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Term for Presentation for Payment
Article 491
A bill of exchange payable on a certain day or within a specified term after its issue or presentation, must be presented for payment on maturity or on one the next two working days.
Indication of payment
Article 492
- (1)
- Upon payment the drawee may request the bearer to surrender to him the bill of exchange and to indicate thereon that it has been paid.
- (2)
- The bearer may not reject partial payment.
- (3)
- In the case of partial payment the drawee may request the payment to be indicated on the bill of exchange and receipt to that effect to be issued to him.
Payment before and on Maturity Date
Article 493
- (1)
- The bearer shall not be obliged to accept payment of the bill of exchange before maturity date.
- (2)
- A drawee who pays before maturity date shall pay on his own risk.
- (3)
- A person who pays on maturity date shall be relieved from his obligation, unless he has acted with gross negligence. He shall be obliged to verify the correct order of endorsements, but not the signatures of the endorsers.
Currency of Payment
Article 494
- (1)
- Where the sum of the bill of exchange has been quoted in currency which has no exchange rate at the place of payment, the amount may be paid in local currency according to its value as on maturity. Where the debtor is in delay, the bearer may by his own choice request the sum under the bill of exchange to be paid in local currency at the exchange rate on maturity or as of the date of payment.
- (2)
- The exchange rate of the foreign currency shall be determined in accordance with commercial custom at the place of payment. However, the drawer may set in the bill of exchange the rate at which the amount should be calculated.
- (3)
- Paragraphs 1 and 2 shall not apply if the drawer has stipulated that payment should be effected in a specified currency.
- (4)
- Where a bill of exchange is payable in a currency which has the same name but different values in the country of issue and the country of payment, the bill of exchange shall be assumed to be paid in the currency of the country of payment.
Deposit of the Amount
Article 495
Where the bill of exchange is not presented for payment within the term under Article 491, the debtor may deposit the amount with a bank, at the risk and the expenses of the bearer.
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