credit, which can be bearer and bill issuer.

• Collection of bills. Banks often make instructions from bill holders to receive payments on bills on time.

Banks undertake the obligation to present bills of exchange on time to the payer and receive payments due on them. As soon as payment is received, the bill will be returned to the debtor. If payment is not received, the bill is returned to the creditor, although with disobedience in default. As it follows, the bank is responsible for the results resulting from the omission of disobedience.

• Domiciliation of bills. Banks have every chance, on behalf of the drawers, to create payments on time. The bank, as opposed to collecting bills of exchange, is not considered the payee, but the payer.

The designation of a third party as a payer of a bill of exchange is called domiciliation, and these bills are called domiciled.

Acting in the form of a domicile, the bank bears practically no risk, because it pays the bill only if the payer has paid him the required amount earlier, or if the customer has the necessary required amount on his own settlement (current) account and authorizes the bank to write off from its account the necessary amount required to pay the bill.

Otherwise, the bank rejects the payment. For payment, promissory notes in the form of a special payer traditionally contain a small commission, and paid promissory notes are sent to the visitor.

• Accounting for bills consists in the fact that the holder of bills actually sells bills to the bank under the endorsement before the due date of payment and receives for this the bill of exchange required, less for the early receipt of an explicit percentage of this amount. This percentage is called accounting.

How is assignment and endorsement recognized?

• an assignment is considered to be a two-way contract between the assignee and the purchaser of the rights. An endorsement, after all, is a one-sided position taken by an assignee of his own rights on a bill;

• the bill of exchange legislation allows the performance of a blank or bearer endorsement.

  The assignment, after all, can be exclusively nominal;

• endorsement implies the complete and indisputable transfer of rights under a bill. In case of cession, the granting of rights can be carried out on condition or in part;

• endorsement must be carried out on a bill of exchange form or on an additional sheet.

  The assignment can be formalized both on the document itself, but also as a separate contract;

• as a result of the endorsement, the endorser assumes responsibility to any subsequent bill holder (when a special slip of the tongue is not integrated into the text of the endorsement). In a cession, the assignee of his own rights is responsible only for their reality, although not for their feasibility.

With the help of cession, bills of exchange are transferred as a result of disobedience of non-payment or after the expiration of the period established for the commission of disobedience.

Bill of exchange acceptance. The debtor on the bill of exchange is obliged to agree to the payment of the draft by the method of its acceptance.

Acceptance is marked in the left part of the outer side of the bill and is expressed in the words: "Accepted", "Accepted", "Pay" or similar in meaning, with the irrevocable affixing of the payer's signature.

The usual signature of the payer means acceptance of the bill. Presentation of a bill for acceptance can be done at any time, starting from the day of its issue and ending with the factor of the arrival of payment. A bill of exchange can be shown for acceptance and accepted, including after the due date of payment, and the debtor is responsible for it in the same way as if he had accepted the bill before the due date.

Drawee has the right to seek the presentation of a bill of exchange to him again one day after the first presentation. When, after a certain period of time, acceptance is not followed, the bill is said to be rejected. The debtor does not have the right to seek to keep the promissory note for acceptance.

Trassat will be able to negotiate a certain period for presenting a bill for acceptance, for example, not earlier than a specific date. Bills of exchange payable on a clear day from presentation must be submitted for acceptance within a year from the date of issue. In this case, the acceptance must be dated.

The trader can be notified of the further presentation of the bill for acceptance by a special message from the drawer, called a notification message or advice note. As a rule, it specifies details about the issued bill: place and time of issue, bill amount, term, name of the first acquirer, place of payment, as well as settlement issues of the drawee and drawee.

The acceptance must be ordinary and unconditional, although it is given the opportunity to be selective (the debtor agrees to pay only part of the amount). This situation may also arise, as soon as the debtor put an acceptance, and then, before the return of the bill, crossed it out.

Acceptance plays the role of an explicit guarantee against unlawful claims to fulfill the draft criterion in transactions. When the debtor believes that the actual promise under the bill does not follow from his relationship with the creditor, then he is given the opportunity not to accept it.

The bank can also accept the bill. Such an acceptance is called banking and is used mainly for the premature accounting of bills. The bank's acceptance is obligatory only for settlements with payment by installments in the form of a documentary credit.

If you look from a different angle, the general supplier, sending the product to the recipient, together with the shipping documents transfers to the bank and the draft. The client of the product will not receive the documents, but as it should, the product itself, until he accepts the bill.

Aval- this is a bill of exchange. Instead of bank acceptance, the most comfortable is the avalanche (proof) of promissory notes by banks. Aval acts as a bill of exchange, in respect of which the bill of exchange is used.

This surety means a guarantee of full or selective payment of the bill, if the debtor has not made his own promises on time. Aval is given on the outside of the bill and is expressed by the words: "Count for aval" or another similar phrase and signed by the avalist.

Aval is given for any person conscious of the bill, therefore the avalist is obliged to show for whom he issues the surety.

If such an indication is unavailable, the aval is said to be issued for the drawer, that is, not for the debtor, but for the creditor. The avalist and the person for whom he is vouched shall be jointly and severally liable.

Having paid the promissory note, the avalist buys the right of a negotiable claim to the one for whom he gave the surety, also to those who owe this person.

• VEXEL HANDLING
• VEXEL

• The current state of the banking system and the prospects for its development (on the example of a region, city, country)
• Forecasting bank bankruptcy and ways out of the crisis

Due to its peculiarities, the promissory note market can perform various functions in the economy - to carry out transactions in offset schemes, maintain the liquidity of the banking system, and attract funds to the real sector. Thus, the promissory note was and is used not only in settlements for the delivered products, but also in the process of lending.

A bill of exchange is a written uncontested obligation of one person (the drawer) to pay another person (the holder of a bill) the amount indicated on the bill of exchange drawn up in a strictly established form.

In essence, a bill of exchange is trade money that performs the function of a means of circulation and payment, and in terms of the form of circulation, it is a security.

Let's list the functions of the bill:

• means of settlement or payment - a bill of exchange arises from a credit transaction, payment on it is mandatory (subject to the financial reliability of the drawer);
• means of circulation - provided by the presence of an endorsement (the more there are, the more reliable the bill of exchange, since all bill holders are jointly and severally liable for payment on it);
• a security, in accordance with the Civil Code and the Law on Bills of Exchange and Promissory Notes, can be used as collateral, be the subject of purchase / sale.

In the system of non-cash settlements, bills of exchange replace the lack of real money and have a number of advantages over a bank loan. Advantages of a promissory note in circulation:

• bills of exchange are more mobile, part of their value can be received by the holder of the bill before maturity by sale or pledge;
• a bill of exchange is an effective means of paying off mutual debts between enterprises;
• a bill of exchange as an abstract promissory note is not related to the terms of the transaction;
• to a large extent satisfies the need for economic turnover in liquid assets.

A bill of exchange is the transfer of a bill of exchange or a bill of exchange from one holder to another. A bill of exchange as a classic security can be freely transferred from one person to another. This is due to the fact that a bill of exchange has the right to receive a certain amount of money without any conditions on the part of the payer on it. Such a right, of course, can be transferred on certain market conditions.

The current bill of exchange legislation provides for the possibility of transferring a bill to another person using a transfer note (endorsement).

An endorsement is a transfer inscription on a bill, meaning an unconditional order of its previous owner (holder) to transfer all rights under it to a new owner (holder). Transfer of a bill of exchange under endorsement means the transfer, together with the bill of exchange, to another person and the right to receive payment on this bill.

The holder of a bill on the reverse side of the bill or on an additional sheet (allonge) writes the words: "pay the order" or "Pay in favor" indicating the person to whom the payment is transferred.

Endorser - a person in whose favor a bill of exchange is transferred.

Endorser - a person who transfers a bill of exchange under an endorsement.

Since the obligation in the bill is unconditional, then the endorsement can only be the same.

Partial endorsement is not allowed, that is, the transfer of part of the amount of the bill. The endorser signs the endorsement with his own hand, which is sealed with his seal. He is responsible for the acceptance and payment of a bill of exchange and payment of a promissory note. However, he can exonerate himself from responsibility for acceptance and payment if he makes the reservation “without recourse to me”. In this case, he is excluded from the chain of persons liable on the bill, which usually leads to a drop in the liquidity of the bill.

The holder of a bill may exclude the possibility of further transfer of a bill of exchange if he includes the words "not ordered" in the text of the bill. In this case, a bill of exchange can only be transferred through a sales contract.

There may be the following types of endorsements:

• nominal, which contains the name of the endorser, the signature and seal of the endorser and clearly fixes to whom the ownership of the bill is transferred;
• blank - it does not contain the name of the endorsee and such a bill is bearer. The endorser has the ability to independently enter the name of the new holder or transfer the bill without making any more entries. A blank endorsement is transformed into a nominal endorsement if the name of the holder is entered into the endorsement text, which is done when the payment is due;
• collection is a transfer note in favor of a certain bank, authorizing the latter to receive payment on a bill. Such an endorsement has the form: “for collection” and gives the bank the right to present the bill for acceptance or payment;
• The pledge is made in the case when the holder of the bill transfers the bill of exchange to the creditor as collateral for the loan. Typically, such a bill is accompanied by a clause: "currency as a pledge" or another equivalent phrase. The pledged endorsement does not give ownership of the bill to the endorser.

Assignment is a transfer inscription on a registered security on the transfer of ownership of it.

The main differences between the two forms of endorsement are as follows:

• an assignment is a bilateral agreement, and an endorsement is a unilateral order of the holder of a bill;
• in an assignment, the seller of a security is responsible only for the validity of property rights, and not for their feasibility, and in the case of endorsement, the holder of a bill is responsible for both;
• an assignment is always a nominal transfer, and an endorsement can be bearer;
• the assignment can be formalized both by an inscription on the most valuable paper, and by a purchase and sale agreement, and the endorsement is drawn up only by an inscription on a bill of exchange (or on an additional sheet to it - allonge).

Problems of using bills of exchange in Russia:

• in case of violation of the proportionality of economic turnover, limited real commercial credit (prepayment prevails); can be used as a tool for servicing "gray" and "black" traffic;
• in the event of a massive non-payment due to a shortage or absence of enterprises' own circulating assets, "real" money is substituted;
• the complexity of assessing the reality of a transaction drawn up by a bill of exchange (fictitious bills), and, consequently, the payer's bill of exchange capacity under a bill of exchange gives rise to the issue of a significant number of unsecured bills;
• a large share in circulation of financial bills arising not from the real need of commercial and industrial turnover, but from the need to mobilize monetary resources in the financial markets;
• the use of promissory notes in order to conceal profits from taxation, which is associated with imperfect tax legislation and the classification of the promissory note to the category of securities.

Thus, in order to create a civilized circulation of promissory notes, it is necessary to train specialists in the skills of working with promissory notes. Thanks to the promissory note, it is possible to create conditions for preventing bankruptcy in the manufacturing sector of the economy, and, on the other hand, to freely change the owner of an economic entity by buying up its debts through promissory notes.

Bibliography

1. Bill circulation [Electronic resource]: URL access mode: http://www.grandars.ru/finansy/veksel.html (Date of treatment 12/14/2016)
2. Nepso, D.G. Problems of bill circulation in Russia [Text] / D.G. Nepso // In the collection: Modern problems and trends in the development of economics and management in the XXI century Collection of materials of the VIII-th international scientific-practical conference. Resp. ed. EAT. Mosolov. - 2015 .-- S. 67-74.
3. Paderina, I.A., Shirshikova, L.A. Features of circulation of bills on the domestic market [Text] / I.А. Paderina, L.A. Shirshikova // Economics and Business. The look of the young. - 2015. - No. 1. - S. 58-60.

THEM. G. V. PLEKHANOVA

DEPARTMENT OF LAW

theme: Vexel and vexel appeal in Russia

MOSCOW 1999

1. Introduction			3
2. Bill of exchange as a security			4
3. Sources of bill of exchange law and legal nature of a bill
4. Bill of exchange
5. Types of bills
6. Drawing up and details of a bill
7. Instances and copies of a bill
8. Endorsement
10. Payment by promissory note
11. Acceptance
12. Bill of exchange claim and recourse
13. The place of promissory notes in the modern market economy of Russia
14. Formation of bill circulation in Russia
15. Conclusion
16. References

INTRODUCTION

None of the instruments of the modern financial market, except, of course, money itself in all the many manifestations of its economic functions, can be compared in its history and value with a bill. It was the development of bill circulation that led to the depreciation of all monetary settlements: the displacement of metals - gold and silver from the circulation of money, the replacement of the equivalents of exchange circulation with paper symbols.

The unconditional nature of the bill as a debt obligation, the severity and speed of collection on it, served as the basis for the creation of other types of payments and settlements - banknotes, checks, letters of credit. The development of various instruments of the securities market - stocks, bonds, certificates of deposit and their derivatives, also proceeded on the basis of a bill.

The strength of the bill has always been supported by the bill of exchange and provided by the state.

Bills of exchange were actively used and are used in international settlements and domestic transactions of countries with developed economies. Bills of exchange give industrialists and merchants the opportunity to pay for their purchases with a deferred payment. Thus, the main economic function of a bill is to be a means of issuing and securing loans, both commercial and bank.

In Russia, the development of promissory notes, like other financial instruments, was interrupted in 1917. During the NEP, the bill was restored to its rights, but only in order to be ingloriously canceled in 1930. Only the need for trade relations with capitalist countries forced the USSR to accept the bill in international settlements. For this, the "Provision on a bill of exchange and promissory note" was adopted, introduced by a decree of the Central Executive Committee and the Council of People's Commissars of August 7, 1937, and is still in effect.

The transition from the economy of the so-called "developed socialism" led to the restoration of the financial market and its instruments - including promissory notes. In 1993-1994. many commercial banks and financial and investment organizations have announced the issue of promissory notes. The promissory notes of banks and financial and issuing syndicates were recognized as a sufficient reliable and liquid means of lending and saving money. Now banks are trying not only to establish a bill of exchange credit, but also to organize the offset of bills. Attempts are being made to solve the problem of non-payment of enterprises by means of bill circulation.

Bill of exchange as a security

Bill of exchange - this is a promissory note, drawn up in a strictly defined form, giving the right to demand payment of the amount indicated in the bill after the expiration of the period for which it was issued.

In essence, a bill of exchange is an urgent written obligation - a receipt of a strictly established form, which gives its owner the right to receive a certain amount from the debtor, including the amount of accrued interest. The latter increase with the increase in the circulation time of the bill. Compliance with all the requirements arising from the circulation of a bill of exchange is commonly referred to as a bill of exchange discipline. Failure to comply with at least one of the conditions nevertheless means that the drawer must repay not only the amount at face value, but also the loan interest.

A bill of exchange simultaneously acts as a settlement instrument, a debt obligation and a security that allows you to receive a certain return on invested capital. These features leave a specific imprint on the sphere of circulation of a bill in comparison with other securities.

In conditions of massive non-payments, the unstable financial situation of enterprises, the last distinctive feature of a bill with the widespread development of bill circulation (along with the circulation of other types of securities of high liquidity, for example, treasury bonds), will largely contribute to the stabilization of the economic situation in the country. That is why the appearance of promissory notes on the market of short-term securities is primarily caused by the need to accelerate settlements in the national economy, to eliminate the chain of mutual non-payments. An important advantage of a bill is also the use of temporarily free funds of clients in any amount and for any period.

The noted advantages of bill circulation at the national economic level serve the common interests of market partners. The supplier can expand the scope of its marketing activities, compensate for the inevitable loss of income from inflation, and optimize the tax base. The advantages for the buyer (customer) are also obvious: he has a chance to use preferential commodity credit for his urgent needs, to revive his production activity. The delay in payment for the supplied products by the supplier does not ultimately worsen the financial results, since the payment for the loan is an integral part of the production costs. All these factors ultimately contribute to strict adherence to financial discipline.

The bill puts the seller and the buyer on an equal footing in determining the agreed terms of payment based on their financial situation. This makes it possible for each of them to avoid a negative situation associated with the insufficiency or absence of the most liquid part of the working capital - money at some stage of the state of payment, this risk is on the option seller. For this risk, the first of them pays the second premium from his estimated profit, which, by the way, he can fix in advance.

SOURCES OF VEKSEL LAW AND THE LEGAL NATURE OF VEKSELS

The presence of options on the securities market makes it more dynamic and predictable. Particular attention is paid to this area both because of its vastness and complexity, and in connection with the scale that has been recently circulated in Russia by promissory notes.

Bill of exchange law can be likened to a nut. Its core is the Uniform Law on Bill of Exchange and Promissory Note (EVZ), which regulates relations between the parties to a bill of exchange obligation. Its task is to ensure the liquidity of a bill in international economic circulation by establishing general rules. Further, the national bill of exchange law may introduce additional bill rules that do not contradict the EVZ. However, many issues remain outside the scope of the bill of exchange law, which are resolved by the norms of national civil and other branches of law. Therefore, these norms (as far as they clearly do not contradict the established rules of bill) are among the additional sources of bill of exchange law and constitute, so to speak, a nut shell.

Sources of bill of exchange law are those forms in which the norms of bill of exchange arise, act and cease to operate. In the course of development, these forms are first custom, then law and custom, then only law. The law, as it enshrines custom and judicial practice, becomes the only source of bill of exchange law. This fundamental conclusion is based on two facts. Firstly, the decrees of the bill of exchange law cannot be derived, changed or terminated in other forms, and secondly, the bill of exchange law is basically self-contained and explains itself.

In accordance with what has been said, first of all, one should point out the so-called preceptual (instructive, excluding interpretation) nature of the bill of exchange law and a special rule for it, other than for civil law: everything that is not allowed is prohibited.

However, since the bill of exchange law, albeit rarely, but nevertheless refers and uses little of civil law, the forms of the latter should also be involved as additional sources of bill of exchange law. These are, first of all, issues of promissibility and relations between persons on the basis of which a promissory note arose or was transferred.

The instructive nature of the bill of exchange law means the absence of freedom of judicial or any other interpretation. Only the interpretation of the bill fact itself is allowed, that is, the establishment of certain of its features to the definitions established in the law.

For the bill of exchange law of Russia, the following standards are fundamental:

1. "Convention on the Uniform Law on a Bill of Exchange and Promissory Note" (concluded in Geneva on June 7, 1930 and entered into force for the USSR on November 25, 1936);

2. "A convention aimed at resolving certain conflicts of laws on bills of exchange and promissory notes" (concluded in Geneva on June 7, 1930 and entered into force for the USSR on November 25, 1936);

3. "Convention on stamp duty in relation to bills of exchange and promissory notes" (concluded in Geneva on June 7, 1930 and entered into force for the USSR on November 25, 1936);

4. Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR of August 7, 1937 No. 104/1341 "On the introduction of the Regulation on a bill of exchange and promissory note";

5. Federal Law of the Russian Federation of March 11, 1997 No. 48-43 "On a bill of exchange and promissory note."

A look at the legal nature of a bill has undergone quite complex transformations throughout history. Initially, lawyers, brought up in Roman law, summed up a bill of exchange under the transactions provided for by them (contracts of exchange, sale and purchase, loans, orders), or under their combinations. In any case, the main thing here was the moment when the bill was interpreted as a contract, which at one time was the basis for French legislation. The latter considered promissory notes transactions as an exchange agreement with transfer, and the promissory note - as the result of an agreement with which it is in direct connection. The obligation to pay did not follow from the bill of exchange, but from the contract. When looking at a bill as a contract, many questions arose, over the sophisticated solutions of which a considerable number of lawyers turned gray.

This view did not satisfy the needs of the trade turnover at all for obvious reasons. Based on the needs of practice, in the middle of the 19th century, Karl Einert's theory of unilateral commitment arose. Rather, the most valuable thing in this theory is the approach, which consists in sending first of all from the needs of economic turnover, and then from the historical past of the bill. "Bill of exchange, which is necessary for the XIX century" - this is the name of this work, which appeared in Germany in 1839. According to P.P. Tsitovich, the main provisions put forward by Einert can be summarized as follows.

1. A bill of exchange is trade money arising from a merchant's credit. There is not much difference between a bill of exchange and a promissory note in this respect, and it is only for historical reasons that a bill of exchange has become dominant in Western Europe.

2. The promise to pay is given by the drawer not to a single specific person, but to all of its legal owners, as is the case when bonds are issued. This means that there is no agreement on a bill of exchange, there is a unilateral obligation of the drawer, but the transaction that caused his birth, after that has only cognitive, historical interest for the bill.

3. An acceptance in a bill of exchange is again a unilateral obligation of the drawee to pay the bill holder, guaranteed by the drawer.

4. Blank endorsement is the most natural form of transfer of a bill. Transmission by lettering ultimately complicates handling. A blank endorsement turns a bill of exchange into bearer paper, completely likening it to paper money. The main purpose of the endorsement is not to legitimize the acquirer of a bill of exchange, but in the same surety for payment.

Thus, Einert's fundamental conclusion is that the strength of a bill of exchange obligation arises not from the contract that gave rise to it, but from the bill itself, which contains a unilateral and abstract obligation of the drawer to make payment to the legal drawer. Such a view implies the written form of a bill of exchange, moreover, of a strictly established form, under the threat of its nullity.

Einert's theory gave impetus and served as the basis for other approaches. It is only important to establish that a bill of exchange is acceptable as a means of securing credit, circulation and payment, if the bill of exchange arises exclusively from itself and from the legal right of possession of this document. From a practical point of view, a promissory note implies a definition as a simplified written, statutory form, unilateral, unconditional and abstract monetary obligation, which is jointly and severally liability of all parties involved and payable to the legal bill holder against presentation of the bill itself under the threat of procedurally strict collection.

It should be noted that with the issuance of a bill of exchange, the agreement between the persons regarding the issuance and transfer of a bill of exchange does not become null and void, because the conclusion about the good faith of the purchase of the bill is based on its implementation. Also, depending on the nature of the transaction, the issues of taxation of income from the transaction with the use of promissory notes and accounting are resolved. Another thing is that the terms of the transaction do not affect the circulation of bills and the collection of debts on them; this is precisely the reason and meaning of the abstractness of the bill.

Naturally, rather than looking out each time in civil legislation for answers to certain issues of off-exchange relations of the parties not regulated by the bill of exchange law or creating precedents, it is better to bring these issues and their solutions together once, that is, to have a set of norms related to this in the form of a law (Charter on Bills ).

It is clear what structure this document should have. To quote Article 1 of the Geneva Convention on the Uniform Law on a Bill of Exchange and Promissory Note: “The High Contracting Parties undertake to bring into force in their territories ... either in one of its original texts or in their national languages, the Uniform Law constituting Appendix 1 to this Conventions ".

The structure of the document, which consists of three parts, naturally follows from this. The first should consist of the text of the EVZ with amendments and reservations permissible by the Convention, the second - to introduce additional rules of exchange, the third - to regulate the off-exchange relations of the parties. The second part, first of all, should include many useful things from the Charter on Bills of 1902, for example, the institution of an unintended intermediary, clarification of the institution of a special payer (domicile).

Of course, some of the questions in this set will be missing. So, the procedure for the simplified collection of promissory notes is determined by the Civil Procedure Code, the priority in satisfying creditors' claims is the Civil Code (which, by the way, has “forgotten” about promissory notes in this regard), transactions with the issuance and transfer of currency promissory notes are subject to the rules established by the laws on foreign exchange regulation and control, etc.

Due to the absence of a detailed and comprehensive law on bills in Russian legislation, as well as the only emerging judicial and business practice of bills, it is useful to draw on previous judicial and business experience, seek advice and clarifications from the Charter on Bills, approved in 1902

VEKELABILITY

Like any legal action, the conclusion of a transaction using a bill of exchange requires legal capacity or legal capacity for both the active (receiving the rights under the bill) and passive (obligating under the bill) party. Due to the fact that the debtor's promissory notes are placed in more difficult conditions compared to other promissory notes, in various legislation (including the pre-revolutionary Russian one), active promissory notes were considered the identical ability to acquire rights under promissory notes, and passive, in order to protect the interests of the individual and society, was subject to restrictions. So, in those days, due to the strict procedure for collecting promissory notes (up to personal detention), military and priests, certain categories of peasants, mothers of families and girls who were not separated from families could not be obliged by promissory notes. Thus, the state protected those who could, through ignorance of the features of the bill of exchange, find themselves in a difficult situation, harming themselves and others, or simply falling into a trap. Since, for historical reasons, a bill of exchange dominated in Europe, already, as a rule, presupposing the existence of a real basis, there gradually took place the equalization of bill of exchange with general civil legal capacity. In Russia, due to the dominance of promissory notes, the situation was somewhat different. When the 1902 Bills Charter was adopted in Russia, the initially present desire to equalize the bill of exchange with the general civil one met with serious objections, which consisted in the following. Opponents of this Equation pointed out that only bills of exchange, which are based on a commercial transaction or which were issued for commercial and industrial purposes, do not pose a danger to sound credit and order in monetary circulation. Any unproductive bills of exchange adversely affect the stability of credit and monetary circulation. The prevailing desire to legalize an exclusively commercial and industrial character for a bill was not realized only because of the fear of violating the already existing circulation of the bill. Therefore, then a compromise was reached - the ability to bill of exchange was neither narrowed nor expanded, transferring its definition from the previous bill of exchange charter.

Now the ability to bill of exchange in Russia is not limited by law, which may conceal a considerable danger to normal economic turnover. However, its restriction will damage the healthy part of the circulation of bills. Therefore, without subjecting a bill of exchange to serious restrictions, mainly through non-prohibitive measures, the state must enforce strict bill discipline.

The issue of determining the promissibility of foreign persons, including those from the CIS countries, is also important now. It is clear that the original purchaser of such a bill, as a rule, has no idea how they look at a bill of exchange in the homeland of a foreigner. Therefore, Article 2 of the Convention on the Settlement of Conflicts, leaving in the general case the definition of a bill of exchange to national law, nevertheless obliges to recognize the responsibility of the person who signed the bill in accordance with the law of the place where the signature was made.

TYPES OF VEKSELS

The law defines two types of a bill: a bill of exchange (solo bill) and a bill of exchange (draft). In the first case, a bill of exchange is a simple IOU that, subject to the compilation rules, is subject to bill of exchange law, with its material and procedural features. In this case, the debtor-issuer himself will have to pay in money. Note that there can be several drawers of the same bill of exchange.

In the case of a bill of exchange, the drawer (drawer) proposes to make payment to the drawer (remitter) to a third party (drawer). Trassat does not bear any responsibility for the promissory note prior to its acceptance (acceptance). After that, the acceptor becomes the main debtor, and the guarantee function remains for the drawer.

The grounds for tracing and non-acceptance of a bill of exchange remain outside the scope of bill of exchange law. Usually, the drawer has an appropriate cover or even just an agreement with the drawee. Trace can be made by the drawer and directly to himself. In this case, the drawer and the drawer are the same person. Despite the fact that in essence the bill (it is called transferable-simple) is simple, formally it belongs to the category of transferable with all the ensuing legal consequences.

The draft may even be issued to oneself (the drawer and the remitter are the same in one person). This is the so-called promissory note to own order. Moreover, all three participants in the draft can be merged into one person. These forms of bills are rarely of practical importance and owe their origin to a long and turbulent history of bills of exchange and bill of exchange law. It should be noted that the draft has largely lost its practical significance in comparison with the promissory note. The difference between a promissory note and a draft is manifested only at the moment of occurrence, then it becomes purely formal, the credit-settlement function is the same for them, they are transferred in the same order.

In addition to the signs arising from the law, a bill is also classified based on the nature of the transaction that gave rise to it. Let us now understand some of the terms that are often used in relation to bills of exchange. Bills arising from a loan are called financial, and as a result of a real transaction (supply of goods or services) - commodity (or commercial). It should be noted that it is not written on the bill, whether it is a commodity or financial (this is one of the mistakes of the Decree of the President of the Russian Federation No. 1662 of October 19, 1993), these definitions represent only its economic characteristics. With the proper formulation of the case of accounting and rediscounting, a bill of exchange serves as a reliable indicator of the need for economic circulation in liquidity (credit issue). When talking about a bank bill, they usually mean a bill issued by a bank (i.e. the bank is the drawer). A bank bill of exchange can be of a financial nature (if the bank issued it as a deposit instrument, in order to attract funds) or a commodity (in the case of a bill issuer)

DRAFTING AND DETAILS OF THE VEKSEL

From the point of view of the possession of a bill of exchange force, we can talk about the obligatory (necessary) and additional details of the bill. In the absence of any of the necessary details, the document is outside the field of action of the bill of exchange. In addition to the necessary bill of exchange, the law also provides for additional details that have bill value.

In practice, however, it is convenient to use notes on a bill that are insignificant for the bill itself, but important for off-bill relations of the parties. For example, on a bill this is a note about a notification letter (advice note) to the payer: "According to our advice note" or "Without our advice note". Therefore, from the point of view of value for bill of exchange, we can talk about essential and insignificant details (in the understanding of them as constituent parts of the document).

Essential details

The obligatory details of a bill of exchange include:

1. Indication of the place of drawing up of the bill of exchange (in the absence of a special indication, the bill of exchange shall be considered drawn up in the place indicated next to the name of the drawer).

2. Indication of the date of drawing up the bill.

3. Name of the payer (for a bill of exchange).

4. Bill label.

5. An unconditional order (for a bill of exchange) or a promise on its own behalf (for a promissory note) to pay.

7. The name of the person to whom or on the order of whom payment should be made.

8. Indication of the place of payment (in the absence of a special indication, a promissory note is considered payable at the place of preparation (sic), and a bill of exchange at the place indicated next to the name of the payer).

9. Signature of the drawer.

Additional details of the bill include:

1. Due date (if it is absent, the bill is payable on sight).

2. Limitations in terms of presentation for payment in indefinite-term bills.

3. A clause on the presentation of the bill for acceptance within a certain period of time.

4. An indication of the person who holds the accepted copy of the bill.

5. Indication of a special point at the place of payment, different from the place of residence of the payer, in order to receive the payment.

6. An indication of a special place of payment that does not coincide with the location of the drawee or the place of drawing up a promissory note, the so-called domicile. Such promissory notes are also called domiciled.

7. An indication of the person, other than the payer, from whom the payment should be received - domicile.

8. Indication of the intermediary in the acceptance or payment.

9. Effective Payment Clause.

10. Percentage clause.

11. Clause of the drawer “not to order”.

12. Non-Protest Clause.

The place of drawing up may not coincide with the actual one, as long as the parties agree to it. There is no strict definition of which category of an administrative-territorial unit should be indicated, this is left to the discretion of the parties. The former custom was limited to the city or village, but not to the province. It should be remembered that in the absence of a specific indication of the place of payment in a promissory note, the place of preparation becomes it.

The designation of the date of drawing up a bill is made in accordance with the generally accepted calendar calculation (day, month, year). It is necessary for the correct calculation of the due date, as well as for determining the bill of exchange of the parties on this date, and, consequently, the validity of the bill. Finally, it is important to determine the statute of limitations for promissory notes.

Again, the designation of a date other than the actual date does not invalidate the bill of exchange with the mutual consent of the parties. However, this does not affect the determination of the bill of bill of exchange calculated from the actual date.

A bill of exchange label plays the role of a means of explicitly identifying a document with a bill of exchange. Moreover, it should be included in the composition of the bill of exchange, in order to complicate the transformation of the originally non-bill of exchange obligation into one.

The strict wording of the offer (a promise on its own behalf, if it is a promissory note) to pay by law is not established. It is said that it should be simple, that is, it should not raise any doubts about its true meaning, not allow interpretation.

The promise (offer) must be unconditional, that is, not be made dependent on any reasons or conditions, because the strength of the bill is only in itself. The only admissible clause is not an order, that is, a prohibition to transfer a bill by endorsement. The drawer is not liable to those to whom the bill was transferred despite the reservation. He can only be liable to those new owners - those who received it as a result of the assignment of rights (cession) in a civil order.

Other conditions included in the text of the bill do not invalidate it and are simply ignored. It should be especially noted that on the basis of the issuance of a bill, it is quite possible to establish conditions outside it, regulated by a different law.

The designation of the original purchaser of the bill, referred to in the case of a bill of exchange as a payee, consists in its full name in accordance with its statutory documents. For entrepreneurs - individuals, along with the indication of the last name, first name, patronymic and passport data, the patent data should be indicated so that there is no unnecessary reason to doubt the commercial origin of the bill. An incomplete name may require the presentation of evidence of the identity of the holder of a bill of exchange with the person named in it. Even a complete inconsistency of the designation of the first acquirer with its present name entails the invalidity of the bill only in relation to himself, but not for subsequent acquirers, since the bill reached them by a number of transfer inscriptions, outwardly correct, for any bona fide bill holder is considered the legal bearer of the bill. It should be specially stipulated that the payment can be made to the order of the bearer of the bill to another person and without a special reservation “... or his order”.

The bill of exchange must be clearly indicated, as is customary in monetary documents, in numbers and, with a capital letter, in words. According to the same rules, an interest rate can be added to it. However, it should be borne in mind that the latter will be valid only in a bill of exchange due on presentation or for a certain amount of time from presentation, otherwise it will not be valid. In case of discrepancy, preference is given to the prescription.

The amount of the bill can also be indicated in foreign currency, but the payment will be made in accordance with the current settlement rules at the place of payment. The current Regulation on the bill of exchange and promissory note does not establish the forms of calculation. For the sake of convenience, the amount of the bill, indicated by numbers, is also placed in the title of the document. The term of a bill means the date of payment for it. It must be clearly indicated.

The method of setting the term for payment on a bill under the threat of invalidity of the latter must strictly comply with the established ones, namely, it must be one of the following:

On the day of presentation;

Within a certain period from the day of presentation;

At such and such a time from the date of compilation;

On a certain day.

In the first case, if the drawer has not indicated a different period, the bill must be presented for payment within a year from the date of drawing up. Subsequent bill holders may leave or shorten these terms when transferring the bill. The drawer can also indicate the day before which the bill cannot be presented for payment, in which case the deadlines for presentation run from that day. In general, the term of any actions on a bill of exchange, if it falls on a day off, refers to the first worker behind it.

The name of the drawer must satisfy the same requirements as in the case of the first acquirer, it must fully and accurately identify this person under the threat of nullity of the bill. The signature of an official must be exclusively handwritten. This person must have full authority to sign the document. The same applies to the name of the bill of exchange payer. Although in the case of an incorrect name, all other obligated persons remain so.

The same requirements are imposed on the designation of the place of payment as for the place of drawing up a bill. At the place of payment, the bill must be presented for payment to the payer. If the place of payment is other than the place of location of the payer, then the bill is called domiciled, and it is assumed that the payer himself will appear at the place of payment (which in this case is called domicile). At the place of payment, a special point, different from the place of residence of the payer, may be designated to receive payment. Usually the bank acts as such. In a domicile, you can also define a special domicile platelic. Usually a bank is assigned to them. In this case, the bill is marked: "Place of payment in the city N through (name of the bank, address, details)". In order to pay a bill, the bank must have sufficient coverage from the payer. In case of his lack, he refuses to pay without any consequences for himself, the debtor is responsible for the payment.

These details are very essential for cashless payments. Indeed, suppose this props are omitted. Then the holder of the bill, presenting the bill for payment, gets himself an extra headache. After all, in order to avoid missing the deadline for the protest, he must make sure that the payment has been made. It is clear that a copy of the payment order is not reliable evidence of this. Therefore, the creditor is forced to contact the debtor's bank for appropriate confirmation, and it is difficult to be sure in advance that such information will be provided.

If a well-known bank or, which is simpler, the creditor's bank is indicated as a special payer, then everything is greatly simplified. Either the money arrives on time or it doesn't. In the latter case, you can safely protest the bill in default. In case the money is delayed in transit, the debtor should agree with the domicile on the actions of the latter.

It is clear that the procedure for the domiciliation of bills in banks, which is beneficial to all parties, is one of the conditions for the developed circulation of bills. The advantage for the bank here lies in the presence of a savings account, which accounts for the funds sent in advance by the payers to pay off the promissory notes domiciled in this bank. The bank independently redeems the presented bills at the expense of these funds, and before that freely disposes of them.

One of the obstacles to the widespread use of the promissory note is that there has not yet been an established procedure such as the one presented here. It is necessary to conclude a loan agreement, according to which the bank pays the domiciled bills from its own funds, the client then returns the amount to the bank, including interest.

Another possible mechanism is the use of a documentary credit, and this is the most convenient. In this case, the drawer, before issuing the bill, makes a notarized copy of its front side. When the due date approaches, he opens a documentary credit with the domicile. Payment is made against the presentation of the original bill. The latter is compared with a copy and verified by other criteria that the payer deemed it necessary to indicate when opening a letter of credit.

The drawer may put a clause in the text that payment must be made only to the first acquirer, but not by his order: "I undertake to pay (Pay) on this bill to such and such, but not by his order." The main reason for this clause is that the drawer does not want to miss those objections that could be opposed to the drawer (including the possibility of offsetting). Another reason may be unwillingness to increase the recourse sum. If this clause is placed, the bill of exchange may be transferred only by way of cession. Such a bill is called a nominal (bill of exchange).

The drawer, endorser or avalist may indicate a so-called intermediary, that is, a person who can be contacted for acceptance or, after a protest, payment, but who is not obligated by the bill. As for the relationship between the mediator and the person who appointed him, they are governed by civil law.

The drawer can put a clause on non-protest in the text: “Turnover without costs” or “Without protest”. This means that the holder of a bill, having received a refusal after the presentation of a bill for acceptance or payment, without making a protest, can apply for this to any obliged person, otherwise the costs of the protest will be borne by him. This clause is also intended to protect the reputation and reliability of the bill.

In the case of a bill of exchange, the drawer may be required to present it at a specified time for acceptance. If the latter is not done by the holder of the bill, he will lose his rights arising from non-acceptance or non-payment.

For a bill of exchange with a deadline on presentation or in a certain amount of time from presentation, a period may be specified during which it must be presented for acceptance or payment. If this condition is not observed, the holder of a bill loses his rights in relation to all obligated persons, with the exception of the payer (acceptor, in the case of a bill of exchange).

As already mentioned, the amount to be paid can be assigned in currency.

Since a bill of exchange can be issued in several copies, its text may provide a copy number, otherwise each copy will be considered as an independent bill. This is usually the case in the wording of the promise to pay: "Pay on this prima bill (second or first, second, etc.) ...", as well as in the title of the bill. Prima, secunda, tertia - the first, second and third copies, respectively. According to the Regulations on a bill of exchange and promissory note, everyone who has paid one copy is free from paying the rest, but only if there are no accepted ones among them. Otherwise, for all such, he bears the same responsibility.

Often, while one copy of a bill of exchange is being circulated, another is sent for acceptance. Then, on the issued copy, a note about the person who has the accepted copy is included in the text.

All details of the bill of exchange must be linked, concatenated in a single bill of exchange, concluded by the signature of the drawer. In the text, omissions and ambiguities should not be allowed, as they may lead to the invalidity of the bill. In conclusion, we note that the lack of bill details, although it can deprive the document of bill of exchange power, does not mean that the document has no effect. If he meets the conditions imposed by civil law for debt obligations, in accordance with them, he can be recognized as such. Then the relationship that has arisen between the parties will be considered in a civilian manner.

Insignificant (non-bill, of general civil significance) details

The above-mentioned details are provided for by the Regulations on the bill of exchange and promissory note, while others will, if necessary, be considered in civil procedure. Among these, the most common are the following:

1. Mark about the notification letter (advice note) to the payer: "According to our advice note" or "Without our advice note". This letter concerns the off-exchange relations of the parties.

2. A note about receiving currency. This mark is important as evidence of the receipt by the debtor of the amount of money in the loan.

3. The designation of the person from whom the drawee receives coverage: "... and deposit it (amount) on our NN account."

4. A note about the purpose for which the promissory note was issued. For example, that it is a depo-bill (security), which is issued as security, but not for sale or payment. Such a bill can be transferred, but the relationship between the drawer and the first acquirer will in this case be considered in a civil manner.

COPIES AND COPIES OF VEKSEL

For convenience, it is stipulated that a bill of exchange can be issued in several copies (necessarily numbered, otherwise they will be different bills of exchange), copies can also be removed from the bill. Moreover, in a number of cases, with different copies and copies, it is possible to perform actions with the same consequences as if they were done with the original. Only one copy should be accepted, for the acceptor is responsible for all copies accepted and not returned to him. It should be remembered that there is no provision for issuance in multiple copies for a promissory note.

ENDORSEMENT

A bill of exchange can be repeatedly transferred to other persons by affixing a transfer inscription (for example, "Pay the order of such and such") with the handwritten signature of the holder of the bill, on the back of the bill. The first endorsement is affixed to the upper left. Moreover, notarization is not required. The order clause is optional, the possibility of transferring the bill is implied.

The endorsement should be simple and unconditional, any conditions are considered simply unwritten. The endorser may prohibit further transfer if in the obligation or in the offer to pay instead of the word “order” he places the phrase “not to order”. The reasons for the prohibition may be the same as when drawing up a bill. The difference is that the bill of exchange can still be transferred further by endorsement, but the endorser who placed the ban will not be liable to those persons to whom the bill nevertheless passes. Thus, this endorser will only be liable to his own endorser.

By its legal nature, an endorsement is the same unilateral act giving rise to the same abstract obligation. When making an endorsement, the good faith of the acquisition has the same meaning as when issuing it.

Business practice requirements have led to a short and concise form of endorsement. The same reasons led to the appearance of two types of endorsements: the actual endorsement (nominal and blank), according to which the document becomes the property, and the assignment, replacing the power of attorney to perform certain actions related to the receipt of payment.

The nominal endorsement contains the name of the new acquirer of the bill, made according to the same rules as in drawing up, and with the same consequences. The letterhead does not contain the name and consists only of the endorser's signature.

With a blank inscription, the circulation of a bill is simplified, its transfer from hand to hand occurs according to the principles of property law, like any movable property. Persons who have been the owners of a bill of exchange with a form, that is, not imprinted on it, do not bear any responsibility under the bill of exchange, liability can arise only on general civil grounds.

Any holder can turn a letterhead into a personalized one by entering his name or another person. On the contrary, the name inscription cannot be turned into a blank one.

The meaning of the transfer inscription is to perform two functions. The first is the transfer of the document to the ownership of another person. This person becomes an independent promissory note creditor, as if it were the first acquirer of the promissory note. These rights arise only from the document itself and from its legal possession. The latter means that the next holder of a bill bases his right to a bill, firstly, on a continuous series of endorsements (including blank ones), and secondly, on the bona fide acquisition of the document.

The crossing out of the transfer inscription breaks their continuous row, and then the legal holder becomes the one who completes the continuous row, starting from the first purchaser. The endorser is not obliged to verify the authenticity of the signatures on the bill. The good faith of his acquisition of the document is implied until the opposite is proved (presumption of good faith).

The second function of the endorsement is guarantee. Since the endorsers are jointly and severally liable to the holder of the bill for payment, being independent and independent of each other, their presence in the bill serves as a sign of its reliability.

The endorser is responsible for the acceptance and payment, however, he can agree to relieve himself of this responsibility, to get rid of the second function. This is achieved by placing in the endorsement a non-negotiable clause: "Pay the order of so-and-so without recourse to us." However, such a permanent inscription may raise doubts among subsequent purchasers. Therefore, it would be better for an endorser, who wants to absolve himself of responsibility, to acquire a bill of exchange on a blank transfer inscription.

Other possible reservations in the endorsement may be:

Appointment of intermediaries;

Reducing the term for the presentation of a bill;

Exclusion of protest (“turnover without costs”). In terms of its consequences and procedure, the transfer of a bill by endorsement differs significantly from the general civil transmission of rights (cession). Guided by Chapter 24 of the Civil Code of the Russian Federation, these differences can be reduced to the following:

1. Assignment is a bilateral agreement, endorsement is a unilateral formal act. Under the endorsement, the bill of exchange itself is transferred, and in the case of cession, the rights arising from the obligation.

2. The acquisition of the right under the endorsement is based on the bill itself, but not on the rights of the endorser, and, therefore, the acquired right has an independent character, during cession it follows exclusively from the rights of the assignor.

3. In the event of a dispute over the assignment, it is necessary to prove the transfer of rights to the assignee in a general civil procedure; in the case of endorsement, the legitimization of the endorsee is much easier.

4. Under the endorsement, the right is transferred in full, under the assignment it can be transferred in part (for example, for a part of the amount). When transferring the right of claim against the acceptor or debtor of a promissory note, drawer, endorser, the assignor is responsible for the authenticity of their signatures.

5. In the course of an assignment, the assignor is responsible only for the existence, validity of the right of claim at the given moment, but not for the fact that it will be possible to exercise it. The latter is the subject of a separate agreement. In the case of endorsement, the validity of the demand is less important (even if the bill is fake), but the endorser is responsible for its good quality, unless he has put down a non-negotiable clause.

6. Since the rights of the assignee derive from the rights of the assignor, the former may be opposed by all objections that could be opposed to the latter and, moreover, to all previous assignors.

7. The assignors are not jointly and severally liable to the assignee.

8. The assignor can receive the transferred rights again only as a result of a new assignment, and the endorser - simply by receiving the bill back.

9. Formally, the endorsement is simpler, it does not require notarization and an additional contract.

10. In case of endorsement, a bill of exchange is transferred, and in case of cession, the transfer of a document does not matter, therefore it is necessary to notify the debtor, which is not required in the first case (no document, no requirement).

The holder of a bill may instruct another person to receive payment of the bill of exchange. This order is drawn up by means of an assignment inscription, that is, an inscription containing the order, but not making the specified person the owner of the bill. Usually such an endorsement looks like this: "To receive payment (I trust to receive) (For collection) to such and such". Thus, the authorized person is authorized to perform actions related to the receipt of payment without issuing a power of attorney.

An assignment inscription can only be inscribed, and this order can be transferred further to other persons by way of endorsement. The conditions for the legitimization of the latter are the same as in the case of a transfer inscription. The order given by the inscription does not terminate in connection with the liquidation or limitation of the legal capacity of the assignor. As for the protection of a bill from counterfeiting (which is sometimes given an exaggerated meaning), this issue is mainly resolved by joint and several liability on the bill, primarily the direct endorser, to the new holder of the bill, and the fact that the presence of fake inscriptions or fictitious persons does not eliminate this responsibility. Both in the last century and in the Middle Ages there were no forms of promissory notes with many degrees of protection. A way out was found in the special construction of the bill and bill of exchange law. To be on the safe side, here the acquirer (endorser) must avoid gross negligence (as, indeed, when concluding any contract), otherwise he will be the last one in the chain of endorsers. This awareness provides the best protection against counterfeiting.

AVAL

In addition to the endorsement, which also performs a guarantee function, there is an institution of bill of exchange law specially designed for this purpose - a bill of exchange, or aval. Aval - a unilateral abstract transaction of a person-avalist, consisting in assuming the obligation to pay the bill of exchange (in whole or in part) for the bill holder, at the expense of which he gave the aval. Any person possessing a bill of exchange, by means of aval, can vouch for any person obligated by the bill, whether it is the main debtor or a minor one. Moreover, both in terms of the bill of exchange, and in full. Such security for payment on a bill is called an aval and is simply given by the signature of the avalist on the face of the bill, which may be accompanied by the words: "Count as an aval." It is considered that the aval was given for the drawer, unless another person is indicated by the avalist. In addition to the bill itself, the aval can be given on an additional sheet and even on a separate sheet, this is a permissible deviation from the current Regulation on a bill of exchange and a promissory note from the EVZ (see Article 4 of Appendix No. 2 of the Convention on the EVZ). In the latter case, the place of issue of the aval must be indicated. You should also indicate the details of the bill and, possibly, non-bill details that allow you to uniquely identify the document. Aval may also be on a copy or on any copy of a bill, but not on the first. Aval can be given at any time, both before the expiration of the bill, and after. The location of the aval for this purpose does not play a role, for which of the debtors the aval was given, it follows only from the content of this inscription.

The avalist on the bill is responsible in the same way as the person for whom the aval was given, and even if the obligation of this person turns out to be invalid (for example, the signature is forged). The Avalist will be relieved of responsibility only if the reason for the invalidity of the obligation of the person for whom he vouched is a defect in the form. It follows that the avalist cannot present objections to the promissory note creditor that the debtor could raise.

The positions in which the avists of the main promissory note debtor and the secondary one are located are different. Since for the occurrence of the liability of the secondary debtor, for whom the aval was given, a protest is required (see article 53 of the Regulations on the bill of exchange and promissory note), then the liability of his avalist comes only after the commission of this act. Further, on the part of the holder of a bill of exchange, no additional actions related to the presentation of the bill of exchange for payment, or, even more so, with proof of refusal to pay by the secondary debtor, are required. The secondary debtor and his avalist are jointly and severally liable (Article 47 of the Regulations).

To bring a claim against the avalist of the main debtor, as well as in relation to the latter, a protest is not required. From the moment the aval is issued, the avalist is liable in the same way as the main debtor, thereby bearing joint and several liability with him (Article 32 of the Regulations). Bill of exchange law does not provide a definition of joint liability, here, as in some other cases, it is based on civil law (Articles 322-325 GKRF). It follows from the current definition that a bill of exchange can be presented to the avist and for payment, without prior presentation to the debtor, and, therefore, can be contested in case of refusal. Aval for the main debtor, therefore, is a completely independent obligation. The avalist finds himself in the position of one of the drawers. However, we note that the last conclusions (on presentation and protest) are still controversial. There is no single point of view among specialists. This problem was raised even during the existence of the Charter of 1902, however, to this day, an explanation, given in a proper way, is required.

Having paid the bill, the avalist receives all the rights arising from it, thereby finding himself in the position of a legal bill holder (Article 47 of the Regulations).

Although the aval is intended to enhance the attractiveness of this bill, the opposite may happen. Indeed, let's look from the other side - if the debtor is given an aval, maybe his creditworthiness is in doubt? Therefore, it is advisable, instead of an explicit bill surety, to resort to the so-called hidden surety, namely, to act as one of the drawers or the first bill acquirer. In the latter case, the bill simply remains with the drawer with the remitter form. Thus, the true nature of the relationship between the issuer and the surety remains hidden, but another obligated person appears in the bill. Another consideration is that it is not always convenient for the surety to be in the position of the payer.

PAYMENT BY VEX

For the owner of a bill of exchange, it is of particular importance to be able to present it to the payer before the due date for acceptance, who, if the bill is accepted for payment, must sign on the face of the bill. Acceptance means acceptance of an obligation to pay on a bill of exchange, which gives the holder of a bill the right of a direct claim against the acceptor, and thus additionally makes it possible to probe the consistency of the latter in advance if there is no certainty about it. Like all obligations in a bill, acceptance is a unilateral, unconditional and abstract obligation.

It should be remembered that promissory notes payable within a certain period after presentation must be presented for acceptance within a year from the date of issue, unless otherwise agreed by the drawer or endorsers. Moreover, the drawer can set any other term, and the endorsers can only shorten it.

The payer has the right to demand that the bill be presented to him again for acceptance on the next day, but he cannot demand that the bill be left to him for this. The acceptance must be dated by the payer on the day of presentation. The payer can limit the acceptance to a part of the amount, however, no other restrictions and conditions are allowed, otherwise it is tantamount to a refusal to accept.

The bill of exchange must be presented for payment on the day of payment, or within the next two working days. The payer cannot require the holder of the bill to accept payment before the due date. If the bill of exchange is not presented on time for payment, the payer may himself deposit the amount to the notary's office or other competent authority at the expense and risk of the holder of the bill. When paying by promissory note, the payer is obliged to check the correctness of a number of endorsements, but not the validity of the signatures under them. When paying a bill, the payer, together with its receipt, may require the holder of the bill to make a note on the receipt of payment: “Payment received”.

The fact of non-payment of a bill of exchange or non-acceptance of a bill of exchange shall be certified by an act drawn up in a public order - a protest in non-payment or non-acceptance. The need to protest in non-acceptance and non-payment is dictated by the peculiarity of the legal nature of the bill, which obliges everyone to be held liable for failure to fulfill the obligation of anyone who has put his signature on the bill. The holder of a note can demand from any of the signatory notes, i.e. not only direct debtors-acceptors in a bill of exchange and a scriptor in a promissory note, but also from all other debtors-endorsers and avalists. To do this, he must prove that he presented a bill of exchange for acceptance (payment) and that neither acceptance nor payment was received. According to clauses 161-166 of Chapter XVI of the Instruction of the Ministry of Justice of the RSFFSR dated January 6, 1987. No. 01 / 16-01 “On the Procedure for Performing Notarial Actions by State Notary Offices of the RSFSR” protests against bills of exchange in non-payment, non-acceptance and undated acceptance are made by state notary offices in accordance with the regulation on bills of exchange and promissory notes.

The protest of bills of exchange in non-payment is made by notaries at the place of payment, and the protest of bills of exchange in non-acceptance and undated acceptance - at the place of location of the payer. The person at whose request a protest is made is called a Protestant; the person in relation to whose actions is being committed - a protest.

For making a protest in non-acceptance of a bill of exchange, the terms provided for by the commented provision for presentation for acceptance are accepted. In the absence of other indications in the bill itself, the presentation of a bill for acceptance has the character of a random bill of exchange belonging, i.e. is not obligatory, except for the case when the bill of exchange is issued for the term “at such and such time from presentation”. Such bills of exchange must be presented for dated acceptance within one year from the date they are drawn up. The drawer or endorsers may establish for the drawer the obligation to present the bill for acceptance with or without a deadline, they can limit his right to the expiration of a certain period or the coming of a certain date. Compliance with all these requirements is mandatory.

If the presentation for acceptance took place on the last day of the term, the payer, guided by the right granted to him by Article 24 of the Regulations, demanded to present this bill again the next day, the bill holder must wait for this day and present the bill again. Only in case of repeated refusal to accept the bill does he have the right to protest in non-acceptance. In this case, the protest must be made no later than 12 noon on the next working day.

The same procedure applies to the presentation of a bill of exchange for making a protest in an undated acceptance. The obligation to present a bill of exchange for protest is valid only on working days. If the deadline for submitting a bill for making a protest falls on a non-working day, it is extended until the next next working day.

Time limits for protesting bills of exchange in default:

For bills of exchange with a term “on sight” - the day of presentation of the bill, and if the presentation took place on the last day of the term specified in the bill or in Article 34 of the Regulations - until 12 noon of the next day;

For promissory notes with a term “in such and such time from presentation”, “in such and such time from drawing up” - in one of two working days following the day on which the bill of exchange is due for payment.

VEXEL SUIT AND REGRESS

Speaking of a bill of exchange claim, it is necessary to determine, in accordance with the general principle of relations between the law of a bill of exchange and civil, actually bill claims, that is, claims arising exclusively from a bill of exchange. In addition to bills of exchange claims, claims for bills of exchange are possible (for example, regarding the issue, transfer, avalization, etc.). These claims do not relate to the bill of exchange legal relations between the parties and are governed by the norms of other branches of law, primarily civil.

A bill of exchange claim is impossible without the bill itself. The plaintiff bases his right as a legal promissory note creditor either only on a bill of exchange, or proves it, referring also to other branches of law.

All persons, including the intermediary, if they have paid the bill of exchange, can demand from the persons owed to them:

- the entire amount paid by them;

6% of the amount paid by them from the date of payment;

Reimbursement of costs incurred.

Moreover, the amount, as you can see, will grow along the entire chain of obligated persons with the presentation of a demand for payment. The initial is the amount that the holder of a bill may require and which includes:

All outstanding amount, including due interest;

6% on this amount from the date of the due date;

All costs, including protests and notifications;

Penalty interest of 3% from the due date.

The limitation period is different for different persons responsible for the bill:

Against the acceptor, it is three years from the date of the due date;

Against the drawer and endorsers - one year from the date of the protest;

Against the endorsers to each other and the drawer - six months from the date of payment of the bill.

Particular attention should be paid to the simplified procedure for the collection of promissory notes (court order) and issues arising in connection with its introduction. The institution of a court order was introduced by the Code of Civil Procedure. The courts refuse to issue a court order to legal entities, citing the fact that the resolution of disputes between them is regulated by the Arbitration Procedure Code. Such refusals and motivation seem to be completely unfounded, because the protested bill means the absence of a point of dispute.

VEKSEL'S PLACE IN THE CONTEMPORARY MARKET ECONOMY OF RUSSIA

In the modern Russian economy, the promissory note was revived on June 24, 1991 by the decree of the Presidium of the RSFSR Supreme Council No. 1451-1 and began to be actively used primarily by commercial banks to attract free money resources of clients, although historically, the promissory note is primarily a means of securing and issuing a commercial loan. The reason for this state of affairs lies in the well-known property of the financial system to increase the volume of the money supply in response to the rise in prices and costs of the economic system due to the fact that money has long ceased to be gold money. Banks are to some extent catalysts of this process due to the characteristic property of banking services to have a self-explanatory value. This makes them look for "cheap" money as funds raised.

The second reason for the development of the turnover of bills is the transitional nature of the Russian economy. Currently, only a full-fledged financial market is recovering, and a commercial loan issued by a bill of exchange is a kind of signal of the recovery process. After all, it was the abolition of commercial credit as a result of the credit reform of the 1930s that led to the establishment of a directive distribution of financial resources, the introduction of monobank business in the country. Commercial loans and promissory notes eliminate the very concept of centralized distribution of resources, as the process of money formation in the economic system changes.

In a highly centralized economy, money is primarily credit money in the form of bank accounts with a small part of the cash turnover "". The process of their formation is determined to a greater extent by the management vertical, that is, the ties of an enterprise or industry with the national bank, rather than horizontal ties between enterprises. In such a system, everything depends not on the creditworthiness of the enterprise itself, but on the decision of the management, for example, on opening a loan at the Central Bank or receiving budget funds. Control over the movement of money supply is quite effective from the point of view of the state, but the efficiency of using money in this case leaves much to be desired.

Another characteristic feature of the financial system of a centralized economy is a "soft budget constraint" (to use the definition of the same Y. Kornai). The company does not run the risk of going bankrupt; it actually shifts the financial risk to the state, to its suppliers and to the buyer of its products. Moreover, the question of receiving money from the enterprise is not worth it. Rather, there will be a replacement of management, and not bankruptcy of the enterprise. The consequence of this situation is that the enterprise almost always seeks to shift its costs to the buyer or to the state, and when this fails, it gets into debt. The problem of non-payments began to worsen already in the 80s, but it was resolved by carrying out mutual settlements between enterprises at the state level. And to this day, the problem of non-payments remains unresolved.

In the market system of management, it is the circulation of promissory notes that lies at the basis of money circulation. Banknotes, into which a bill of exchange turns into, enter circulation only after its redemption. Horizontal ties between enterprises are controlled by the acceptance of bills of exchange, and the state ensures the unconditional nature of the bill as a debt obligation, the rigor and speed of collection of the bill of exchange. At the same time, the bill also contributes to the redistribution of financial risks between participants in commercial transactions.

A characteristic feature of the modern financial system in Russia is its transitional nature, associated with the transitional nature of the economy as a whole. Money in such a system has gone from "servicing" the directive-planned economy. To some extent, they began to play the role of a universal equivalent, the role of a universal and highly liquid resource, which rightfully belongs to them in a normal economic system.

The fact that there are two independent economic systems adds to the difficulties. One is made up of the basic sectors of agriculture, life-forming industries and enterprises of the military-industrial complex, which currently do not have the resources to organize a normal production process. As a rule, this is also typical for those commercial banks that are associated with servicing this sector of the economy. Surplus funds are owned by enterprises that have retained their profitability in the current conditions, and new commercial structures, including the banks associated with them. However, the exchange of cash flows between these groups is poorly established. Part of the possible risk of non-return lies with the state. In addition, centralized netting will not provide an opportunity to assess the quality of debt obligations, leading ultimately to overpricing. The effectiveness of such an event remains low, since it does not eliminate the real reasons for non-payment.

The behavior of businesses has not actually changed: most directors still feel it is unnecessary to pay off their supplier's debts. The company forces its supplier to lend to him. And, unfortunately, these schemes have not yet been broken, and are even provoked by non-payments by the state.

In a transitional economy, it is also difficult to admit enterprises to new capital. A small group of banks are engaged in long-term investments. In these conditions, the bill as an element of the financial system allows to some extent to resolve the stated problems.

The bill as a financial instrument plays a double role, which is quite natural for a transitional economy. On the one hand, it promotes the development of both new spheres of monetary circulation and old spheres where they were present, primarily in a bureaucratic or natural form. The circulation of promissory notes generates new forms of transactions and transfers, thus solving the problem of money shortages at high inflation. There is also a partial solution to the problem of non-payments.

On the other hand, a promissory note, like other promissory notes, is still "quasi-money", and the circulation of promissory notes significantly increases the growth of the M2 money supply aggregate, both due to an increase in the speed of money circulation and due to the fact that many bank promissory notes are bank "emission" of money. Therefore, the latest regulations of the Central Bank, aimed at limiting the volume of issuance of bank bills, are not surprising.

The issue of "quasi-money", some of which is formalized by a bill of exchange, compensates for the shortage of cash by enterprises at the expense of low-liquid and low-mobile funds, moreover, with a sharply increased multiplier. Today, due to a number of the above reasons, the bill remains one of the most settlement instruments in the Russian financial market.

FORMATION IN RUSSIA OF VEKEL CIRCULATION

The funds raised initially from new Russian commercial banks were money from state and cooperative enterprises. Relatively cheap centralized resources and borrowed funds have become another source of national banking capital. However, access to these resources for small banks was always difficult, and therefore the diversification of the bank's passive funds became simply necessary, and with the intensification of competition, the struggle for the client became the basis for the bank's survival in the market.

The promissory note, due to its greater liquidity compared to deposit accounts, turned out to be a rather powerful tool for attracting funds and banks. Best of all, this property of a bill has shown itself in the market of "short money." "A bill, declaring the bank a direct debtor, sets otbctctbci six for payment on time and is a completely reliable tool for raising funds.

Subsequently, the crisis in the interbank lending market, the introduction of the currency corridor and other reasons further exacerbated the struggle for the client for the banks. Recently, to the reasons listed here, a decrease in profitability has also been added to operations with government securities, on which many banks have successfully lived. So lending to commercial enterprises through promissory notes remains an attractive operation for banks, not to mention many intermediary firms operating in the promissory note market.

Initially, Russian banks used promissory notes as a deposit instrument, which is explained by the specifics of Russian taxation, although in their economic essence, interest and discount promissory notes do not differ. Usually, when using a bank bill as a term deposit, an agreement is concluded for the acquisition of rights under the bill. The further procedure depends on from circumstances of the transaction.

The first start on the new Russian promissory note market was made in 1998 by Promstroybank of the USSR. He introduced a system of settlements with the help of a bill, intended primarily for enterprises that have accumulated products that are in limited demand. Promstroibank's "bill of exchange" form of settlement was a modified scheme of settlements with payment claims with a deferred payment.

The next attempt was made by the Russian Commodity and Raw Materials Exchange (now the Russian Exchange) in 1991. The issue of its bills was intended primarily for servicing brokers and intra-exchange turnover. Unfortunately, it turned out to be out of time due to the low level of knowledge of this subject by brokers.

After the publication of the Decree of the Presidium of the Supreme Soviet of the RSFSR dated June 24, I991 I. No. I45I-I "On the use of a bill in the economic circulation of the RSFSR", which revived the Regulation on a bill of exchange and a promissory note from I937, the era of bills of banking and investment institutions ... In I992-1994, the approximate issue of bank bills amounted to about 120 billion rubles.

The constant rise in the dollar exchange rate and the rise in the cost of foreign currency loans within the country forced commercial banks to look for effective ways to place their own funds. At the end of 1991, foreign currency bank bills appeared, the issuer of which was a bank that received a general or extended foreign exchange license. Settlements in foreign currency bills with residents were prohibited, except in special cases. At the same time, banks learned to bypass the legislation by writing a bill of exchange, for example, as follows: "Pay in rubles an amount equivalent to 1000 USD at the rate of payment." Legally, the circulation of foreign exchange bills was allowed only to banks and enterprises that received special permission from the Central Bank.

In March 1993, the International Financial Syndicate, which includes 11 financial companies and stock exchanges, began to carry out operations with promissory notes. This promissory note with a par value of 1 million rubles. was intended for settlements between Russia, Ukraine, Kazakhstan, Belarus, Moldova and Latvia. The promissory notes were issued in series with maturities of up to three months and were subject to mandatory daily quotation by the members of the syndicate and the national currency.

In 1994, attempts were made to introduce multi-currency bills. An example is the multicurrency bill of the Moscow Bank for Reconstruction and Development. However, after a while the bank curtailed this program. The notorious LLD Bank issued a "gold bill" ("gold" in it was expressed by the aval of a gold mining company). Also, a bill of exchange of the Russian National Bank was issued with partial gold backing.

Known practice of using promissory notes and to ensure factoring operations. In this case, the bill is issued with the clause "without turnover", that is, with the refusal of recourse. Tveruniversalbank proposed a scheme of factoring operations for Russian investors and exporters, but its implementation did not take place due to an increase in taxes and customs duties.

Thus, the use of bills as a term deposit became widespread and turned bank bills (primarily currency) into highly liquid securities, which also retained the properties of a means of payment. A bill in the form of an analogue of deposits is of a usurious, artificial nature, having only a financial basis, although first of all it should be an instrument of commercial credit and commodity transactions.

CONCLUSION

In conclusion, I would like to say. That a bill of exchange is a written, abstract and indisputable obligation to pay a certain amount, drawn up in a strictly established form by law. The bill of exchange is completely detached from the terms of the transaction, as a result of which it arose, in the form established for it for any mention of this there is no place. This is its abstractness: it should be paid for regardless of anything, including the reasons for its appearance. A bill of exchange obligation is a unilateral act.

The expression "the bill must be paid" is not just empty words. The force of the bill is in the fast and efficient manner prescribed by the law for the collection of the debt in the event of refusal. Here it is impossible to delay with payment, as is the case in the case of a contract. This is its indisputability - the payment cannot be avoided, nor even postponed - due to the absence of a moment of dispute between the parties, the trial does not take place. And the case for the recovery is transferred immediately to the enforcement proceedings

By virtue of its abstractness and indisputability, the bill of exchange is subject to. What issued it or guaranteed a reliable company can be treated on a par with money, that is, it is a means of circulation and payment. This property is provided by a simple procedure for the transfer of rights on it - by affixing a transfer inscription on the reverse side, signed by the holder of a bill to another person. The quantity and quality of endorsements on a bill determines the degree of its reliability, because all former bill holders are jointly and severally liable for payment to its owner.

The use of promissory notes nowadays also allows, on the existing legal basis, to carry out offsetting and deliver products in advance of payment. In terms of the speed of collection, it will be possible, after the establishment of its simplified procedure, to draw an analogy with the recently applied payment requirements. An issued promissory note or an accepted bill of exchange will legally play this role.

BIBLIOGRAPHY

Belov V.A. Bill of exchange legislation of Russia, Scientific and practical commentary. -M., "YurInfoR", 1996

Belov V.A Bill and bill circulation, - M., "YurInfoR", 1998

Bill and bill circulation in Russia: a practical encyclopedia, -M., "Banking Business Center", 1997

Bill and bill circulation in Russia, compiled by A.V. Volokov - M., "Training Center Bank Center", 1998

Bill of exchange, compilers Ilyin V.V., Makeev A.V., Pavlodsky E.A., - M., "Banking Business Center", 1997

INSTITUTE OF YOUTH

Department of Economics and Entrepreneurship

Course work

Promissory notes promissory notes lending: content and Russian practice of application in credit institutions.

Completed by: 3rd year student

Faculty of Economics and

control group M-302

Yaroshenko G.L.

Academic Supervisor: Associate Professor

Semenov N.F.

Moscow 1998

Chapter I

General information about the exchange.

1. Bill as a credit and settlement instrument.

Promissory note, as an instrument of credit and settlement relations, was the result of centuries of development of the commodity and monetary economy.

Its appearance was associated with the need to transfer money from one locality to another, as well as when exchanging coins with a water area for the currency of another state.

This gave rise to a lot of difficulties: the risk of being robbed, a ban on exporting coins outside the country where they were minted, and the simple physical difficulties of moving because of the clutter of coins.

As a way out of the created situation, there was a transaction associated with the transfer and exchange of money and consisted of making a certain person the amount of money in one place with the obligation of the latter to pay the same amount in another place with a coin circulating in that place, i.e. promissory notes (from English Wechel - exchange, change).

The impetus for the development of promissory notes was the practice of bankers who changed medieval Italy. The merchant, sending to the fair and not risking taking a large amount of cash with him, turned to his banker, deposited money and received a letter from him to the banker at the destination with a request to issue an equivalent amount.

This is how the three parties to the bill of exchange appear:

1) remitter (bill holder) - the owner of the bill who has the right to pay on the bill.

2) the drawer (drawer) is the person who issued the bill.

3) drawee (payer).

The relationship of these three parties was formalized by a document (draft), which served, on the one hand, as evidence of the identity of the recipient, as a person to whom payment was to be made in a certain place, on the other hand, he had evidence of his right to claim.

By accepting a bill of exchange and becoming an acceptor, the drawee becomes the main debtor of the bill.

In the process of circulation, a bill of exchange is transferred from one holder to another by means of an endorsement (endorsement). Each endorser, as well as the issuer, is responsible for the acceptance and payment of the bill.

The promissory notes of the payer, the drawer and the endorsers may be additionally guaranteed in full or in part of the amount by means of a bill of exchange guarantee (fr. - avail), by virtue of which the person (avalent) who committed it takes part of the responsibility for the performance of any of the persons obliged by the bill.

By means of a bill, as a settlement and credit instrument, it is possible to extinguish mutual debts along the chain of debtors and creditors, save circulating assets, ensure the intended use of credit, etc.

A bill of exchange, being a means of issuing a loan in a commodity form, contributes to an increase in the speed of turnover, a decrease in the need for credit resources and cash in general, allows economic entities to use cash for their own purposes.

2. The essence of a bill as a financial instrument.

The bill performs two main functions: credit and settlement.

Consider the settlement function of a bill of exchange. In essence, allowing the issuer to settle, issue bills of exchange into circulation, the bill acts as a means of settlement, i.e. replaces money, the most important function of which is that it can be a means of exchange.

We are witnessing an evolution: in part money has been replaced by barter, exchange in kind, separating the act of sale from the act of purchase, - a bill of exchange has partially replaced money, separating the act of payment from the act of receiving money.

The second function of money is to act as a measure of value. Society finds it convenient to use the monetary unit as a scale to measure the relative value of the good of resources.

This has obvious advantages. Thanks to the monetary system, we need to express the price of each product through other products. And again, a bill of exchange represents the next step: it accumulates this function of money, expressing the value of this or another product in monetary terms, but eliminating from the process of recounting, transferring, storing money.

In addition, each country is usually set its own measure of value. In the US, the measure of value is the dollar, in Germany - the mark, in Russia - the ruble. A bill helps not only to carry out settlements, but also to exchange money. The medium of exchange is the most ancient function of a bill of exchange. Radin 'he actually was born in distant medieval Italy.

A bill of exchange was a letter requesting the exchange of a bill (given in one country and secured in one currency) for money (in another country and in another currency).

The next function of money is money as a means of accumulation, preserved after the sale of goods and services, and providing its owner with purchasing capacity in the future. A bill fully fulfills this function. It saves money to the issuer, allowing a bill of exchange to be issued instead of cash, and cash is only used in circulation, i.e. but will contribute to their multiplication.

Thus, it turns out that promissory notes perform all the functions of money, being also a means of payment and an obligation.

The origin of the bill of exchange is confirmed by the bill of exchange origin of the British banknotes: the five-pound bill next to the portrait of the British Queen contains a promise from the first person to pay the bearer of this demand (bill) the amount (in gold equivalent) of 5 pounds. In fact, in all civilized countries with the first issues of paper money to this day, they are governed by bills of exchange.

In English pounds, the classic bill scheme is visible:

The drawer (ruling English queen);

Bill holder (owner of the banknote);

Payer (English bank);

such security of paper money makes it a reliable means of payment, confirmed by the authority of the Queen and the solvency (assets) of an English bank.

So, the bill acts as money, helps to defer payment, along with it, and the payment of taxes. On the basis of the circulation of promissory notes, credit money appears, issued by the issuing bank and supported by its authority.

Money should work. As a means of calculation, a measure of value and a means of accumulation, the bill of exchange is successfully used.

3. Classification of bills.

lassa bills of exchange are quite diverse, they differ by the issuer, serviced transactions and the subject of payment received.

On the basis of the issuer, they are distinguished:

Treasury bills - short-term debt obligations issued by the government of the country, usually through the intermediation of the Central Bank, with a maturity, as a rule, from 90 to 180 days;

Private bills - issued by corporations, financial groups, commercial banks.

The bill can serve purely financial and commodity transactions. A financial bill reflects the relationship of a loan of money to a bill holder to a bill holder at a specified interest rate. By means of financial promissory notes, a loan is issued, taxes are transferred to the budget, budgetary financing, wages, currency exchange, etc. are obtained.

The varieties of this financial instrument are:

A friendly bill - issued by one person to another without the intention of the issuer to make a payment on him, but only for the purpose of finding funds by mutual accounting of these bills in the bank. Ordinary friendly bills of exchange (equal amounts, terms) are counter-exchanged by two real persons who are in a trust relationship, in order to then take into account or pay a sub-pledge at the bank, having received real money, or to make a payment for goods.

A bronze bill of exchange is a bill that does not have a real transaction, there is no real financial circumstance, and at least one person participating in the transaction is fictional. The purpose of such a bill is to receive money from the bank for it or use it to pay off debts under real commodity transactions or financial obligations.

Bronze and friendly bills arise when the "creditor" is in a difficult financial position or when we conduct a fraudulent transaction. Such bills falsify money turnover, provoking tax non-payments.

At the heart of a bill of exchange is a purchase and sale transaction. This quality can act, on the one hand, as an instrument of credit, and on the other hand, perform the functions of a settlement facility, repeatedly passing from one hand to another and serving, instead of money, numerous acts of buying and selling goods.

Simple and bill of exchange.

At present, the countries participating in the Geneva Bill of Exchange Convention of 1930 (including Russia as the successor of the USSR) apply the "Uniform Bill of Exchange Law" on their territories. This law provides for two types of promissory notes: simple and transferable.

A promissory note is a written document containing a simple and unconditional obligation of the drawer to pay a certain amount of money at a certain time and in a particular place to the holder of a bill or by his order to another person. In a promissory note, two persons are involved from the very beginning: 1) the drawer, who is obliged to pay the payer himself; 2) the holder of a bill, who owns the right to receive payment to the bill of exchange.

A bill of exchange to be transferred is a written document containing an unconditional order of the issuer to the payer to pay a certain amount of money at a certain time and place to the holder of a bill or by his order to another person. transferring the payment to the drawee; 2) the holder of the bill who has the right to receive payment from the drawee; 3) the drawee who is the payer of the bill.

In practice, preference is given to a bill of exchange, because if there are two signatures on it at once - the drawer and the drawee (acceptor) - the guarantee and payment of the bill of exchange are increased, and the last creditor can acquire the bill of exchange of the applicable degree of risk of the operation.

The advantages of a bill are the combination of two functions - credit and settlement.

As a settlement instrument, thanks to the property of endorsement, a bill of exchange can serve as a means of payment, replacing cash in payments.

As for the credit function, it was usual to issue a trade credit with a bills of exchange in the following scheme: the supplier of the goods (the holder of the bill of exchange), simultaneously with the conclusion of the transaction, exposes the bill of exchange to the buyer, indicating himself as the recipient of payment to the bill of exchange (by order of the holder of the bill).

The buyer after acceptance of the bill of exchange becomes the main debtor under him (the acceptor), the holder of the bill in this case is the creditor and becomes the holder of the bill.

Thus, the loan is formalized using a "unified loan agreement" - a bill.

The holder of a bill of exchange can leave the bill of exchange in his property and, upon the due date of payment, present it to the debtor for repayment, he can pay with the bill of exchange a new product, bought by himself, or resell the bill, as a security, to the next creditor.

Circulation of a bill of exchange has both common features and peculiarities that distinguish it from other securities.

The common thing is that, just like bonds, certificates of deposit, and other bearer securities, a bearer's bill of exchange is traded by simply handing over to a new owner (issuer).

A special feature is that, unlike stocks and bonds, which are transferred by way of purchase and sale with subsequent changes in the list of shareholders, or having certificates, which are transferred by way of a cession - a bilateral assignment of claims, bills of exchange are transferred by means of a transfer signature - an endorsement certifying the transfer from the recipient to another person.

The endorsement must be continuous, simple and unconditional; it is placed on the bill itself or on the allonge (sheet attached to the bill).

There are several types of indorsement:

1) Full endorsement - transfers to the new holder all rights associated with the bill. The endorsement must only be complete.

2) Partial endorsement - transfers to the new holder of the bill of exchange only a part of the rights associated with the bill. Partial endorsement is not permitted.

3) Blank endorsement - not containing an indication of the person in whose favor it was made, or consisting of the signature of the endorser. It turns the bill of exchange into a bill of exchange for the bearer.

4) Nominal endorsement - containing an indication of the person in whose favor it was made.

5) Non-negotiable endorsement - made with the clause "without the turnover of me", which removes liability from the drawer for the unpaid and protested defaulter.

6) Revolving endorsement - performed without the reservation "without revolving me."

7) Endorsements with clauses - the endorsement may contain clauses "on casso", "as trusted", "currency to order", having in the form of a simple instruction to carry out transactions on a bill, "currency as collateral", "currency as a pledge", which have a bill of exchange as a pledge.

In this case, the endorsee can endorse the bill only by the order of assignment, i.e. with similar caveats.

8) Endorsement without reservations - not containing the above reservations, giving the right to endorse a bill in the usual manner.

9) Assignment endorsement - made for the purpose of transferring a bill of exchange to a person who, on behalf of the indor-

4. Redemption of a bill.

At the specified time, the holder must present it for payment. Payment can be in full or in part. Refusal of payment (or even acceptance) must be publicly certified by an act of protest of non-payment (or non-acceptance). The protest must be made by an authorized representative of the state in the prescribed form.

5. The form of the bill.

A bill of exchange is a written document and must be drawn up in accordance with certain rules to be effective.

As a written document, a bill has a number of mandatory requisites.

A promissory note has the following details:

1) The name "Bill", expressed in the language in which the composition of the document.

_______________________________________________________________________

1 Mirkin Ya. M. Securities stock market. M. 1995

3) Specification of the due date.

4) Indication of the place of payment.

5) The name of the person to whom or by order of whom the payment must be made.

6) Indication of the date of the place where the bill was drawn up.

7) Signature of the drawer.

The scheme reflecting the content and movement of the promissory note is as follows:

The bill of exchange has its obligatory requisites:

1) The name "Bill", included in the text of the document, is expressed in the language in which the composition of the document.

2) A simple and unconditional obligation to pay a specified amount.

3) The name of the person who must pay the bill of exchange (payer).

4) Specification of the due date.

5) Indication of the place of payment.

6) The name of the person to whom or by order of whom the payment is to be made.

7) Indication of the date and place of drawing up the bill.

8) Signature of the drawer.

The scheme reflecting the content and movement of a transfer of exchange is as follows:

6. Payment to a bill of exchange.

Due to the fact that one of the most attractive sides of a promissory note is its payment security, I especially want to talk about the payment of a promissory note.

Payment to a bill of exchange has significant differences, which are conditioned by the very nature of the bill. The payment must be made to the non-original creditor, the account holder, as if the promissory note can be indossed, only that last person is the sole owner of the value represented by the promissory note.

For payment, the bill of exchange must be presented to the debtor by the creditor within the prescribed period, thus modifying the general instruction for payment, requiring the debtor to provide the creditor with the required amount.

In the absence of the debtor together with the payment, as well as in the case of the debtor's insolvency at a given moment in time, the payment can be made for a non-simple person.

Failure to pay against a bill of exchange presented leads to a protest: failure to present and absence of a protest leads to the loss of the bill of exchange.

The bill issuer has no right to refuse from partial payment of the bill in the interests of the parties secondarily responsible for the bill, although, in principle, the bill must be paid in full.

The normal process of circulation of promissory notes is completed by the payment of the promissory note on time and, by paying the promissory note, the payer releases himself from the promissory note obligation.

In the context of mutual responsibility for the payment of promissory notes, one can be sure that the bill of exchange is what enterprises need to ensure an uninterrupted production process and payment for the supplied goods and services rendered.

Collection of bills of exchange.

Banks often carry out orders of bills holders to receive payments to bills in due time. Banks assume responsibility for presenting promissory notes on time to the payer and receiving payments due thereon. If payment is received, the promissory note will be returned to the debtor. If not, the bill is returned to the creditor, but with a protest of non-payment. Therefore, the bank is liable for the consequences arising from the omission of the protest.

Through these operations, banks can concentrate significant funds on their accounts and receive them for free use. At the same time, they are quite profitable, since a certain fee is collected for collection.

They are beneficial for the client, since the banks, thanks to the close relationship between themselves, can fulfill the client's orders faster and cheaper, the client is also freed from the need to track delays in the presentation of bills for payment, which demanded costs that were significantly higher than the bank's commission fees.

Domiciliation of bills.

Banks may, on behalf of the client, make payments to bills on time. This operation is the opposite of encashment.

By domiciling the bill, the bank does not bear any responsibility, because. the client pays the payment amount in advance. Otherwise, the bank refuses to pay, and the bill of exchange is usually protested against the drawer.

Chapter II

Russian practice of using promissory notes and promissory notes.

Bill of exchange transactions.

1. Operation of the account of bills of exchange.

Accounting for bills consists in the fact that the holder of a bill transfers (sells) the bill to the bank by endorsement before the due date of payment and receives for this bill amount minus (for early receipt) a certain percentage of this amount, that is, the accounting interest or discount. A commercial bank may be interested in accounting for promissory notes of major shareholders of the bank, as well as clients who previously received loans, for whose return the bank needs to improve the financial condition of the client. It is quite possible that the bank will take into account the promissory notes of technical clients with whom it plans to expand cooperation. Therefore, the banks attach special importance to this operation. As a rule, the condition for its fulfillment is determined by the managers and directors of the banks on the basis of the information contained in the bill of exchange presented to the account. It reflects the existing relationship between participants in a bill of exchange transaction, as well as between endorsers, whose financial position and creditworthiness are analyzed before the bill is taken into account. Particularly careful consideration is given to the solvency of the principal debtors under the bill (the drawer - under the promissory note and the acceptor or the drawer - under the bill of exchange).

You can consider the operation of accounting for a bill as one of a form of payment or settlement loan. In this case, and in another case, the bank carries out the operation of accounting for the bill, but a payment loan is provided to the drawer, the bill of which is submitted for accounting. The settlement of the same loan, provided by accounting for the bill holder, will be repaid by the wrong person who received it, i.e. not the borrower, but the person obliged by the bill - the issuer or acceptor.

A late loan is drawn up as a bill of exchange when the client of the bank does not have the funds to pay for the debt. In this case, the company writes out a bill of exchange from its name and transfers it to a commercial bank, and the latter, in turn, transfers the money minus the discount.

A settlement loan is drawn up as a bill of exchange when the company sells a bill of exchange to a third party, for example, received in payment for the delivery of goods.

The efficiency of the bill accounting operation is conditioned by the high profitability for the bank. The yield is established by the bank by dividing the face value of the exchange into two parts: the amount paid to the client and the discount in favor of the bank.

The size of the discount (time base for 360 days) in absolute value can be set by the formula:

where t is the term to maturity of the bill, d is the discount (discount) rate, H is the face value of the bill, D is the discount in favor of the bank 1.

With razvitiemvekselnogorynka and sovershenstvovaniemtehniki provedeniyaoperatsii uchetavekseleytelskogokreditovaniya.Esli predpriyatiyunelzya osuschestvitpostavku svoeyproduktsii popredoplateili with oplatoynemedlennoposle delivery, and it vynuzhdenopredostavlyatkredit svoimpokupatelyami customers, then, of course, it neobhodimosdelat urgent fee, payment potrebovavv vekselya.Imeya vekselvmestoatelya, predpriyatiemozhet indossirovatego oplativim soor taken into account in the bank, having received in exchange the discounted bill of exchange, or to store and present for payment in the bill of exchange, receive both the bill of exchange and interest on the bill. Having a portfolio of bills, the enterprise can manage its liquidity and, as the need arises, to present the bills of exchange to the bank. However, for this, it is necessary to have a bearer loan in the bank, which can be a one-time or permanent. The operation of the accounting of bills by the bank is also in the basis of the bill-holder loan.

_________________________________________________________________________

1 Simenkova E.V. Operations with Scene Papers M. 1997 year

In case of a holder of a bill, the received bills are taken into account, and with a bearer loan, the enterprise draws up its receivables in bills of exchange, and then receives cash by means of accounting for the bill of exchange in its bank. In other words, bills of exchange are received to secure their own payables, for the repayment of which a credit limit has been opened at the bank of the holder of the bill.

Calculation of the bill of exchange.

The securities department calculates the bill of exchange on the date of acceptance of the bill for accounting.

For the accounting of a bill, the bank charges an accounting interest, the rate of which is set by the bank itself. It should be noted that each bank sets the accounting interest independently and has the right to differentiate depending on the borrower's creditworthiness.

akimobraz, in the formula for calculating the discount charged for the benefit of the bank:

where B is the sum of the bill; t - payment term; С - discount rate of interest.

1.2. Bill of exchange crediting.

The lack of sufficient funds for the bank's client to settle with the suppliers, and in this regard, the emergence of a temporary shortage of circulating funds, can be replenished by the receipt of a bill of exchange credit, due to which:

lending is carried out in the absence of cash, the classical function of lending is performed. The bank carries out it without spending its own credit resources, since it provides a legal entity with a loan in the form of a set of bills of exchange for the total amount of the loan.

A loan can be received by bills of exchange with different payment terms for specific payment flows, while a change in the term of bills entails a change in the interest rate on the bill of exchange.

Thus, the operation can be carried out in the absence of free credit resources of the bank.

a profit is obtained that ensures a high profitability of this operation. The profit reaches from 200 to 300 percent per annum, taking into account the provision, despite the fact that a distinctive feature of a bill of exchange loan is a low interest rate on it (4-5 or more lower than the rate of a regular ruble loan). On average, the lending rate is set in the range from 20 to 60% per annum, depending mainly on the loan term and the relationship between the bank and the client.

The high profitability of this operation is predetermined by the low level of costs for its implementation. In essence, they are reduced to the costs of issuing bills of exchange and the withdrawal of funds to create mandatory reserves to be deposited with the Bank of Russia.

When lending by promissory notes, the date on which coincides with the end date of the loan is set at an interest rate of about 35% per annum. In the case when the total term of the loan exceeds the term of the promissory note, the interest rate increases, remaining less than the rate of a regular loan. In the reverse situation, when the term of the promissory note exceeds the term of the loan, the interest rate decreases, approaching with the increase in the term of the promissory note to zero, i.e. interest-free loan.

When lending with indefinite-term bills, interest can be determined, for example, in the following way: 35% per annum for the time of redemption of the bill plus interest on deliveries close to the refinancing rate of the Central Bank of Russia at the time of redemption of the bill until the end of the loan. As a result, the total interest rate on the loan exceeds 35% and depends on the maturity of the circulation of the bill, but, nevertheless, it is less than the rate of the usual ruble loan. For the first holder of the bill of exchange, the value of such a loan consists of the interest held by the bank, for example, as mentioned above, 35% per annum and the discount amount that is acceptable for the supplier to agree to receive the bill. staging is in the amount of the exchange amount, then such lending is acceptable for the client.

1.3. Lending against bills of exchange.

Lending against bills of exchange has certain specifics. Loans are issued against bills of exchange:

lending against a solo bill

opening a special state account for the client, which is secured by promissory notes

In case of a holder of a bill of exchange, one's own payables are drawn up in bills of exchange. In this case, the recipient of the bill - the supplier of goods, the manufacturer of services or other person who is the creditor, has the opportunity to receive funds from the bank of the debtor-issuer through an open loan. ...

2. Risks in transactions with bee-bills.

Operations on accounting for promissory notes are highly risky for banks. The risk of loss is associated not only with the financial position of the drawer, but also determined by a number of other factors.

In particular, there is an informational closure of the market. This problem is most acute due to the difficulty of accessing information about the circulation of exchange, the procedure for issuing, redemption, facts of loss or theft of exchange, consolidated data, financial statements of the issuer.

Market participants are not yet able to use generally accepted transaction technology. This is due to the fact that there is no unified procedure for the issue and redemption of bills, verification of their authenticity, an established circulation document and the procedure for settlements in transactions in the secondary market.

Today there is no trading system or generally recognized trading platform for transactions with bills of exchange. Transactions with them are carried out on an unorganized exchange market. The procedures from the conclusion, settlement, transfer of debt obligations are determined individually. Therefore, the participants in the circulation of bills practice various methods of execution of transactions: on the basis of prepayment or pre-delivery of paper, closed or opened with a note.

The risk of fraud is also high. It is associated with the documentary form of a bill as a debt instrument and is aggravated by the possibility of transferring the bills by blank endorsement, which increases the risk of abuse.

When working with bills, various conflicts arise on separate issues of criminal, civil and bill of exchange law. For example, the procedure of "arrest" of funds in the framework of criminal and civil law in securing payment or debt obligations that are the subject of a dispute contradicts the norms of the bill of exchange law. Such a situation makes not only the active accounting operations of the bank risky, but also the passive ones related to attracting resources.

A certain contribution to reducing the risk of transactions with promissory notes can be made within the framework of the Association of Bill Market Participants (AUVER) unified standards for information disclosure, issue and redemption, as well as circulation of promissory notes that are mandatory for the participants of the association.

The next step, apparently, should be the organization of a promissory note trading platform within the association. Its creation will increase the liquidity of circulating promissory notes, accelerate trading operations, reduce the risk of transactions, reduce costs for end participants, and this will lead to an increase in the transparency of the promissory note market.

It is possible that the existence of a trading system does not provide for depository accounting of transactions with bills of exchange and a guaranteed system for their execution. In this case, admission to participation in the auction cannot be free, it should be built depending on the experience of the company in the bill of exchange market and its own solvency.

One of the operations that is gaining development is the cash-in of bills of third-party drawers by commercial banks. In this case, the bank becomes jointly and severally liable bills and in the form of compensation for the risk receives a commission. Such an operation does not entail a diversion of resources, but requires careful processing. More often than not, a pledge of liquid material assets acts as its role. Then the level of risk for a transaction for a bank is determined by the found mechanism for the transfer of ownership or the implementation of the pledge.

The promissory note market in Russia is very mobile, and therefore the operations of banks with promissory notes are highly dynamic. It seems that purely portfolio transactions on the promissory note market are losing their significance due to the decrease in the volume of promissory notes and the leveling of profitability across the region.

A promising direction is the orientation of banks to corporate clients, the development and implementation of various settlement schemes using both their own bills and other debt obligations circulating on the market.

Depending on the specific situation, the bank may perform a number of functions on itself - from the development of a scheme to commission operations on behalf of the client, performing the functions of a payment agent. At the same time, the bank, as an intermediary, has a number of advantages over other financial institutions represented on the promissory note market. First of all, they are concluded in stricter control over the financial condition on the part of the Central Bank of Russia, experience in the bill market, a wide range of counterparties, information security and the availability of financial resources.

3. Bill of exchange - solution of the problem of non-payments.

Providing production with circulating funds and means for payments is one of the key problems of the current economic situation. It should be borne in mind that the failure of the outdated settlement and payment mechanism, which existed with some changes from the beginning of the 30s and up to the 90s, occurred in conditions when the new settlement mechanism was not created and was not even outlined in general terms.

Having lost a cheap and affordable bank credit, the economy, quite naturally, went along the path of increasing commercial credit in the form of receivables and payables. However, this commercial credit faced the lack of the economy of those forms that would give it mobility, mobility, and allowed the formerly free-flowing economic circulation to another from one source. Instead of a chain of settlements, an inert mass of non-payments arose.

The very fact of the huge inert mass of receivables and payables allows us to make tricardinal conclusions. First, there are resources in the national economy that can be realized and, under certain conditions, replenish current assets. Secondly, it is necessary to revive the civilized forms of such mobilization - promissory notes and circulation of bills. Thirdly, it is necessary to carry out appropriate adjustments to the credit policy, so that banking resources flow into the economy, in particular, through the channels of accounting and rediscounting of bills. Hence, the fourth conclusion follows - about the reorientation of the (at least partial) emission policy of the Central Bank and the policy of refinancing to rediscounting of bills.

There are, at least in theory, several ways to solve the problem of non-payments, in addition to the introduction of a commercial bill and bill of exchange credit. This is, first of all, a direct bank loan in circulating assets. However, a bank (unsecured) loan cannot take on a massive and systematic nature in the absence of between counterparties. It can be provided at high interest rates, unacceptable for producers. A bank loan for the provision of goods and materials entails an overflow of ethical value and thus slows down the economic turnover. This form of credit is acceptable in the case of the formation of large seasonal stocks, but in other cases it will cause a slowdown in turnover and an even greater need for working capital.

Unlike a direct bank loan, a bill of exchange does not need special collateral and is less risky than a bank loan. Unlike receivables, a bill of exchange does not bind the current assets of creditors, because it allows us to pay with bills of exchange with our suppliers.

Another alternative to circulation of exchange based on the registration of debts of enterprises in bills is the widespread use in the circulation of bills of exchange of banks. Banks' promissory notes should be distinguished not only from the promissory notes of enterprises that draw up a commodity transaction (commercial promissory notes), but also from the known promissory notes practice, the so-called financial promissory notes. The current bills of exchange of banks are a form of private issue of settlement funds, unsecured by a specific transaction for the sale of goods and services. In essence, this is quasi-money, private banknotes that do not have the power of legal tender, but are secured by the bank's obligation to exchange the Central Bank's banknotes.

Bills of exchange of banks increase the total money supply, making up for the lack of money issue of the Central Bank. They do not mobilize the internal reserves of the economy, but represent a surrogate for money issue and a surrogate for direct bank lending. In this case, the issue income goes to commercial banks. If bills of exchange of enterprises reduce the mass of the economy's current assets, banks' bills of exchange expand the circulating assets of the economy at the expense of external injections into the economy of private settlement assets. Circulation of bills should start from the bottom of the primary economic links. The promissory note should mobilize the internal resources of the economy, impart immobility, and not represent an additional private issue of banknotes and certificates in addition to the monetary issue of the Central Bank. Only in this case, the banking system can be connected to servicing the circulation of promissory notes. The task of banks in this case is not to issue banks' promissory notes, but to register corporate promissory notes and the corresponding use of a significant part of credit resources.

Due to the growing shortage of money in the economy, a rather large role in the process of lending to the real sector at the current stage has been acquired by credit of exchange. It should be noted that the bill as a financial instrument plays a double role for the current state of the Russian economy. On the one hand, like other debt obligations, it is all-so-quasi-money, and the circulation of promissory notes significantly increases the role of the M2 money supply unit by increasing the speed of money circulation due to the fact that many of the fun are actually banking money emission. ... On the other hand, the promissory note contributes to the development of new forms of monetary circulation, generates new forms of transactions and transfers, thus partially solving the problem of a shortage of money in the economy and the problem of non-payments. Therefore, it is not surprising that promissory notes are now one of the most widespread payment instruments in the financial market of lending in Russia.

The bill of exchange lending scheme is quite simple. When an enterprise needs additional circulating funds, but because of the high cost of an ordinary bank loan is unable to receive it in "real money", it can resort to a bill of exchange. In this case, the bank enters into an agreement with the client, according to which the enterprise receives the amount of credit in the bill of exchange and the bill of exchange received by the supplier. the expiration of the loan agreement, the enterprise - the first bill holder repays the loan received earlier with "hard" money, paying interest. The last owner of the bill presents it for payment for the specified period and receives the bill of exchange. This is only a general scheme of operations on lending with promissory notes. There are also options for the early presentation of promissory notes to accounting banks with their subsequent discount, subsequent lending against the security of bank promissory notes received from the original holder, etc.

Early accounting of its own bills is, perhaps, the most interesting active operation for the bank. This is due not only to the absence of risk during transactions, but to the existing procedure for reflecting the discount discount directly to the bank's income account. It is the possibility of subsequent annual accounting of their own bills serves as a serious incentive for the issuance of bills of exchange by commercial banks.

The subject of other accounting transactions is primarily bank bills. The fall in the volume of promissory notes has forced commercial banks to pay attention to certain corporate papers.

Of the huge list of corporate bills that have flooded the Russian market, only a very narrow circle of them can be attributed to valid bills - unconditional debt obligations.

The order of circulation of the rest of the securities is regulated not by the bill of exchange, but by the internal provisions of individual drawers, who often not only do not envisage the redemption of bills in cash, but do not even envisage accepting bills of exchange for repayment of debt in the absence of accompanying notes or in the presence of separate indorings.

Taking into account such points, banks acquire for their own investment portfolios a very limited circle of corporate bills, in particular RAO Gazprom, JSC Almazy-Russia-Sakha, JSC Sidanko. Bills of other enterprises, due to the existing peculiarities of their use, only in mutual settlement schemes, such as "

When using exchange lending, there is no real diversion of funds for the period of issuing a loan. In addition, bank bills in circulation and as a subject of highly liquid security when the bank provides any credit products - loans, guarantees, letters of credit, etc. By setting sufficiently low rates on promissory notes, the bank will additionally attract new customers. When determining the interest rate on promissory notes, the following factors are taken into account:

Benefit derived by enterprises from the use of an exchange loan.

Solving the problem of a shortage of money in the economy will undoubtedly facilitate access for enterprises to obtain credit "real" money, but will not lead to a complete rejection of bills as a source of additional circulating funds, since bill legislation is unified, and the cost of "bill" money will always remain below the cost of "living" money. And since the situation in the country's financial system is such that only lending to the real sector (we are talking about repayable loans) can serve as a powerful source of improving the position of industrial enterprises and serving their commercial banks, promissory notes will be successfully used between banks and their clients.

The most essential element of the infrastructure of the bill market is the mechanism of liquidity of this security in the legislative order. If it is not worked out and legislatively secured, then bill holders in Russia will face in the near future with the problem of massive defaults on promissory notes.

4. Analysis of transactions with beekeepers.

4.1. Analysis of the profitability of financial bills.

The bill can be issued both with a discount and with the payment of a fixed interest to the nominal at the time of maturity (interest bill).

In terms of quantitative analysis, in the first case, the bill is a discount paper, the income of which is the difference between the purchase price and the face value. Therefore, the profitability of such a bill is determined similar to the profitability of any obligation realized at a discount and redeemed at par:

where t is days to maturity;

Р - purchase price;

N - face value;

K - exchange rate;

B - used time base;

As a rule, ordinary interest (360/360) is used in promissory notes transactions.

The absolute discount subject to the discount bill S is equal:

S = FV-PV = N-P = 100-K. (2)

The slimexel is sold (bought) before maturity, the income will be divided between the seller and the buyer, taking into account the market interest rate and the number of days remaining until maturity:

where Y is the market rate (the buyer's rate of return);

t is the number of days from the date of the transaction to the maturity date;

Accordingly, the seller's income will be equal to:

S prod = S - S pok, (4)

If a promissory note is placed at par, its income is determined by the declared interest rate r. In this case, the exchange is a valuable paper with payment of fixed income at the time of maturity.

_______________________________________________________

1 Lukasevich I. Ya. Analysis of financial transactions. Moscow, 1995

Taking into account the designation r introduced above, the absolute amount of income on a bill of exchange can be determined as:

where r is the rate on the bill;

N - face value;

t - maturity in days;

B - temporary base;

Accordingly, the annual yield on repayment Y, calculated in simple interest, will be equal to:

From (5) and (6) it follows that if the obligation is placed in the nominal and is held until maturity, the yield will be equal to the interest specified in the contract (i.e., Y = r).

A slimexel is sold (bought) between the dates of issue and maturity, the absolute amount of income S will be distributed between the seller and the buyer in accordance with the market rate (buyer's rate of return) Y at this point in time is proportional to the shelf life of the security of each of the parties.

where t 2 is the number of days from the moment of purchase to maturity of the bill.

Accordingly, the seller will receive the following amount:

S prod = S - S pok (8)

Ratio (7) and (8) reflect the equilibrium situation in the market (ie, "fair" distribution of income in accordance with the market rate Y and in proportion to the storage period of the paper of each of the parties). Any deviation to one side or another will entail a redistribution of income in favor of one of the participants in the transaction.

The marginal value of the market rate Y at which the seller of the paper will receive income must satisfy the inequality:

where r is the rate on the bill;

Y is the market rate;

t 1 - the number of days of redemption at the time of purchase;

t 2 - the number of days of redemption at the time of resale;

Therefore, the profitability of the operation will be equal to:

where YTM is effective profitability

4.2. Assessment of the value of financial bills.

The process of estimating the value of an exchange issued at a discount consists in determining the current value of the elementary flow of payments using the formula of simple interest based on the required rate of return Y.

taking into account the designations used, the formula for the current value (price) of such an obligation will have the form:

Since the nominal value of the discount bill is taken as 100%, its exchange rate is equal to:

determination of the current value of interest-bearing bills. Taking into account the accumulation at the time of the operation, the cost of the obligation (P) corresponding to the required rate of return Y can be determined from the ratio:

where - t is the number of days to maturity.

If Y = r, the market value of the liability at the moment of issue will be equal to the face value (i.e., P = N). Accordingly, for Y> r will be Р N).

Thus, the market value of a bill, taking into account the accumulated income, determined from (14), may deviate from the face value. per 100 units as of the date of the transaction; in this case, the rate of return on liabilities r is shown separately.

The cost of the obligation K, held in stock exchange reports, is determined as:

S 1 - the absolute amount of income accumulated by the date of the transaction.

In turn, the value of S 1 can be found from the following relation:

where t 1 is the number of days from the moment of issue to the date of the transaction.

Thus, the total market value of the bill P can also be determined as:

4.3. Analysis of the accounting of bills.

When accounting, the bill performs two functions: a commercial loan and a means of payment.

The absolute value of the discount is defined as the difference between the denomination of the bill and its present value at the time of the transaction. In this case, discounting is carried out according to the accounting rate d established by the bank:

where t is the number of days of additional repayment;

d - discount rate of the bank;

P - the amount paid to the owner with the account of the bill;

N - face value;

The time value of PV (valuable liabilities Р) when accounting for a bill of exchange according to the formula:

The essence of this method is that interest is calculated on the amount payable at the end of the term of the transaction, and the discount rate is applied.

When discounting by accounting, the time base 360/360 or 360/365 is most often used. The rate of reduction used in this case is called the anti-sipative percentage.

An even rate d is sometimes used for increasing at simple interest. The need for such an increase arises when determining the future amount of the contract, for example, the total amount of a bill. The formula for determining the future value in this case is:

A simple bill of exchange of 100,000 with a payment after 90 days is recorded in the bank 60 days before maturity. The discount rate of the bank is 15%. Determine the amount of the discount in favor of the bank and the amount received by the owner of the bill.

Disc = (100000 * 60 * 0.15) / 360 = 2500;

Accordingly, the owner of the bill will receive the PV:

PV = 100000 - 2500 = 97500;

Suppose that in the example under consideration, the owner of the bill of exchange decided to consider the bill immediately after receipt, then:

Disc = (100000 * 90 * 0.15) / 360 = 3750;

PV = 100,000 - 3750 = 96250;

As follows from the result obtained, with a constant value of the rate d, the earlier the bill of exchange is taken into account, the greater the discount will be in favor of the bank and the smaller the amount will be received by the owner. Let's change the conditions of Example 1 as follows.

For what amount must the bill be paid so that the supplier, having carried out the accounting operation, receives the value of the goods in full, if the bank discount rate is 15%?

It is easy to notice that here we are dealing with the reverse problem - we are increasing according to the discount rate d. In this case, the future value of FV (face value of the bill) is determined by the formula (20):

a bill of exchange read (bought) by the bank, in turn, can be re-counted (sold) in another bank. The profitability of the purchase and sale of a bill in this case depends on
equal used rates:

where t 1 - number of days to maturity at the time of purchase;

t 2 - the number of days to maturity at the time of resale;

P 1 - purchase price;

P2 - resale price;

d1 - accounting rate at purchase;

d2 - sales accounting rate.

It follows from the above ratios that the stocktaking operation will be profitable for the seller if the following inequality is fulfilled:

in some cases, commercial bills can be issued in the form of securities with a fixed income paid at the rate r at maturity.

4.1. Analysis of the profitability of financial bills.

4.2. Estimation of the value of financial bills.

4.3. Analysis of bills accounting.

Conclusion.

Bibliography.

Bibliography:

Belyakov M.M. Bill as the most important means of payment. Moscow 1992

Bills bill circulation in Russia. M. 1994

Gritsun Yu.N. Problems of a shortage of money and peculiarities of exchange crediting. Finances No. 12, 1997

Drobyshev Yu. Promissory note in commercial turnover. ECO # 11, 1995

Lukasevich I. Ya. Analysis of financial transactions. Moscow 1998

Manevich V.E., Perlamutrov V.L. Bill circulation and bill credit. Finance # 5, 1996

Meshkova E. The modest charm of a bill and risk management. Economics and Life # 45, 1997

Mirkin Y. M. Securities stock market. M. 1997

Semenkova E.V. Operations in securities, Moscow, 1997

Odessa V.I. Experience in circulation of promissory notes. Finance No. 6, 1996

Trints A.G. Results of the introduction of the bill circulation system in Russia. Finance # 12, 1997

Finance. Money circulation. Credit. (edited by Drobozina) M. 1997

Introduction.

Come to the Knotarius high with me

And make a bill of exchange; as a joke,

When you fail to pay,

On such and such a day and there is the amount of debt

Specified - we will assign a forfeit.

W. Shakespeare "The Merchant of Venice"

None of the tools of modern financial risk, except, of course, the money itself in all the many manifestations of their economic functions, can not compare in their history and value of bee exchange. It is the development of circulation of promissory notes that led to cashlessness of all monetary transactions: the displacement of metals - gold and silver from the circulation of money, the replacement of equivalents of exchange circulation with paper symbols.

The unconditional nature of the bill as a debt obligation, the severity and speed of recovery under it, served as the basis for the creation of other types of payments and settlements - banknotes, checks, letters of credit. Development of various instruments of the securities market - stocks, bonds, deposit certificates and their derivatives, there were also bills.

Promissory notes were actively used and are used in international settlements and domestic transactions of countries. Industrialists of promissory notes give merchants the opportunity to pay for their purchases with a deferred payment - to be a means of issuing and securing loans, both commercial and banking.

In Russia, the development of promissory notes, like other financial instruments, was interrupted in 1917. But during the NEP the veksel was restored to its rights, but only in order to be ingloriously abolished in 1930. But the transition of the economy "developmentsocialism" led to the restoration of the bill.

In 1993-1994. Many commercial banks and financial investment organizations have announced the issuance of promissory notes. The promissory notes of these institutions have been recognized as a sufficiently reliable or liquid means of lending and saving money. Russian commercial banks today are the most open and reliable participants in bill transactions, acting simultaneously as drawers and active operators of the bill market. This is to a considerable extent. Contributes to the strengthening of control and regulation of bills of exchange transactions by the Central Bank of the Russian Federation.

Banks establish not only a bill of exchange, but also organize mutual accounting of bills. With the help of the circulation of bills, attempts are made to resolve non-payments of enterprises.

This work examines the advantages of the use of bills of exchange, as a way out of the crisis of non-payment and lack of circulating funds. The purpose of this work is to describe the features of a bill and a bill of exchange. The task of the work is that the above-mentioned problems can be solved with the help of bills of exchange.

At the present time, there is sufficient literature on the topic of familiarization with the concept of a bill and a bill of exchange credit.

On account of the books devoted to this topic, it can be said unequivocally - almost all of them consider the legal side of the bill and does not describe in a wide range the economic essence of the bill. As an example, you can bring the following books:

1). Bill and bill circulation in Russia. Moscow, 1994

2). Belyakov M.M. A bill of exchange as the most important means of payment. Moscow, 1992

3). Lukasevich I. Ya. Analysis of financial transactions. Moscow, 1998

4). Mirkin Ya.M. Securities stock market. M. 1997

5). Simenkova E. B. Operations with securities M. 1997 year

6). Finance. Cash circulation. Credit. (edited by Drobozina) M. 1997 year

All publications devoted to this topic are aimed at finding ways to overcome the problem of non-payment. They do not consider the bill as such, but only the causes and consequences of mutual debts and how the way out is called the bill of exchange.

Gritsun Yu.N. Problems of money shortage and peculiarities of exchange lending (Finance No. 12, 1997)

Drobyshev Y. Promissory note in commercial circulation (ECO No. 11, 1995)

Manevich V.E., Perlamutrov V.L. Bill circulation and bill credit. (Finance # 5, 1996)

Meshkova E. Modest "charm" of a bill and risk management. (Economy and life. No. 45, 1997)

Odessa V.I. The experience of circulation of bills. (Finance No. 6, 1996)

Trints A.G. Results of the introduction of the bill circulation system in Russia. (Finance # 12 1997)

The relevance of this topic is indisputable. How many financial operations are found that were invented a long time ago, but not always used and are being introduced into practice to solve the problems in the Russian economy.

Conclusion.

So, a bill is an unconditional debt obligation drawn up in accordance with the established law, issued by one party (the drawer) to the other party (the holder of a bill); They differ in that, in a bill of exchange, the payer is the one who has assumed the obligation of payment (acceptor). The transfer of one holder to another is regulated by means of indorsement. The bill performs a settlement function when it is issued in order to repay the debt on a previous transaction by exchanging it. And credit, because. in most cases, a deferred payment in cash, the purchase accompanies the issuance of a promissory note. The promissory notes are divided into financial, commodity, friendly and bronze. You can pay for the purchased goods or provide services on the terms of a commercial loan, return the received loan. All this was discussed in detail in the first glazed work.

The introduction of the bill of exchange allows enterprises to pay for the purchased goods and services, while at the same time minimizing the cost of servicing the debt. Severe shortage of circulating assets caused by price increases, non-payments, etc. encourages enterprises to apply to the bank for loans. The use of a bill of exchange allows enterprises to obtain a reliable interest rate (from 20 to 60% per annum) at an acceptable interest rate (from 20 to 60% per annum) for settlements with partners.

Advantages of receiving promissory notes:

the possibility of accelerated payment for products or services - no time wasted for the interbank run;

the possibility of replenishing current assets;

full inclusion of interest payments on servicing promissory notes at all costs - in the absolute majority, we have interest on the promissory note loan significantly lower than the current rate of the Central Bank of Russia;

the possibility of issuing a loan in a package of bills.

A number of Russian banks are actively practicing bills of exchange, considering them as an effective way to attract and retain a client, which is a priority task in conditions of a liquidity crisis and exacerbation of interbank competition.

Thus, to summarize this work, the exchange of exchange is an interesting topic that has great potential for further research.

Due to the vastness of this topic, it is impossible to cover all the nuances of the circulation of bills and each of its parties requires a separate development, because. the process of bill circulation is constantly developing, enriched with new ways and methods of circulation.

A bill of exchange (from German wechsel) is a strictly established form that certifies the unconditional obligation of the drawer (promissory note), or an offer to another payer specified in the bill of exchange (bill of exchange) to pay a certain amount of money at a specific place upon the due date.

A bill of exchange is a security, the issue and circulation of which is carried out in accordance with special legislation called bill of exchange law. This security certifies the debt of one person (debtor) to another person (creditor), expressed in monetary form, the rights to which can be transferred to any other person by order of the owner of the bill without the consent of the person who wrote it.

A bill of exchange is a type of security, according to which the owner has the right to demand from the drawer the payment of a monetary obligation, for the specified amount and within the specified period. The debtor under the bill of exchange can be: the drawer (promissory note), or the drawee, the person indicated in the bill (in the case of a bill of exchange), who is the debtor of the drawer.

A bill of exchange gives its owner the right to demand from the debtor, or the acceptor, (a third party who has undertaken to pay the bill) to pay the amount specified in the bill upon maturity. Therefore, a bill is a complex settlement and credit instrument capable of performing the functions of both a security and credit money and a means of payment. In particular, as a security, a bill of exchange itself can be the subject of various transactions.

The basis of the bill transaction is a commercial loan provided by enterprises to each other, bypassing the bank. Registration of such a loan with a bill of exchange has a number of advantages. Only money can be the subject of a bill of exchange obligation.

The bill is not an equity security. Its release does not require state registration. Taking advantage of this, Russian banks use them as a financial instrument similar to deposits. However, obligations under a bank bill, in contrast to a term deposit, do not participate in the deposit insurance system.

On the territory of the Russian Federation, a single sample of promissory notes and bills of exchange is used in economic circulation. Their issue and circulation is regulated by the current Fundamentals of Civil Legislation and the Federal Law of the Russian Federation "On Bills of Exchange and Promissory Notes", adopted by the State Duma on February 21, 1997. Both an individual and an organization with universal (general) legal capacity can issue (write out) bills of exchange, that is, it is not required to obtain a special license for this.

The main characteristics of the bill:
1. Abstract. In fact, it is separate from the original transaction that resulted from it. It exists as an independent security, completely unrelated to the fulfillment of any specific obligations under the agreement (the specific type of transaction is not indicated).
2. Indisputable, unless it is fake. Trassat cannot raise any objection to its obligation to pay.
3. Unconditional nature of obligations.
4. Can be transferred as a means of payment.
5. Always a pecuniary obligation (payments only in cash).
6. Always a written document.
7. The parties indicated on the bill are jointly and severally liable.
8. Has strictly established mandatory requisites, in case of violation of one of which it turns into ordinary paper.

Bill history

A bill, as an IOU, appeared in Italy in the 13th century. Initially, the holder of a bill was prohibited from transferring his rights to other persons. However, by the beginning of the 17th century, these restrictions became a deterrent in trade and they were gradually canceled.

In Russia, the bill appeared at the beginning of the 18th century thanks to the development of trade relations with the German principalities. On the basis of German bill of exchange legislation, the first Russian Bill of exchange charter of 1729 was written.

In 1832, a new Russian Charter on Bills was adopted, based on the norms of French law. At the same time, the charter contained separate provisions borrowed from the German bill of exchange law.

On May 27, 1902, a new bill of exchange charter was approved, which lasted until the October Revolution of 1917. By a decree of the Council of People's Commissars of November 11, 1917, a two-month moratorium was declared on the implementation of bill payments, as well as bill protests. Subsequently, the circulation of bills on the territory of the RSFSR was significantly reduced.

In 1928, during the financial reform, consumer societies and their unions were prohibited from conducting credit and bill transactions, which entailed the elimination of bill circulation within the country. However, the bill continued to be used in foreign economic activity. The development of trade relations led to the fact that in 1936 the USSR joined the International Convention on Bills, which includes the Uniform Law on Bills of Exchange and Promissory Notes.

The promissory note was put into circulation for the second time on the territory of Russia by the Decree of the Presidium of the Supreme Soviet of the RSFSR dated June 24, 1991. Subsequently, this document was canceled by the Federal Law of March 11, 1997 No. 48-FZ "On a bill of exchange and promissory note", which established that in accordance with the international obligations of the Russian Federation arising from its participation in the Convention of June 7, 1930 Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR "On the introduction of the Regulation on a bill of exchange and promissory note" dated 07.08.1937 No. 104/1341. Currently, more than 70 countries have joined the Geneva Convention, including Russia.

TYPES OF VEKSELS

There are two types of promissory notes: simple and transferable.
A promissory note is written by the payer himself, and in essence is his IOU. It usually appears as a result of a commodity transaction, when the buyer of the goods does not have the necessary funds at the time of delivery and instead of money writes this bill of exchange, according to which he undertakes to pay the seller the amount of money he required after some period of time in the future. After this time, the holder of the bill presents the bill to the buyer (that is, the debtor under this bill of exchange), who pays the specified amount of money and in exchange receives the bill (“extinguishes” it).

A bill of exchange (draft) is an instruction (order) of the creditor (drawer), obliging the debtor (drawee) to pay the amount indicated in the bill of exchange to a third party (remitter) within the specified period. The person who wrote the bill of exchange is called the drawer or drawer.

There are three parties involved in bill of exchange transactions: the drawee (creditor), the drawee (debtor) and the payee (remitter). The most typical scheme for using this bill of exchange is when a company and the first supplier take a loan from a bank for their production activities and repay it through payments to the bank from their buyers, i.e. The bill of exchange pays off two loans: the drawer to the drawer and the drawer to the payee. This scheme allows the bank to control the intended use of the loan.

A bill of exchange involves the “transfer” of a debt from one person to another. Usually, the one who writes it (the drawer) is simultaneously the creditor of one person and the debtor of another person. In a bill of exchange, the drawer requires that whoever owes him should pay not to himself directly, but directly to his creditor.

The class of bills is quite diverse. In addition to dividing them into types (simple and transferable), the following forms are also distinguished: commodity, financial, treasury, blank, friendly, bronze, security.

A commodity (commercial) bill mediates a commercial transaction. The seller provides the buyer with a commercial credit, accepting from him in payment of the goods a bill of exchange payable within a certain period of time. A commercial bill has two main functions. Firstly, it is an unconditional debt obligation, and secondly, it serves as a means of payment, since the owner can use it to pay with his suppliers for goods, works and services.

A financial bill is based on a loan issued by an enterprise, at the expense of available available funds, to another enterprise. It is based on a financial transaction that is not related to the completion of a commodity transaction. He mediates a financial transaction related to obtaining a loan.

In Russia, bank bills are widespread as a type of financial. With their help, deposit operations of banks are made out. The promissory note certifies that the company has deposited the amount indicated in it with the bank, and the bank undertakes to repay it within a certain period with payment of interest income. In fact, the bill acts as a certificate of deposit.

Treasury bills are short-term promissory notes issued by the government of a country, usually through the Central Bank, with maturities typically between 90 and 180 days.

In a blank bill of exchange, the buyer accepts a blank form, which will subsequently be completed by the seller. This is possible if the final price of the goods (or it may change as a result of delivery) and delivery time have not been established during the negotiations. Naturally, such a promissory note can only be written by parties who trust each other, because if an amount is entered into it that is different from the one agreed with the payer, the latter will still be forced to pay it.

Friendship bills are issued to each other by persons for the same amount and for the same period. They are not supported by any real operation. The purpose of their issue is to assist one of the participants in the circulation of bills, experiencing financial difficulties. Having received a promissory note, a company can use it to pay off suppliers for goods or pledge in a bank to get real money. Friendly bills are issued by real persons who are in a very close relationship and unconditionally trust each other.

The bronze bill of exchange has no real security and is written to a fictitious person. They can be issued to real companies, and are issued with the aim of committing fraudulent transactions. The two firms exchange them and account for them in different banks. Before the maturity of the first promissory notes, they re-write the promissory notes against each other and, with the help of their accounting, try to pay off the old loan.

Bronze and friendship bills arise when the "creditor" is in a difficult financial position or when he carries out a fraudulent transaction. Such promissory notes falsify money circulation, provoking tax arrears. In Russia, the issue of friendly and bronze bills is prohibited.

A security bill is issued to secure a loan to an unreliable borrower. It is kept in the borrower's deposited account and is not intended for further circulation. If the payment is made on time, then the bill is redeemed, if not, then the debtor is presented with claims.

MANDATORY VEKSEL DETAILS

The list of details of the bill is clearly defined in the Regulations and is not subject to extended interpretation. The rights contained in it cannot be determined otherwise than by its details.

A promissory note contains:
- the name "bill" included in the text itself and expressed in the language in which this document is drawn up;
- a simple and unconditional promise to pay a certain amount;
- indication of the due date;


- the signature of the person who issues the document (the drawer).

The bill of exchange must contain:
- the name "bill" included in the text of the document itself and expressed in the language in which this document is drawn up;
- a simple and unconditional offer to pay a certain amount;
- the name of the one who should pay (payer);
- indication of the due date;
- an indication of the place where the payment is to be made;
- the name of the one to whom or on the order of whom the payment should be made;
- indication of the date and place of drawing up the bill;
- the signature of the person who issues the bill (the drawer).

In the absence of at least one of the required details, the document cannot be recognized as a bill of exchange. There are a number of exceptions though:
- in case of an unspecified payment date, it is considered that the bill of exchange is payable at sight;
- in case of an unspecified place of payment, the specified address of the payer is considered as such;
- in case of an unspecified place of drawing up, the address of the drawer is considered as such;
- if the bill contains signatures of persons who are unable to commit themselves or are forged, then the signatures of other persons still do not lose their force.

HANDLING OF VEXELS

Domiciliation. Banks may, on behalf of the client, make payments on promissory notes on time. The external sign of a domiciled bill of exchange is the words “Payment at the bank” indicated in it and placed under the signature of the payer. Acting as a domicile, the bank is not liable in any way if the payment fails. The client-payer himself is obliged by the due date of payment on the bill either to ensure the receipt of the necessary funds to his bank account, or to book the payment amount in a separate account in advance. Otherwise, the bank refuses to pay and the bill is protested in the usual way against the drawer.

Interest accrual. In a promissory note and bill of exchange, which is payable on demand or after a certain amount of time from presentation, the drawer may (but is not obliged) to stipulate that interest will be charged on the bill amount. In any other bill of exchange, such a condition (on the accrual of interest) is not allowed. According to international rules, the interest rate must be indicated on the bill. According to Russian law, interest is paid in the amount of the discount rate established by the Central Bank of the Russian Federation in accordance with the rules established by Article 395 of the Civil Code of the Russian Federation. Interest is calculated from the date of the bill of exchange, unless another date is indicated.

Acceptance of a bill of exchange is the consent of the payer to pay on it. A bill payer is a debtor to the drawer. But since the promissory note is not written out by the debtor himself, but by his creditor, this same debtor must agree to pay this bill before the drawer transfers the bill to the recipient of the bill, that is, to his debtor. Otherwise, the latter will not accept the bill of exchange. This consent is expressed in acceptance. Acceptance is also called the very inscription on the bill, which indicates that the drawee is ready to pay the bill. The person who signs the acceptance is usually called the acceptor in the circulation of promissory notes. A bill of exchange may be presented to the drawee for acceptance from the date of issue until maturity.

Endorsement- this is a transfer inscription on a bill, meaning an unconditional order of its previous owner (holder) to transfer all rights under it to a new owner (holder). The transfer of a bill by endorsement means the transfer together with it to another person and the right to receive payment on this bill. The holder of a bill on the reverse side of the bill or on an additional sheet (allonge) writes the words: "pay the order" or "Pay in favor" indicating the person to whom the payment is transferred. The person who transfers the bill under the endorsement is called the endorser, and the person who received it is called the endorser. The act of transferring a bill is called endorsement or endorsement.

There are the following types of endorsements:
- nominal, which contains the name of the endorser, the signature and seal of the endorser and clearly fixes to whom the ownership of the bill is transferred;
- collection is a transfer note in favor of a certain bank, authorizing the latter to receive payment on the bill. Such an endorsement has the form: “for collection” and gives the bank the right to present the bill for acceptance or payment;
- blank - it does not contain the name of the endorsee and such a bill is bearer. The endorser has the ability to independently enter the name of the new holder or transfer the bill without making any more entries. A blank endorsement is transformed into a nominal endorsement if the name of the holder is entered into the endorsement text, which is done when the payment is due;
- the pledge is made in the case when the holder of the bill transfers the bill of exchange to the creditor as collateral for the loan. Typically, such a bill is accompanied by a clause: "currency as a pledge" or another equivalent phrase. The pledged endorsement does not give ownership of the bill to the endorser.
Under Russian law, partial endorsement is prohibited, that is, the transfer of a part of the bill amount is not allowed.

Aval- this is a surety of a legal entity (usually a bank), guaranteeing full or partial payment of a bill in case of default by the debtor of his obligations. The need for it arises if the creditor does not trust the debtor, and therefore requires the provision of additional guarantees for the performance of the bill in the person of some organization, which he trusts much more.

Aval is drawn up with a special inscription of the avalist, which is made on the face of the bill or on an additional sheet to the bill (allonge). The aval indicates for whom the guarantee was issued by the bank, the place and date of issue, the signature of the first two officials of the bank and its seal are affixed. The person who made the aval (avalist) assumes responsibility for making the payment if the drawee, drawer or endorser is unable to do so.

Accounting for a bill- this is the purchase of a bill by the bank before the due date for it. The holder of a bill transfers (sells) the bill to the bank under the endorsement before the due date and receives for this the bill of exchange minus (for early receipt) a certain percentage of this amount, called the discount interest or discount. The need to account for a bill arises if the holder needs the money, but he cannot use the bill he has in place of it as payment by endorsement, and the bill has not yet come due.

Rediscount of a bill- this is an operation associated with the sale by a bank of a bill of exchange that it has to the central bank, in the event that it itself has a need for additional funds.

Protest. If the payer refuses to accept the presented bill of exchange or refuses to make payment of an already accepted bill of exchange, the holder of the bill has the right to protest the bill.

The current legislation provides for the presentation of a bill of exchange to a notary office for protesting non-payment on the next day after the expiration of the date of payment on the bill of exchange no later than 12 noon. If the payer responds with a refusal to the demand of the notary office to make payment on the bill, the notary draws up an act of protest against the bill of non-payment. At the same time, he enters in a special register, which is kept in the office, all data on the protested bill, and on the front side of the bill itself puts a mark about the protest (the word “protested”, date, signature, seal).

A bill protest is a fact of refusal to pay a bill officially certified by a notary, giving rise to joint liability of all individuals and legal entities associated with the circulation of this bill.

Bill payment. The normal process of circulation of promissory notes ends with the payment of the promissory note on time and by paying the promissory note, the payer releases himself from the obligation. The bill payment procedure is strictly standardized and includes:
- the payer must make payment immediately upon presentation of the bill of exchange, if the presentation of the latter is timely. Deferred payment is allowed only in the event of force majeure circumstances;
- when calculating the maturity of a bill, the day on which it was issued is not taken into account. In the event that the day of redemption falls on a non-working day, the bill must be redeemed on the next working day;
- presentation of a bill of exchange for payment before its maturity does not oblige the debtor to pay on it, just as the debtor's demand for the bill holder to accept payment before maturity cannot be satisfied;
- the debtor can pay on the day of redemption of the bill of exchange only a part of the amount, and the holder of the bill has no right not to accept payment. In this case, a note is made on the face of the bill of exchange that part of the amount has been repaid.

The holder of the bill has the right to protest the unpaid amount and bring a claim against any of all the persons liable under the bill in the amount of the unpaid amount.

Benefits of using bills:
- the need for cash is reduced;
- deferment of payment;
- payment guarantee;
- if the chain of settlements is disrupted, funds can be received.

Problems of bill circulation:
- Participants must have a good knowledge of the rules of bill circulation;
- the procedure for the quick collection of funds under a bill of exchange has not been legally regulated;
- promissory notes of large issuers are suitable for real use.