Section V Maturity

(1)

The maturity of a bill of exchange may be:

1.

upon presentation;

2.

after a certain term after the presentation;

3.

after a certain term after the issue;

4.

on a certain date.

(2)

A bill of exchange issued with maturity specified in some other way or by subsequent maturity, shall be null and void.

(1)

A sight bill of exchange shall be payable upon presentation. It must be presented for payment within one year following its issue. The drawer may specify a shorter or a longer term. The endorsers may reduce the terms for presentation.

(2)

If the drawer notes down that the sight bill of exchange should not be presented for payment before a specified date, the term for presentation shall commence as from that date.

(1)

Maturity of a usance bill of exchange shall be determined as from the date of acceptance or as from the date of protest.

(2)

Where no protest exists, it shall be considered that the acceptance without indication of date has been made by the drawee on the last date of the term for presentation for acceptance.

(1)

Maturity of a bill of exchange payable one or several months after its issue or presentation, shall be on the respective day of the month for effect of the payment. If there is no such day of that month, maturity shall fall on the last day of the month.

(2)

Where maturity has been set in the beginning, in the middle or at the end of the month, these phrases shall be understood to mean the first, the fifteenth or the last day of the month.

(3)

The phrase "half month" shall be understood to mean a term of fifteen days.

(1)

Where the bill of exchange is payable on a specific date at a place where the calendar is different from that at the place of issue, maturity shall be determined in accordance with the calendar at the place of payment.

(2)

Where a bill of exchange, issued and payable at places with different calendars, is payable within a set term after the issue, the date of issue and maturity shall be determined by the calendar at the place of payment.

(3)

The terms for presentation of the bill of exchange shall be calculated pursuant to the rules of paragraphs 1 and 2.

(4)

Paragraphs 1, 2 and 3 shall not apply if something else follows from a provision in the bill of exchange or from its contents.

---

Next: Section VI Payment
Up: BILL OF EXCHANGE
Previous: Section IV Bill of exchange guarantee