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If the bill of exchange designate a person to accept or pay its value when necessary in the place of payment, the holder shall not, prior to maturity date, have the right to recourse against the party who made the designation nor any of the subsequent signatories, unless he presents the bill to the person designated for its acceptance or payment, who has refused to accept it and the holder establishes such refusal by protest.
3) Once the International Bill of Exchange is used as an asset such as a borrower in custody (BIC) arrangement, you are required by law to adjust the account, provide to me a copy of the executed/franked document and evidence of the discharge accounting within 30 days of receipt of these documents.
But the bill of exchange and the promissory note can not be regarded as two forms of the same instrument, for several reasons, namely: the obligation of the issuer in the case of the promissory note differs from the obligation of the issuer in the case of the bill of exchange, more specifically said, the issuer's obligation in the case of the promissory note lies in making itself the payment, and the drawer's obligation, the issuer in the case of bill of exchange, is to ensure the payment, the obligation of payment occurs only in the event of failure of payment or denied payment by the paying shirred.
In the cited chapter, (8) Mercado says that this is so only when whoever sends the bill of exchange does not have any deposit in the bank where the payment is to be authorized; because, in that case, in order for the bank to feel compelled to pay that money at the end of the fair, it is an accepted custom in some places to charge a five or six per thousand, to be paid in cash, in addition to the stipend that is usually charged for managing the business of its usual clients.
Similarly, the bill must be for a specified sum of money or, again, it runs the risk of invalidation, and the bill of exchange would, of course, need to specify in what currency it is to be paid, eg sterling, euros or dollars.
As has also previously been disclosed, Actrade has ceased operating its international bill of exchange business (the "IMT Business"), which had primarily been conducted through Actrade Resources, Inc.
Domestically, users can take advantage of a variety of functions, including the user-defined payment methods and payment processing options, which have been added to support Bill of Exchange processing.
Deposits and Guarantees required: Insurance Tender - bill with a bill of exchange statement.