There may be a bill. What is a bill of exchange in simple words? What is a bill of exchange as a document?

Which provides for deferred payment or unconditional payment for purchased goods, work or services within a predetermined period.

A bill of exchange is a security that confirms the obligation of the debtor (the drawer) to pay a specified amount to the creditor (the holder of the bill) within a specified period after presentation of the bill for payment.

In this case, the right of claim can be transferred to third parties without additional conditions and approvals from the drawer.

The bill of exchange is used as a means of payment and settlement, and is also used as a means of obtaining a loan, which was provided by the seller to the buyer in commodity form in the form of deferred payment.

Therefore, we can say that a bill is a dual market instrument, ensuring obligations on the one hand and repayment of debt on the other.

Functions of a bill

A bill of exchange is an important financial instrument that performs certain functions:

A promissory note is primarily a means of obtaining a loan. Using a bill of exchange, you can pay for purchased goods or services, repay a loan received, or provide a loan. For creditors, the formal and material strictness of the bill, its easy transferability and speed of debt collection are attractive.

Another function of a bill of exchange is the ability to use it as security for transactions. In other words, the holder of a bill of exchange has the right to receive money on a bill of exchange earlier than the deadline established in it in two ways: by discounting the bill of exchange in a bank or by obtaining a loan against the security he has.

A bill of exchange serves as a tool for monetary settlements. In addition, it is able to speed up settlements, since before payment the bill passes through several holders, extinguishes their obligations and thereby reduces the need for real money.

Advantages of a bill

Bill transactions are the issuance (receipt) of cash loans.

Enterprises and organizations can carry out such operations without banking system with its terms and mandatory commissions.

In addition, the bill is financially mobile. Being a security, it can always be sold on the stock market or pledged to a bank.

Distinctive features of the bill

The distinctive features of the bill are as follows:

Abstractness of the bill. That is, the obligations under the bill have only a monetary value and are not directly related in any way to the specific obligations of the drawer.

Possibility of transfer to third parties without documenting such a transaction;

Indisputability of the bill. That is, the requirements under the bill are unconditional for execution and are implemented in full.

Solidarity bill. That is, all persons involved in the execution and circulation of the bill bear responsibility for the bill.

Documentation of the bill. That is, the bill is drawn up in the form of a strict reporting form in paper form.

In case of failure to pay the debt within the stipulated period, no legal proceedings are required. In this case, it is enough to make a notarial protest.

What problems does the bill solve?

Using a bill of exchange solves the following problems:

creates conditions for unconditional receipt Money for goods supplied, work performed or services provided;

makes it possible to conclude a purchase and sale transaction for goods, works, services without the condition of prepayment;

can be used as an effective means of payment between legal entities and individuals, for offsetting mutual claims;

may be the object of sale or purchase or be the subject of a pledge.

Types of bills

In practice, the following types of bills are distinguished:

Promissory note. The bill contains an obligation to pay the required amount within a pre-agreed time period and to the creditor in whose name the bill is drawn up. That is, the bill acts as an analogue of a promissory note. We can say that a promissory note is a security that contains an unconditional obligation of the drawer to pay the amount to the holder or his legal successor. The circulation of a promissory note presupposes the presence of two entities: the drawer and the recipient of the bill (holder of the bill);

A bill of exchange or draft (Italian “tratta” - transfer) bill. Under such a bill of exchange, the debtor (drawee) makes payment in favor of a third party (remitee) on his order or on behalf of the person who issued it (drawee). A bill of exchange is analogous to the transfer of debt under a loan agreement. We can say that a bill of exchange, or draft, is a security that contains a written order from the drawer to the payer to pay a specified amount to the holder or his legal successor within a certain period of time. A bill of exchange binds at least three entities: the drawer, the recipient of the bill and the payer.

Avalized bill. Such a bill provides an additional guarantee from the bank (avalist) for the execution of payments. A bill of exchange can be either simple or transferable.

Thus, bill types of securities are divided into promissory notes and transferable bills.

The first type involves the issuance of a loan and the signature of the debtor that he undertakes to return it to the creditor within a clearly established period in a specified place. There are only two parties involved in such a transaction: the drawer and the holder of the bill.

A bill of exchange (draft) is issued and signed exclusively by the creditor. The text of such a document contains an order to the debtor to pay the debt within a specified period, but not to him, but to a third party (the remittor).

Types of bills

In addition to classifying bills by type, they can additionally be divided into forms:

Commercial (commodity) - documents intended to ensure transactions between sellers and buyers.

Financial - allow businesses to obtain loans and credit from other businesses.

Blank documents - documents for trade transactions when the price of a product or service has not yet been established or may change. In this case, the buyer, fully trusting the seller, certifies with his signature the blank form, which will be completed later last.

Friendly bills are bills that are issued only to those who deserve unconditional trust.

Bronze - documents without real security, issued to fictitious persons or enterprises. Such bills are often used simply for bank accounting or artificially increasing the debts of a bankrupt.

Security - bills of exchange issued to secure a loan or credit from a known unreliable borrower. Such a document is usually kept in an escrow account with the debtor and is not intended for circulation. Upon settlement of the loan, the bill is repaid.

Rekta-bill (registered) - a security from which the drawer has taken away its main property: transfer to another person.

Acceptance and

The process of the future payer accepting financial obligations to pay a bill of exchange is called acceptance.

In essence, this is his consent, confirmed by the corresponding signature of the acceptor. Endorsement of a bill is its transfer to a third party.
It can only be applied to promissory notes. An endorsement provides for the presence of an endorsement on the document itself, according to which all rights to it are transferred to another person.

Typically, such an inscription is made on the reverse side of the bill or on a special additional sheet called an allonge.

The person who left his signature on the endorsement and accepted the rights to the financial document is called an endorser.

Aval bills

Aval is a kind of guarantee for a bill. It can be carried out by any person, with the exception of the holder of the bill and the drawer. The person who puts an aval on a document is called an avalist.

What is a bill of exchange as a document?

In accordance with the “Regulations on promissory notes and bills of exchange”, the document must contain:

an appropriate mark indicating that this is a bill of exchange and not some other security;

a bill mark is usually used twice: at the top of the document and in its text, and bill forms without a mark are considered invalid;

a clearly defined amount of money;

payer details (for bills of exchange);

payment deadline (upon presentation, at such and such a time from drawing up, at such and such a time from presentation, on a clearly indicated date and time);

the place where the payment is to be made;

details of the person to whom the payment should be made;

date and place of drawing up the bill;

the handwritten signature of the person issuing the bill.

Required bill of exchange details

The text on the bill of exchange must contain the following information:

Heading: Indicates “Promissory Note” or “Bill of Exchange”;

Order or obligation. In the case of a bill of exchange, the phrase is indicated: “Payment ...<данные организации или физического лица>or his order";

Details for presentation after maturity. The name and address for legal entities, place of residence and personal data for individuals are indicated;

Amount to be paid. The amount must be indicated in numbers and in words, which is considered the main one in case of discrepancy with the figure. If there are several amounts, the smaller amount is payable. In this case, no corrections or breakdown of the amount to be paid by terms or parts are allowed.

Payment term. Current legislation provides for the following options:

"on presentation". The bill is payable no later than one year from the date of preparation, unless a different period is specified. In case of delay, the bill becomes invalid.
"after the end of the period." Payment of a bill must be made within a specified period after presentation. The specified period is the final day not only for payment, but also for protesting.
"the period after the commencement of action." Payment on the bill must be made after a certain number of days from the date of execution.
"on a certain day." Payment under the bill is carried out on a specific day specified in the bill.

Place of payment. Unless otherwise agreed, the bill of exchange is presented for payment at the location of the drawer-payer. Multiple locations are not allowed.

Date, address of statement and payment. Multiple locations are not allowed. An unreal date, its absence, or a non-existent address will invalidate the bill.

Signature of the drawer. Signature must be handwritten only. The bill will be invalid without a signature, or if a forgery is detected. For legal entities, it is necessary to put a stamp and certify the bill with two signatures: the signature of the director and the signature of the chief accountant.

Payment on a bill

The bill payment procedure includes the following steps:

presentation of a bill for payment within the acceptable time frame. If the repayment date of the bill falls on a weekend, then payment is made on the first working day;

immediate payment by the debtor of the amount specified in the bill. Deferment of payment is possible only in case of force majeure.

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Bill of exchange: details for an accountant

The organization issues its own bill of exchange and settles it with the supplier: accounting entries
The organization issues its own bill of exchange, then settles the bill with the supplier. The denomination of the promissory note issued by the buyer... transactions? The organization issues its own bill of exchange, then settles the bill with the supplier. The face value of a simple... the obligation to pay upon the maturity of the bill of exchange to the holder of a certain sum of money... provides for the security of the obligation by transferring one's own bill of exchange. To the methods of securing obligations established...
Flow of money within a group of companies
An unconditional obligation of the person obligated under the bill (drawer or acceptor) to pay... additionally, by the rules on the loan agreement; a bill of exchange is a property that is the subject of transactions... with the Trading House issuing its bills. OOO Zakup transfers the received bills of exchange to a subsidiary..., whose task is to demonstrate the unique features of the bill of exchange, effectively solving specific issues. Another... debtor receives a bill of exchange from his debtor. The company transfers this bill to its only...
Practice of the Supreme Court of the Russian Federation on tax disputes for March 2017
To take into account the results of transactions for the exchange of bills of exchange and the variation margin under contracts ... of the Code, we proceeded from the fact that the bills of exchange were transferred to the applicant free of charge for the purpose of ..., and the income from the disposal of these bills of exchange (the amount of proceeds received from the implementation ... of the transaction of transfer of bills of exchange in compensation) is subject to reflection... the property and the issuance of the bill, as well as the transfer of the bill, was a formal cover...
Developer in a group of companies: taking into account the new rules of the game in shared construction
Securities, including bills of exchange The developer has no right 5: to acquire... securities, including bills of exchange of third parties; issue or issue... (other than shares), including one's own promissory notes. Thus, the developer will not be able to attract... a loan by issuing his own promissory note. Considering that payment of the price by... cannot accept third party bills of exchange from the shareholder in payment...
Contribution to net assets: how do we use it and what mistakes do we avoid?
If a participant deposits a third party bill of exchange into the CA? At the first stage... general rule- the transaction of depositing a bill of exchange into the Fund is not subject to tax... as is the further transfer by the company of this bill of exchange to a third party for repayment... profit is only the cost of selling the bill of exchange. Another controversial point...
Practice of the Supreme Court of the Russian Federation on tax disputes for March 2018
Loan agreements The taxpayer issued his own bills for the amount of the loan and transferred... to the lenders according to acts of acceptance and transfer of bills. At the same time, the disputed companies are... returned to these organizations upon presentation of bills at the time of their repayment by the Taxpayer... . Evidence that the bills issued were actually secured by property...
Guide to tax amendments for medium-sized businesses. Winter 2019
2018. Promissory notes received during liquidation are subject to personal income tax. Now in the code... .2018. With the further sale of promissory notes received during liquidation, income can be... double taxation in the event of a participant receiving a promissory note (of a third party) from his own... pay Personal income tax from the value of the bill received, and then again when...
The income tax rate is 0% when carrying out medical and (or) educational activities: there is little time left for its application
IN tax period operations with bills and derivative financial instruments (pp... in the tax period of operations with bills and financial instruments of forward transactions... to them, the absence of operations with bills and financial instruments of forward transactions...
Income tax in 2017. Explanations from the Russian Ministry of Finance
Review of letters from the Ministry of Finance of the Russian Federation for June 2019
Property used in business activities, bank bills, income from the sale of this... in the part attributable to payment by the bill is taken into account individual entrepreneur applying a simplified... taxation system, on the date of payment of the bill by the bank (day of receipt of funds...
Practice of the Supreme Court of the Russian Federation on tax disputes for June 2019
Obligations, not the moment of receipt of bills. Conclusions of the courts on determining the moment... according to which a citizen receives a bill of exchange as property that does not have consumer... levying a tax at the time of receipt of the bills of exchange as the taxpayer's income in kind...
Practice of the Supreme Court of the Russian Federation on tax disputes for May 2017
Received by the Taxpayer through the sale of his own bills of exchange in the audited period to the investor for..., as payment, bills of exchange received by the Cargo company from the taxpayer were transferred... each time these transactions were carried out with bills of exchange, while the counterparties transferred to each other...
Review of letters from the Ministry of Finance of the Russian Federation for April 2017
... (expenses) in the form of a discount on bills with the clause “at sight...; the estimated maturity of such a bill is used as the maturity date of such a bill, which... is the period from the date the bill is drawn up to the date indicated as " ...
Practice of the Supreme Court of the Russian Federation on tax disputes for March 2019
When concluding contracts for the sale and purchase of bills of exchange with foreign companies, the Taxpayer did not..., did not take measures to check the bills of exchange for their issuance, absence...
Submission by civil servants of information on income for 2018
... " Securities include a share, a bill, a mortgage, an investment unit of a mutual investment... securities by type (bonds, bills, etc.), with the exception of shares...

Its modern version is a special document. The latter is compiled according to a standard form accepted throughout the world, which was established by the Geneva Convention in 1930.

A bank bill is a fairly convenient financial instrument for both individuals and legal entities. It gives its holder the right not only to store his money, but also to freely dispose of it at the right time. It should be noted that in Russia for last years The bill system is well established, and its most active participants are legal entities.

Bank bill: advantages

The above security provides the following opportunities to its holder:

Secure storage of funds.
Receiving additional income. To place yours in bank deposits, the company needs to open. As a result of purchasing a bill of exchange, this is not necessary at all. The buyer does not even have to be a client of this banking institution. It is enough for him to simply transfer his own to a special account, which is indicated without fail in the contractual agreement on the purchase and sale of bills. Analysts note that the income on the bill sometimes even exceeds that from deposits.
The ability to freely use your funds in the right direction at any time. For example, if necessary, it can easily pay a counterparty for the goods provided, while minimizing the time required for this operation. In addition, parting with the bill is completely optional. can issue a loan against bills of exchange. This is formalized in the form of a contractual agreement with a reverse right to repurchase the above-mentioned security.
A bank bill can be used as collateral or a guarantee to obtain a loan. Experts note that bills of exchange from well-known banking institutions have high liquidity; they are accepted without problems in all branches, which, of course, significantly increases the attractiveness of these securities. In addition, the rate on a commercial loan can be reduced by at least half with the help of the above bill. The low interest rate is explained by the fact that monetary resources do not leave the banking institution while the bank bill is circulating.
A bank bill is not subject to excise tax.

Bank bill: main types

First of all, it is important to note that a bank bill is a type of financial bill. This security certifies that a person (individual or legal) has deposited a certain amount of money into a banking institution. The bank, in turn, undertakes to repay this bill with interest within the period specified in the contractual agreement.

There are two main types of bank bills:

simple or, in other words, which is a security containing the unconditional obligation of the drawer to pay a specific amount within a specified period to the holder of the bill (this bill is issued and signed by the debtor, that is, the drawer);
a draft of transfer is an instruction or order of the creditor (that is, the drawer), which obliges the debtor (drawee) to pay the amount of money specified in this security to a third party (that is, the remittor) within a specified period.

It should be noted that there is also a bank currency bill (if indicated in foreign currency).

Features of a bank transfer bill

Experts note that one of the main characteristics of the above security is that it cannot be used as a simple means of payment. The fact is that the person who received this bill cannot be completely sure that the drawee will make the payment. Therefore, he must forward the bank draft to the debtor for acceptance.

The latter is consent in writing to fulfill obligations under the bill.

Basic details of a bank transfer bill:

bill marks (this document must indicate that it is a bill of exchange and all obligations that arise from it are bill of exchange in nature);
bill amount (usually indicated in numbers and words);
name/name, form of ownership of the payer, his address;
payment term: “at sight”, “at such and such a time from presentation”, “at such and such a time from drawing up” (if the payment period is not specified, then the bank bill should be paid upon presentation);
name of the payee;
place of payment (usually the location of the payer, since it is not the debtor who comes with the payment to the creditor, but the latter who goes to the drawee);
indication of the date and place of drawing up the bank bill;
drawer's signature.

A bank bill is a universal financial instrument, which combines the advantages of an effective payment document, a liquid security and a reliable collateral. The use of such a bill provides an opportunity to simultaneously solve a whole range of various problems related to both active work in the market and investment of funds.

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Content

A written obligation, a security of a certain form is called a promissory note. According to the document, its owner has the right to demand payment of a monetary debt within the prescribed period and for the amount specified in the document. This tool is widely used by legal entities for settlements with each other.

What is a bill of exchange

IN commodity relations The first security, which gave rise to all other types of similar financial instruments, is the bill. This is a document that is issued and controlled by a special branch of legislation - bill law, and taxation is regulated by the Tax Code of the Russian Federation. A bill is a security that serves as evidence of the debt of one person (the drawer) to a second person (the holder). The issue, the issuance of oar paper to the first owner is called an issue.

This is one of the oldest financial documents. Prototypes of it have been noted since the ancient Romans and the inhabitants of the Roman Empire. The first form of debt obligation, called a promissory note, arose in Italy in the 18th century. Most of the terms that are associated with paper are of Italian origin. The flexibility and convenience of the document led to its widespread distribution. Today this financial instrument received widest application and in Russia.

A significant difference between a bill and a bond is that the subject of the debt in the first instrument is cash, and in the second it is a share in the capital of shareholders. There are also signs by which papers are distinguished from each other:

Each bond must be subject to state registration.
A bill of exchange can be used to pay instead of cash, but this is not possible with bonds.
Bonds are formed according to the legal mechanism of purchase and sale, and a bill of exchange document is formed by transfer at the direction of the current owner.

The following characteristics of a financial instrument are defined:

abstractness;
indisputability of obligations;
unconditionality;
simplicity, absence of unnecessary information, use of only mandatory details;
formalism;

The characteristic “abstractness” means that the receipt does not indicate the agreement that became the basis of the bill document. Payment is not affected by obligations between entities. The characteristic “unconditional” means the absence of any conditions for payment. No conditions can cancel the payment of funds to the holder of the note as specified in such receipt.

Form and details of the bill

A strictly established form is a mandatory feature of a debt instrument. The form is understood as a way of recording the rights certified by it. Only when compiled according to certain rules does it acquire legal force and properties. The details of the bill relate to the elements of the form and cannot differ from the established procedures.

Mandatory details of a draft (transferable form), determined by the bill of exchange legislation of Russia, include:

designation “bill” in the text;
an offer to pay a specified amount of money, which is not conditional on anything;
name of the payer (drawee);
payment term;
name of the debt recipient;
information about the place and date of writing of the promissory note;
signature of the person issuing the bill of exchange.

Types of bills

A promissory note must be in writing, but not all of them look the same. You should know what types of bills there are. These financial instruments are presented in two types:

simple;
translated.

There is also a distinction between interest-bearing and non-interest-bearing bills. The meaning becomes clear from the names: in the first case the interest rate is indicated, in the second - not. With interest-free debt processing, only the nominal value is not necessarily paid. Explicitly or implicitly, any commercial instrument involves the payment of interest. The interest-free form is conditional, because the interest rate is included in the face value that will be paid when the debt is repaid.

Promissory note

One of the subtypes of debt registration is a simple or solo bill. According to this document, the drawer undertakes to return the specified amount to the holder of the bill within the specified period. Often the parties to such an agreement are the buyer and the seller. The buyer of any product can issue a debt paper in the name of the seller, who also acts as a creditor.

Promissory note with endorsement

When an entry is made on the back of a debt obligation or on an additional sheet (allonge) about the granting of all rights of claim to another person, this text is called an endorsement (giro). A bill transferred by endorsement removes the obligations of the previous bill holder and transfers it to the endorsee (new bill holder). The person transferring the debt obligation is in this case called the endorser. The law does not allow the transfer of part of the amount (partial endorsement).

Bill of exchange

When a financial instrument indicates the need for payment of a debt by the drawer to a third party - the holder of the bill, we are talking about a transferable form of debt registration. A bill of exchange draft “transfers” a debt from one person to another. In such documents, the drawer is called the drawer, the debtor is the drawee, and the recipient of the money is the remittor. The draft, the form of which is strictly established, contains an offer (order) from the drawer to pay the specified amount to the drawee to a third party - the remittor.

The difference between a promissory note and a transfer bill

There is often a misconception that a transferable debt can be transferred from one holder to another, but a simple one cannot. It is legal to sell, buy, or use debt of any form as collateral for a loan, but for this purpose an endorsement is issued. A promissory note and a bill of exchange differ from each other in the number of sides. There are three parties to a transfer obligation:

drawer;
payer;
recipient (bill holder).

Simultaneously with the draft, an acceptance is drawn up - a paper that serves as confirmation of the payer’s consent to pay the debt. A simple type of document is a special case of a transferable one, since the drawer and the payer are one person. Acceptance is not required when drawing up a promissory note; the payer confirms his consent to payment by signing the main document.

Types of bills

Differences in the rights of the owner of debt registration determine the classification into the following types:

nominal;
order;
to bearer.

Type 1 documents contain information about the person who is given the right to demand the return of money from the drawer. In the second case, such a right is granted to the person who currently owns the document. His details are not written down on paper. The order obligation is drawn up in the name of the first owner and can be transferred to another person by making an endorsement. Selling and buying are carried out with each type of this financial instrument. A bank bill may be for collection. Then a transfer inscription in favor of a specific bank is recorded.

Personal bill

If the form of a financial instrument indicates the surname, name, patronymic of the owner, then such an obligation is defined as personal. The specified person has the right to demand payment of the debt in accordance with the concluded document. A registered promissory note is the most common type of debt obligation. You can change the holder by applying an endorsement on the back of the paper. The record contains the name of the next owner and the signature of the previous one.

Bill of exchange payable to bearer

The order bill does not contain information about the holder of the bill. The paper states the amount of the debt, the date and place of settlement, and the debtor’s details. The right to receive a debt under an order form has the person who currently owns it. During its validity, the document may change several owners (especially if the amount is large), and the last holder demands payment of the debt.

Acceptance of bill

The inscription on the draft that confirms the drawee's obligation to pay the specified amount is called acceptance. Sometimes this term refers to a procedure in which a third party (the payer) assumes the responsibility to pay a debt. A formalized debt is considered accepted when the payer’s consent or guarantee to pay the debt is formalized. Presentation of a bill of exchange for acceptance can occur at any time from the date of issue until the end of the payment period.

What is a surety on a bill of exchange called?

A guarantee, a guarantee on a bill of exchange, under which a person (avalist) assumes the obligation to pay a certain amount is called aval. In fact, the aval of a bill is a note “consider aval” or an equivalent on the front side of the issued debt next to the name of the drawer. The entry is not a mandatory detail, but its occurrence affects the value of the paper. When a document is authorized by a financial institution, the holder of the bill receives a guarantee from this institution about payment. The debt applies equally to the debtor and the avalist.

Bill circulation and bill settlements

Payments between suppliers and payers on deferment, regulated by a special document, are called bill form. Settlements where bills of exchange are used are carried out between individuals and legal entities, when offsetting mutual claims of enterprises. Bill circulation refers to the transfer of rights to receive a fixed amount from one person to another.

Bill accounting

When the holder of a bill of exchange sells a debt obligation to the bank before the maturity date for it, we are talking about bill of exchange accounting. The bank buys the debt from the bill holder by endorsement. The owner receives for this the agreed amount without discount interest (discount), determined by the bank itself depending on the solvency of the drawer. Accounting for bills of exchange is used when the holder needs funds, the endorsement cannot use the paper for payment, and the deadline for the borrower to repay the money has not yet arrived.

There are three types of accounting:

Regular accounting – the bearer credit amount is the full amount recorded on the financial instrument.
Reverse accounting – the bearer undertakes to repurchase the accounted securities within a certain period.
Non-negotiable accounting - the bearer sells the security at an agreed upon price rather than at full price.

How to draw up a bill of exchange correctly

For the validity of a debt obligation, it is important that the execution of the bill complies with all standards established by law. The security document is drawn up according to the sample; it must certainly contain:

Label “bill” – at least once.
The amount of the obligation – in numbers and in words.
The date of repayment of the debt or other indication of the due date of payment.
The place where the obligation will be returned.
Signature of the drawer.
If necessary, the endorsement (on the back), the signature of the avalist, and information about the issuer are recorded.

Information and features that should not be in the document are also regulated by law. These include:

Terms of debt payment.
Shape defects that may occur due to decorative elements (for example, frames).

Repayment period of the bill

According to the law, the following payment deadlines are established:

for a specific date (urgent);
agreed upon at the time of presentation;
correlated with the date of composition;
involving payment on sight.

A bill with a maturity date different from those specified is invalid. If the document specifies payment at sight, then it must be handed over to the drawer no later than 1 year, otherwise it loses its validity. The debtor may pay earlier or stipulate a longer repayment period. The security may also stipulate that the creditor does not have the right to demand the return of funds under the payment obligation upon presentation before a specific deadline.

Video: Bills of exchange - what are they?

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Bill of exchange(from German wechsel) is a strictly established form that certifies an unconditional obligation (), or an offer to another payer specified in the bill ( [[draft|bill of exchange]]) to pay, upon the maturity of the bill of exchange, a certain amount of money in a specific place.

A bill of exchange can be an order (payable to bearer) or registered. In both cases, the transfer of rights under the bill occurs by making a special inscription -, although endorsement is not required to transfer the order bill. This significantly distinguishes a bill of exchange from the transfer of claims by assignment. The endorsement can be in blank (without indicating the person to whom the bill is transferred) or registered (indicating the person to whom the execution should be made). The person who transferred the bill by means of endorsement is liable to subsequent ones on an equal basis with the drawer of the bill.

In a bill of exchange that is payable at sight or at such and such a time from presentation, it can be stipulated that interest will be charged on the bill amount. In any other bill of exchange the accrual of interest is not allowed. The interest rate must be stated on the promissory note. Interest is accrued from the date the bill is drawn up or from the specified date.

bill as;
a bill as the embodiment of an obligation.

A bill of exchange as a security

The definition of a security is contained in Article 142 of the Civil Code of the Russian Federation. Part one of this article reads: “A security is a document certifying, in compliance with the established form and mandatory details, property rights, the exercise or transfer of which is possible only upon presentation.” From this definition it follows that a security is:

Firstly, a document that has a strictly defined form and mandatory details. The form of the security and the necessary details are determined by law. The security is usually executed on on paper(for these purposes, special forms with various degrees counterfeit protection). As for the bill of exchange, it must certainly be executed in writing.

Secondly, a security certifies a certain property right, for example, the right to receive a sum of money, the right to receive property, etc.

The types of rights that are certified by securities are determined by law or in the manner prescribed by it. This is due to the fact that individual securities can only certify certain types of rights, so for example, a bill can certify a right to a sum of money, but cannot do so in relation to the right to receive any things. Although the history of bill law is known for bills with commercial content. For example, the Italian Commercial Code of 1882 allowed l'ordine in derrate - a bill expressing an obligation to issue a certain quantity of agricultural products. At present, neither continental nor Anglo-American bill of exchange law allows for the issuance of bills of exchange.

Thirdly, property rights certified by a security can be exercised or transferred only upon presentation of the original document. In addition, with the transfer of a security, all rights certified by it are transferred in the aggregate. In this we see a manifestation of the dual nature of securities, since we can talk about rights to a security and rights from a security. The right to a security is the right of ownership or other property right, and the right from a security is often a right of obligation. As for a bill of exchange, the right to a bill of exchange is a right of ownership or other property right, and the right to a bill of exchange is always a right of obligation. There is a close and inextricable connection between the rights to a security and the rights from the security. In order to exercise the rights embodied in a security, it is necessary to use the security itself.

A bill of exchange as an embodiment of an obligation

A bill of exchange obligation can be characterized as a unilateral, abstract, formal obligation created by the unilateral expression of the will of the drawer. Obligations, like other civil legal relations, arise on the basis of certain legal facts. These facts are usually called the grounds for the emergence of obligations. Civil Code Russian Federation names contracts, unilateral transactions, administrative acts, events, etc. as grounds for the emergence of obligations. (Article 8 of the Civil Code of the Russian Federation). I share the position according to which the basis for the emergence of a bill of exchange obligation is a unilateral transaction. There are other opinions on this issue. Moreover, it should be replaced that we consider the drawing up of a bill of exchange as a unilateral transaction, in other words, a bill of exchange, in accordance with the point of view expressed, is a transaction. And a transaction, in turn, is one of the types of legal facts. Consequently, in the statement that a bill of exchange can be considered in two aspects: as a security and as an embodiment of an obligation, adjustments can be made. Thus, a bill can be considered, firstly, as a security, secondly, as the embodiment of an obligation, and thirdly, as a transaction.

A bill of exchange obligation is unilateral. A bill of exchange implies the obligation of the bill debtor to pay a sum of money to the holder of the bill, who does not bear any obligations towards the bill debtor. On the contrary, being a creditor, he has the right to demand payment of the bill.

It is believed that a bill of exchange obligation is abstract, that is, it does not depend on the business transaction that was the basis for the issuance of the bill. This obligation is not conditional. The debtor must pay the bill only because it is presented for payment. A promissory note is formal. It is always put in writing, and it is necessary to strictly observe all bill of exchange details established by law. A defect in the form of a bill of exchange entails the nullity of the bill of exchange. The main sources of regulation of bill circulation on the territory of the Russian Federation and in foreign economic activity are regulations listed in the bibliography.

Participants in bill relations

Bill holder(remitee) - the owner of the bill who has the right to payment on the bill.
Drawer(drawer) - the person who issued the bill.
(drawee).

Required bill of exchange details

The mandatory details of a bill of exchange are established by the Uniform Law on Transferable and promissory note(EBZ), which is Annex No. 1 to Geneva Convention No. 358 of June 7, 1930 “On a Uniform Law on Bills of Exchange and Promissory Notes”:

bill mark “bill” in the text of the document;
an unconditional order or obligation to pay a specified amount;
name of the payer and the first holder;
name of the remitter;
time and place of payment;
the date and place of drawing up the bill and the signature of the drawer.

If at least one of the required details is missing, the document cannot be recognized as a bill of exchange. Although there are a number of exceptions:

if the payment period is not specified, the bill is considered to be payable upon sight;
if the place of payment is not specified, the specified address of the payer is considered as such;
if the place of issue is not specified, the address of the drawer is considered to be such;
If the bill contains signatures of persons incapable of obliging or forged, then the signatures of other persons still do not lose force.

Types of bills

There are two types:

Simple (solo bill);
Bill of exchange (draft).

Classification

The class of bills of exchange is quite diverse; they differ in the issuer, the transactions serviced and the entity receiving payment.

Based on the issuer's characteristics, the following are distinguished:

treasury bills- short-term debt issued by the government of a country, usually through an intermediary Central Bank with a maturity period usually from 90 to 180 days;
private bills- issued by corporations, financial groups, commercial banks. A bill of exchange can serve purely financial and commodity transactions. A financial bill reflects the borrowing of money by the drawer from the bill holder at a certain interest rate. By means of a financial bill, a loan is issued, taxes are transferred to the budget, budget financing is received, wages, currency exchange, etc.

The varieties of this financial bill are:

friendly bill- issued by one person to another without the intention of the drawer to make payment on it, but only for the purpose of raising funds by mutual accounting of these bills in the bank. Usually, friendly bills of exchange (for equal amounts, terms) are exchanged between two real persons who are in a trusting relationship, in order to later be taken into account or pledged in a bank, receiving real money against it, or to make a payment for goods.
bronze bill- this is a bill of exchange that does not have a real transaction behind it, there is no real financial circumstance, and at least one person participating in the transaction is fictitious. The purpose of such a bill is to obtain money from a bank against it or to use it to pay off debts on real commodity transactions or financial obligations. Bronze and friendly bills arise when the “creditor” is in a difficult financial situation or when he carries out a fraudulent operation. Such bills falsify cash flow, causing tax non-payments.

The basis of a bill of exchange is a purchase and sale transaction. In this capacity, it can act, on the one hand, as an instrument of credit, and on the other hand, perform the functions of a means of payment, repeatedly changing hands and servicing numerous acts of purchase and sale of goods instead of money.

Citizens of the Russian Federation and legal entities of the Russian Federation have the right to be bound by a bill of exchange and a promissory note. The Russian Federation, constituent entities of the Russian Federation, urban, rural settlements and other municipalities have the right to be obligated on bills of exchange and promissory notes only in cases specifically provided for by federal law. A bill of exchange and a promissory note must be drawn up only on paper (hard copy).

The provision on a bill of exchange and a promissory note does not give us a legal definition of a bill of exchange. The drafters of the Convention Establishing the Uniform Law on Bills of Exchange and Promissory Note of 1930 did not reach a consensus on the definition of a bill of exchange. Part one of the Civil Code of the Russian Federation, as amended in 1998, names the types of securities in Article 143, but does not define them.

The official definition of a bill of exchange is contained in Article 815 of the Civil Code of the Russian Federation. Part one of this article reads: “In cases where, in accordance with the agreement of the parties, the borrower issued a bill of exchange certifying an unconditional obligation of the drawer (promissory note) or another payer specified in the bill of exchange (bill of exchange) to pay the borrowed amounts upon the arrival of the period stipulated by the bill of exchange. , the relations of the parties to the bill of exchange are regulated by the law on bills of exchange and promissory notes.”

Payment on a bill

Due to the fact that one of the most attractive aspects of a bill of exchange is its solvency, I would especially like to say about payment on a bill of exchange.

Payment on a bill of exchange has significant differences, which are determined by the very nature of the bill of exchange. The payment must be made not to the original creditor, but to the holder of the bill, because if it is possible to endorse a bill, only this last person is the full owner of the value represented by the bill.

For payment, the bill must be presented to the debtor by the creditor within the specified period, thus modifying the general order of payment, requiring the debtor to deliver the required amount to the creditor.

In the absence of the debtor at the place of payment, as well as in the event of the debtor's insolvency at a given time, payment can be made for him by a simple person.

Failure to pay a presented bill leads to a protest: non-presentation and absence of a protest leads to the loss of the bill’s validity.

The drawer does not have the right to refuse partial payment of the bill in the interests of the parties secondary to the bill, although, in principle, the bill must be paid in full.

The normal process of bill circulation ends with payment of the bill on time and, by paying the bill, the payer releases himself from the bill obligation.

In conditions of mutual responsibility for bill payment, you can be sure that the bill is what enterprises need to ensure a continuous process of production and payment for goods supplied and services rendered.

Collection

Banks often carry out the instructions of bill holders to receive payments on bills on time. Banks assume responsibility for presenting bills of exchange to the payer on time and receiving payments due on them. If payment is received, the bill will be returned to the debtor. If not, the bill is returned to the creditor, but with a protest of non-payment. Consequently, the bank is responsible for the consequences arising from the omission of the protest.

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

They are also beneficial for the client, since banks, thanks to close relationships with each other, can execute client orders faster and cheaper; the client is also freed from the need to monitor the deadlines for presenting bills for payment, which required costs significantly greater than bank commissions.

Domiciliation

Banks can, on behalf of the client, make payments on bills on time. This operation is the opposite of collection.

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

Repayment of a bill

Within the stipulated period, the holder of the bill must present it for payment. Payment can be made in full or in part. Refusal of payment (or even acceptance) must be certified publicly, by making 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.

Story

A bill of exchange is one of the oldest financial instruments. Among the prototypes of the bill of exchange, it should be noted syngraphs and chirographs, which arose in ancient Greece and borrowed from the Roman Empire. In the 8th century. In China, the bill-like securities Feiqian arose, and during the Song Dynasty, jiaozi and jiaoying, used for the safe transfer of money over long distances. Among the Arab prototypes of promissory notes, one can name hawala and suftaj debt documents, which probably influenced the emergence in Italy in the 13th–14th centuries. first forms of promissory note. Since the bill of exchange originated in Italy in the 13th century, most of the terms associated with bills (endorsement, ) are of Italian origin. From the original promissory note, the promissory note gained popularity in currency exchange transactions. The money changer, having received the funds, issued a promissory note, payment for which could be received elsewhere. Due to its flexibility and convenience, the bill quickly spread throughout Europe. The increase in the volume of bill transactions required the legislative consolidation of established business customs, and in 1569 the first bill charter was adopted in Bologna.

Initially, the holder of the bill was prohibited from transferring his rights to other persons. However, by early XVII century, these restrictions became a deterrent to trade and they were gradually abolished. Bill rights began to be transferred by placing a special order of the bill holder - endorsement (from Italian in dosso - back, ridge, reverse side - since this inscription was made, as a rule, on the reverse side of the bill).

History of bills in Russia

In Russia, the bill appeared at the beginning of the 18th century thanks to the development trade relations with the German principalities. That's why Russian word"bill" comes from it. Wechsel - exchange, transition. The first Russian Bill of Exchange Charter was written in 1729 on the basis of German bill legislation. However, direct borrowing of foreign standards did not meet the requirements of Russian reality. For example, the charter regulated bill relations related to the transfer of funds in the most detail (the form of a bill of exchange), while in Russia the practice of using bills of exchange for processing loans (the form of a promissory note) became most widespread.

In 1832, a new Russian Charter on bills of exchange was adopted. In this case, the document was based on the norms of French law, namely the French Commercial Code. At the same time, the charter contained certain provisions borrowed from German bill law. The main focus continued to be on transfer operations. A promissory note was mentioned only in order to apply to it (or exclude) the application of the rules on a bill of exchange. Due to the general orientation of Russian legislation towards the norms of German law, the use of the Charter on Bills of Exchange entailed certain inconveniences, and almost immediately after its adoption, work began to improve and amend it.

It was decided to base the new charter on the unified norms of bill of exchange legislation of the leading states of that time. Over the course of 55 years, six versions of the bill were prepared. At the same time, changes were made to the Charter on Bills of Exchange, designed to eliminate the most odious existing provisions. Thus, on December 3, 1862, the opinion of the State Council was approved, which extended the right to be bound by bills of exchange to all classes, with the exception of persons of clergy rank, lower military ranks, peasants who do not have real estate and have not taken trade certificates, as well as women without the permission of parents or husbands.

The new bill charter was approved on May 27, 1902. He defined a bill as “an obligation of the drawer, completely independent of previous agreements, to deliver to the first purchaser or the last holder of the bill within a certain time a certain amount of money.” The charter consisted of 126 articles, the first two articles being an Introduction, devoted to the classification of bills. The remaining parts were grouped into two sections, the first was devoted to promissory notes, the second to bills of exchange. Each section contained five chapters: the first chapter determined the procedure for drawing up and circulating bills of exchange; the second is the responsibility of the payer; the third - the procedure for making a protest on bills of exchange; fourth - deadlines for filing bill claims; fifth - norms that were not included for one reason or another in the first four chapters.

The Russian bill charter of 1902 lasted until October revolution 1917. The decree of the Council of People's Commissars of November 11, 1917 declared a two-month moratorium on bill payments, as well as bill protests. Subsequently, the circulation of bills on the territory of the RSFSR was significantly reduced. Only when moving to a new one economic policy in 1922, the Regulation on Bills of Exchange was adopted, according to which cooperatives and banks were allowed to issue and accept bills of exchange for accounting (redemption), as well as use them to process credit transactions.

In 1928, during the financial reform, consumer societies and their unions were prohibited from carrying out credit and bill transactions, which led to 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 Bills of Exchange Convention, which includes the Uniform Law on Bills of Exchange and Promissory Notes. By Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341, the “Regulations on Bills of Exchange and Promissory Note” were introduced, which almost completely reproduced the text of the Uniform Law on Promissory Notes and Bills of Exchange. Despite this, the bill was still not used in domestic economic transactions, since financing economic activity economic entities was carried out through the centralized distribution of monetary resources.

The bill was put into circulation for the second time on the territory of Russia by the Resolution of the Presidium of the Supreme Court of the RSFSR dated June 24, 1991. No. 1451-I “On the use of bills of exchange in the economic circulation of the RSFSR”, which, although it did not contain references to the Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR of 1937, reproduced it with minor differences. Subsequently, this document was canceled by Federal Law No. 48-FZ of March 11, 1997 “On Bills 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, it applies Resolution of the Central Executive Committee and Council of People's Commissars of the USSR “On the implementation of the Regulations on bills of exchange and promissory notes” dated 08/07/1937 No. 104/1341. Also given the federal law eliminated a number of controversial issues regarding the issuance of bills and the calculation of interest and penalties, and also limited the circle of persons who can be obligated on promissory notes and bills of exchange, excluding from it the constituent entities of the Russian Federation, urban, rural settlements and other municipalities. Currently, on the territory of the Russian Federation, this law is fundamental in regulating bill relations.

What is a bill of exchange, what types and forms does it come in, and how does it differ from a promissory note. What details should be indicated in the bill of exchange, who issues it, where and why it is used. Detailed analysis in simple words.

What is a bill of exchange: simply about the complex

A bill of exchange is a written document certifying the debt obligations of the debtor to the creditor. The debtor is called the drawer, the creditor is the holder of the bill.

Such a document indicates a clear amount of debt, which, after a certain time and in a specified place, the drawer returns to the holder of the bill.

Unlike a promissory note, a promissory note is not tied to a specific transaction or loan.

That is, this document is evidence that one person owes money to another. Its subject is only money, which determines the value of the bill. Thanks to this document, the holder of the bill has the legal right to demand from the drawer the return of the debt in full, at a specific time and in a pre-agreed place.

The bill contains:

label at the top of the document;
text describing the conditions;
the amount of money transferred to the drawer;
personal data of the payer;
debt repayment period;
place of payment;
bill holder details;
date and place of registration;
drawer's signature.

“A bill of exchange is a financial instrument of trade turnover that has been known to traders for many centuries, and Russia is no exception. But in the dashing 90s, wild capitalism used bills of exchange in various illegal schemes, which attracted the attention of the tax inspectorate. This close attention frightened the merchants, who hastened to forget the bills.

A bill of exchange is the simplest way to solve the problem of a cash gap, in comparison with loans, credits, and factoring. Therefore, there is every reason for conscientious entrepreneurs to use promissory notes in their financing models.”

Igor Petrash – lawyer in the field of regulation of economic activity

Types and forms of bills

Kinds

Simple - a document providing for the issuance of a loan or loan. The debtor signs, thereby confirming his agreement to repay the debt in full, at the specified time and place indicated in the document. The subject of the bill is money, and it is concluded between the drawer and the holder of the bill.

Transfer is a document that is issued and signed only by the creditor. It sets out the requirements for the debtor to pay the debt to a third party. That is, not to the creditor himself, but to the remittor.

Forms

Commercial – to protect transactions between sellers and wholesale buyers.
Financial – for providing loans and credits.
Friendly - trust bills concluded with close and acquaintances who deserve trust.
Blank – for trade transactions where the cost of the goods has not yet been established or may change.
Security – to secure loans and advances from a reliable borrower.
Bronze - issued to non-existent names or companies to increase debts or bank statements.
Personalized – a document that can be transferred to a third party.

In what areas and when are bills of exchange used?

In the field of lending to legal entities, individuals, companies or enterprises. Any person can act as a creditor. Lending refers to loans with interest or interest-free loans. And the bill itself is convenient because the debt can be transferred or sold to a third party.
Entrepreneurs use a bill of exchange to defer payment for purchased goods. There is no interest rates due to debt. The money is returned to the seller or transferred to his account within the period specified in the document.
Bills of exchange are used in banking to attract capital. This document replaces the contract bank deposit. The bill has minimal risks, which makes it convenient for investment.
The bill of exchange is used as a subject of settlement. That is, they can pay for goods or services. In essence, the debt is transferred to another person, who will receive money from the debtor. Such calculation methods are used in business.

Who can issue a bill of exchange

According to the law of most CIS countries, a bill of exchange can be issued by any adult and capable individual or a legal entity with legal capacity. It does not require the signature and seal of the chief accountant.

Such a document cannot be issued by executive authorities.

Required bill of exchange details

The bill form must contain the following details and data:

Heading - it is clearly written what type of bill is concluded: simple or transferable.
Text of the order and obligations. For example, “Payment in my favor or on my order” or another equivalent phrase.
Requisites legal entity or personal data of an individual.
Amount to be paid.
Interest (if any).
Debt repayment period.
Place of payment.
Date of.
Signature of the drawer.

It is worth paying special attention to payment terms. There are several options:

At the end of the term of the bill. That is, the debt is repaid within a specified period.
Upon presentation. The debt is repaid no later than 1 year from the date of execution of the bill.
On a specific day. The money is returned on a specific date, for example, September 23.
In the period after the commencement of the bill. Payment is made after a specified number of days, counting from the moment the document is drawn up.

The difference between a bill of exchange and a promissory note

The bill is drawn up in a strict form and indicating the necessary details. This is done on special paper or form, which is difficult to forge or change. But you can also use plain paper.

The promissory note is not drawn up in a strict form and only the passport data of both parties is displayed in it.

The obligations under a promissory note are stricter than under a promissory note. The document is not tied to a specific transaction, but only confirms the fact of the debt. The receipt indicates the amount of debt and the transaction.

A bill of exchange is a security whose legal force is regulated on the international market.

Summing up

A bill of exchange is a document that is used to formalize the debt obligations of one person to another. A bill of exchange can be drawn up by any individual who has reached the age of majority. And here government bodies The authorities cannot do this.

There are 2 types and 7 forms of bills. When composing a document, its type must be indicated in the title.

The main difference between a bill of exchange and a promissory note is reliability and the absence of risks in repaying the debt.