What documents does the holder of the bill present to repay the bill? Grounds for issuing your own bill. Problems of bill circulation

In commercial legal relations involving Russian enterprises and citizens, bills of exchange can be used. These financial instruments are considered as a traditional way of securing debt obligations - their legal nature was established back in the USSR. In particular, promissory notes are common and have found demand both in business and in civil legal relations. What other main types of bills can be issued? What is the structure of the relevant financial instruments?

What is a bill of exchange?

Before studying what a promissory note is, as well as what its other varieties are, let’s study the essence of the corresponding document. The term “bill” is usually understood as a security that is issued to certify the debt of one business entity in relation to another, but the rights to collect the debt can be transferred by the second party to the transaction to third parties. It is not necessary to obtain the debtor's consent.

According to some researchers, bills of exchange are among the historically earliest types of securities. Their appearance was preceded by ordinary promissory notes. That is, their possession guarantees that the creditor will receive funds; no other legal confirmation of the corresponding preference is required. It may be noted that bills of exchange can be issued by both individuals and organizations. Technically, the corresponding payment instrument can be issued in any paper format - on letterhead or on a regular blank sheet.

Difference between bills of exchange and other securities

It is useful to consider how a bill of exchange differs from a bond of a similar legal nature, which is also generally considered to be an unpersonalized debt obligation.

The key criterion for distinguishing between the two financial instruments noted is the subject of the debt. In the case of a bill of exchange, this is cash, less often - a certain product. The subject of debt under a bond is a share of participation in the share capital of the company. But there are other differences between the mentioned financial instruments:

• bonds are usually subject to registration by the state, bills of exchange are a financial instrument freer from formalities, although, of course, it can be regulated by various legal acts, such as the law on a promissory note or a bill of exchange;
• In some cases, bills can be used to make payments instead of those made in cash; bonds are not intended for these purposes;
• The main legal mechanism for the formation of bonds is the conclusion of a purchase and sale agreement; bills of exchange are transferred by order of the current owner.

The payment instrument in question may be part of the company's documentation. So, if a company has received a promissory note, accounting for the corresponding source must be carried out in accordance with the requirements of accounting legislation. Actually, it will be useful to consider the key legal provisions that regulate the circulation of the financial instruments in question.

Governing legislation

The main source of law establishing the legal circulation of bills of exchange in Russia is Federal Law No. 48, adopted on February 21, 1997. This law states, in particular, that the circulation of the payment instruments in question in the Russian Federation correlates with the provisions of the Convention of 06/07/1930, which establishes a uniform law on bills of exchange. Also in Federal Law No. 48 there is a clause according to which the Resolution of the Council of People's Commissars of the USSR should be applied on the territory of the Russian Federation, which introduced the Regulations regulating the circulation of promissory notes and bills of exchange and adopted on 08/07/1937. Thus, it can be noted that a bill of exchange is an instrument , is absolutely not new for the Russian economy. It was also used in the USSR.

Article 2 of Federal Law No. 48 states that the execution and payment of a promissory note or a transfer bill can only be carried out with the participation of citizens and legal entities registered in the Russian Federation. Relevant activities with the participation of authorities at the federal, regional or municipal level can be carried out only in those cases provided for by federal legislation. An exception is legal relations in which bills of exchange were issued before the entry into force of Federal Law No. 48.

Article 3 of Federal Law No. 48 states that interest on a bill of exchange should be calculated based on the discount rate of the Central Bank of the Russian Federation. Another noteworthy nuance regarding the turnover of the payment instruments in question, which is contained in Federal Law No. 48, is that filling out a bill of exchange (promissory note or transfer) must be carried out only on paper. This is another difference between bills of exchange and bonds, which can also be electronic.

Let us now study in more detail the varieties in which the financial instrument in question can be presented.

Classification of bills

There are 2 main types of bills, as we noted above, considering the legislative basis for regulating the circulation of these securities - simple and transferable. Let's study their specifics.

A promissory note requires that the debtor, or maker of the note, fulfills his payment obligation to the creditor upon the due date. A bill of exchange includes an option whereby settlements with the eligible owner of the underlying security can be made upon the due date for partial repayment by the drawer. The obligation to transfer the remaining amount of the debt may be assigned to the drawer's counterparties who have receivables to him. But the second scheme is not very popular, since the holder of the bill of exchange must agree that there will, in fact, be two obligated persons, and perhaps more. Many companies consider this payment mechanism unreliable. Therefore, a promissory note is generally considered a more preferable financial instrument. In Russia it is considered significantly more widespread than the translated one. Let's study its specifics in more detail.

Specifics of a promissory note

Promissory notes imply an unconditional obligation of the drawer towards the creditor, correlating with the terms contained in the document. The corresponding payment instrument usually accompanies commodity transactions. Its registration may be due to the buyer’s lack of funds in the required amount at the time of receipt of the relevant products. In this case, the subject of legal relations issues a bill of exchange, under which he undertakes to pay the supplier in the future. As soon as the calculations are made, the corresponding document is returned by the creditor to the drawer.

Requirements for drawing up a promissory note

It will be useful to consider how a promissory note should be correctly drawn up. The key criterion here is the indication of the necessary details on the document form. A promissory note is a form that has very few elements. Thus, it is necessary, first of all, to indicate that the source securing debt obligations is precisely the bill of exchange. This term must be included in the text of the document. Also, the structure of the source must contain language guaranteeing payment by the drawer of a specific amount. The document must indicate the dates and place of its preparation, the coordinates of the settlement object, and the deadlines for fulfilling payment obligations. The bill must contain the details of the payee, as well as the signature of the drawer. It is highly undesirable to use a facsimile instead. In this case, the debtor may formally refuse to repay the promissory note, citing the fact that he did not issue it. But other elements of the document are also important. If they are not included in the structure of the payment instrument in question, then it may also be declared invalid. What might a promissory note look like? A sample structure of the corresponding document is shown in the photo below.

Please note that the legislation does not require filling out the bill manually or on a computer. The main thing for the creditor and debtor is to agree on the terms of settlement and correctly record them in the document. A promissory note, a sample structure of which is presented above, is adapted for use in commercial legal relations. As for bank settlements or debt relationships involving individuals, the structure of the relevant document may be slightly different. But the main thing is to include in it the points that we mentioned above.

Bill and endorsement

The payment instrument in question is often used in payments between commercial enterprises. Thus, a bill of exchange received by a company from a partner can be presented for redemption or used as an instrument for payment for the supply of goods, services or work performed. The second procedure involves the use of endorsement - an order to transfer the right to a debt claim. The original holder of the bill - the endorser - can indicate in the bill the name of the new holder of the security, certify it with a signature, after which the partner will be able to use the financial instrument in question for his own purposes.

It is important that the endorser, who has a promissory note or a transferable note in his hands, writes on the back of the document “Pay in favor of so and so” so that the drawer is aware of who becomes the new holder of the debt. Endorsements, however, come in several varieties. There is a nominal one, which assumes that the structure of the payment document in question will contain: the name of the endorser, his signature and seal.

There is a blank endorsement in which the name of the endorser is not intended to be indicated. Such a simple interest-bearing bill (or a bill of exchange) is considered to be issued to the bearer. In this case, the endorser has the right to enter into the document the name of the new holder of the corresponding payment instrument, and in this case the endorsement becomes personal. The procedure under consideration may fall into the collection category, when the endorser gives the bank the right to present the bill for payment. There is a collateral endorsement, when the corresponding payment instrument can be a means of securing a loan.

Interest on bills

The provision adopted back in the USSR - on a promissory note, on a transferable bill - allows the subjects of legal relations to agree on the return of funds, taking into account interest accrued on the principal amount of the debt. All you need to do is indicate the appropriate conditions in the text of the bill of exchange form. In general, interest is accrued from the date of drawing up the payment document in question. But it may also contain other dates.

The specifics of calculating interest on bills may vary depending on the specifics of the activities of the subjects of legal relations. For example, banks usually fix a simple discount rate for a bill of exchange, calculated on the same principle as any other credit rate.

Settlements on bills

Let us now consider how settlements for the payment instruments under consideration can be carried out in practice. The most important condition characterizing a promissory note is the repayment period. In accordance with the provisions of the Resolution of the USSR Council of Ministers, the corresponding payment document can be issued for the following period:

• scheduled for a specific date;
• correlating with the moment of presentation of the bill;
• correlated with the moment of drawing up the payment document;
• involving payment of a debt upon presentation of a bill of exchange.

Documents in which the terms are indicated differently than in the specified paragraphs or require sequential calculation are considered invalid.

In accordance with the provisions of the Resolution of the USSR Council of Ministers, bills that are payable at sight must be transferred to the drawer for redemption within 1 year from the date of drawing up the document. At the same time, the debtor has the right to pay the creditor earlier or stipulate a longer period. Also, the settlement period for bills of exchange can be adjusted taking into account the position of the endorser.

The debtor may establish that a payment obligation payable upon sight cannot be transferred by the creditor for repayment earlier than a specific date. If, for example, a bill of exchange is issued for one or several months, then settlements on it must be made on the corresponding day of the month in which the debt is repaid. If there is no 31st day in a particular month, which corresponds to the day the bill was drawn up, then settlements are made on the 30th.

It may well be that the corresponding payment document will be issued for a month and a half. In this case, you first need to count, as follows from the provisions of the Resolution of the USSR Council of Ministers, whole months. It is possible that the bill will be assigned at the beginning, middle or end of the month. In this case, the settlement dates will fall on the 1st, 15th or last day of the month, respectively. In the text of the bill, you can specify a specific number of days after which the debt will have to be repaid - for example, “eight days” or “twenty days”. At the same time, it is permissible to write “half a month” - in this case the bill is considered issued for 15 days.

If a promissory note (or bill of exchange) must be paid on a specific day and place that uses different dating principles, then the due date must be used based on the appropriate criteria - based on the calendar of the place where the payment is made. The text of the bill may specify other conditions for determining dates in the event of a discrepancy between calendar standards.

Making payments on a bill of exchange

The next most important aspect that is useful to consider is the bill settlement procedure. In accordance with the provisions of the Resolution of the USSR Council of Ministers, the holder of the corresponding payment document due for repayment on a specific day must present it to the drawer on the established date or 2 days later if they are working days. The payer has the right to demand from the creditor a receipt indicating that payment has been received. It is not permissible to force the bill holder to receive funds before the established settlement date. In the process of repaying obligations under a bill of exchange, the parties must check the correctness of the data on the endorsement, if it was applied.

If the holder of the bill does not present the relevant payment document for repayment on time, then his debtors will have the right to deposit the amount of the debt in favor of the competent authority.

Bills of exchange in foreign currency

A promissory note, as well as a bill of exchange, can be issued in a currency that is not used at the place of payment. In this case, the amount of the debt must be paid by the drawer at the exchange rate on the day of repayment of the debt. If the debtor is in arrears, the holder of the bill has the right to demand from him that the corresponding amount be paid at the most convenient rate - calculated on the established payment date or on the date of actual settlement. The corresponding indicator is established in accordance with the rules that apply at the place of payment.

At the same time, the drawer has the right to invite the creditor to indicate the exchange rate in the text of the bill. It is allowed to issue appropriate payment obligations, subject to settlements in a specific currency. The drawer's expenses in this case will depend on how profitably he will buy foreign currency.

Verification of bills of exchange

We noted above that the form used as a medium on which a promissory note is drawn up can have the most elementary structure. It does not have to be branded or have any degree of protection. How is the authenticity of a bill of exchange verified, given its very simple structure and limited security against possible counterfeits?

Thus, a common method is by which the authenticity of the financial instruments in question is verified by telephone. If this is, for example, a simple bank bill, then the recipient of this security can call the financial institution and find out whether it was actually issued by the institution. Many enterprises practice a similar scheme. In some cases, organizations can issue upon request official certificates that confirm the fact of issuing a particular bill.

A debt paper (bill) in the possession of the principal debtor (drawer, acceptor, suscriptor), without the possibility of presenting an asset to make payment.

Repaid bill: legislative basis

By law, the holder of the bill can demand repayment of the debt paper within the period agreed upon by the parties. To exercise this right, he must fulfill several requirements - present it in the specified place, within a certain period of time and to the proper party. The person, place and terms of repayment are specified in the details of the debt paper.

A redeemed bill is a debt paper, the obligations under which are fulfilled in compliance with all procedures defined at the legislative level. So, if you want to receive payments on a debt security, its holder fills out an application, which states:

Details of the debt paper;
- your requirement to repay the asset;
- preferred form of payment;
- basic instructions for making payments.

The bill can be considered repaid if the payer is present at the address specified in the debt paper and payment is made in the agreed amount. If the asset holder cannot receive his funds (for example, he is not allowed into the house where the payer is), then the owner of the bill also has the right to go to court and declare non-repayment.

Canceled bill- an asset that has passed all stages of verification before making payments. In this case, the examination of a debt paper consists of checking:

The authenticity and validity of the bill;
- continuity of endorsements. This is where the sequence of endorsements is checked.

The payer can verify that the bearer of the debt paper is actually its holder. If the recipient of funds is an individual, the debtor (payer) may require to present a document confirming his identity. If the recipient of the funds is, then in addition to checking the passport or other document, the drawer has the right to verify the authority of the party receiving funds under the debt paper. The role of a supporting document is often performed by a copy of the order appointing a specific person as a representative of the company when receiving funds under the bill.

If the recipient of the funds (holder of the debt paper) has not provided identification documents, then the drawer (debtor) still should not refuse to make payments. In such situations, the court is always on the side of the recipient (the holder of the bill), because the second party (the drawer) has not stated its objections in court.

Repaid bill: features of calculations

The law states that payments are made against the bill of exchange, that is, the payer cannot demand the debt security from the holder until it is repaid. In turn, the owner of the note has the right not to transfer the asset until he receives his funds.

The form of settlements between the asset holder and the payer is regulated by the Civil Code of the Russian Federation and a group of regulatory documents. They stipulate that the bill is considered repaid when an agreement to make payment is formalized in writing. For example, the payer can make an appropriate entry on the other party’s application with a proposal for the form of payment and a requirement to make payments. It is also often specified in the transfer and acceptance certificate, which is signed by both parties.

When settling in cash, the bill for which the debtor has paid the entire amount to the holder is considered redeemed. In the case of an entrepreneur (legal entity), it is worth taking into account the restrictions on the maximum amount of cash (set by the Central Bank of the Russian Federation).

Repayment of a bill of exchange can also be made in non-cash form - by transferring a check, payment order or letter of credit.

The holder of the debt security must provide details to make payments. If the account for transferring funds is not specified, then the payer has the right to transfer the bill of exchange to a notary to pay off the bill, taking into account the additional fee for payment of notarial services (0.5% of the transferred amount).

The process of repaying a bill when choosing a non-cash form of payment can take a long time. In such a situation, the risk of the payer increases that the holder of the debt security will not return the asset even after making the payment.

Repayment of a debt security can be carried out in the presence of the holder. In this case, the payer makes payments, and the owner of the bill transfers the debt paper to the other party. This situation is an ideal option for repaying a bill. But for this, both parties to the transaction must be clients of the same bank, which rarely happens.

If the transfer of a debt security is made before its repayment (payments are made by the drawer), then the holder of the bill is at risk. This is due to the fact that after receiving the document, the debtor may refuse to repay, because the basis for making payments is in his hands.

Repayment of bills using checks and letters of credit is almost never used. Of all the non-cash forms, collection is the most popular.

Stay up to date with all the important events of United Traders - subscribe to our

The bill of exchange is presented to the principal debtor (the drawer of a promissory note or the acceptor of a bill of exchange), or to a special payer (a third party not obligated to the bill - the domicile). It is recommended to send notice in advance.

Presentation of bills of exchange for acceptance and payment is made directly by the legal holder of the bill or his representative. An individual representing a legal entity and presenting a bill of exchange must confirm his authority with a duly executed power of attorney. A power of attorney is not needed in the case of a trustee endorsement to this person. In the case of a collection operation, presentation of a bill by mail, or other official means, the relevant regulations and customs apply. If a bill of exchange is presented with a blank endorsement, the payer cannot require the bearer to fill out the form with his name.

In addition to the power of attorney, the representative must give the payer a completed application and draw up an act of acceptance and transfer of the bill of exchange, in accordance with the rules of the latter. The payer cannot require any other documents (copies of constituent documents, etc.), with the exception of a card with certified signatures of managers.

When a bill is presented for acceptance and payment, the bill is handed over to the acceptor (payer) for an examination of the authenticity of the bill. The examination must be carried out within such a time frame that the holder of the bill has enough time to make a protest. The holder of the bill has the right to be present during the examination, but does not have the right to demand information about the details and methodology of its conduct. At his discretion, he can also simply transfer the bill for examination under the obligation to return the bill to him or hand over documents confirming payment before the due date.

The acceptor (payer) is obliged to issue the bill holder, upon his request, a receipt for receipt of the bill. The transfer of the bill of exchange to the payer can also be formalized by an acceptance certificate. The presence of these documents will be essential in the event of filing a claim to recover the bill.

The payer has no right to demand a bill of exchange before making payment against the will of the bill holder. However, he has the right to put a mark on it about the presentation that took place, in order to prevent further transfer of the bill. the bill of exchange may be deposited in a depository authorized by AUVER for this purpose.

When transferring a bill of exchange for acceptance or payment, the holder of the bill may leave at his disposal a notarized copy of the bill. The presence of this document will be essential if it is necessary to restore rights under a lost bill.

Payment on a bill

Payment of a bill by the principal debtor (the drawer of a promissory note or the acceptor of a bill of exchange) or the domicile may be made upon direct presentation of the bill by the legal holder after an examination of the authenticity of the bill.

If the authenticity of a bill of exchange is determined, the payer, after the expiration of the period established for the examination, must pay for this bill. Payment of the bill can be made in cash or by bank transfer. The holder of the bill, at his own and only his own will, may accept other types of property or rights as payment for the bill.

Payment of a bill made by bank transfer is accompanied by the transfer to the bill holder of a document confirming payment. Documents are submitted within a time limit that leaves sufficient time for making a protest (at least six hours). In turn, the holder of the bill, having received the payment or a document confirming payment (with a note of execution and a notification from the bank, must issue the payer, upon his request, a receipt of payment.

By agreement with the holder of the bill, the payer can make payment by means of an irrevocable covered or guaranteed payment in favor of the holder of the bill against presentation of the acceptance certificate of the bill.

Once the payer has paid the bill, the note “paid” is marked. The holder of the bill does not have the right to demand payment to the account of another person; the indication in the endorsement of the clause “to order” only means the possibility of further transfer of the bill.

When paying a bill of exchange, the acceptor is obliged to send the drawer a written notice of payment.

When calculating the bill amount based on an interest clause, the interest amount should be calculated based on the actual (calendar) circulation period of the bill and the number of days in a year - 365 (366).

Paid bills are physically damaged, precluding the possibility of their reuse by changing the text. In paid bills, similar to the “Rules for the placement, circulation and redemption of bonds of the state savings loan of the Russian Federation by institutions of the Security Council of the Russian Federation” dated September 27, 1995, agreed with the Ministry of Finance of the Russian Federation, the letters “v”, “k” are cut out from the word “bill” in the bill mark ","e" - "bill". A simplified option can be used - either cut the canceled bills vertically in half, or make a cut in the middle from the bottom up, at least to half. Bills of exchange are stored in special archives in accordance with the terms established by the Bank of Russia, Rosarkhiv and the State Tax Service of the Russian Federation, but not less than three years (before the expiration of the limitation period for bill of exchange obligations). After this they are destroyed.

Refusal to pay a bill

If the payer (the drawer of a promissory note, the acceptor of a bill of exchange, the domicile) refuses to pay the bill, the payer is obliged to issue a receipt to the holder of the bill regarding the refusal to pay the bill. The holder of the bill may submit this receipt to the notary in order to expedite actions to protest non-payment. The receipt contains the same details and information as provided in the act of protest for non-payment. The deadlines for making a protest are determined by law.

Refusal to pay is permissible only on the grounds of bad faith or gross negligence of the bearer when he acquired the bill, or the loss of the document's validity as a bill. Refusal to pay due to restrictions on active bill validity not provided for by law, as well as due to defects that do not entail loss of bill validity, is unacceptable.

The holder of the bill, within the specified period, presents the bill to a notary (public or private) at the location of the payer or at the place of payment in the case of domiciled bills.

In the event that the payer fulfills his obligation after the second presentation of the demand for payment, the protest is not made.

If payment is not made on time, the bill is protested, about which the holder of the bill is issued a protest act, and a corresponding note is made on the bill itself.

When making a protest of non-acceptance, undating of acceptance (in bills of exchange, where a necessary condition is the affixing of the date of acceptance), failure to issue a copy or copy, the same procedure is established.

The holder of the bill must strictly observe the procedure for notifying his endorser and the drawer (for a bill of exchange) in the event of non-acceptance or non-payment, established by Art. 45 Regulations. The same applies to endorsers who have received notice.

A protest of a bill of exchange can also be prevented by replacing the old bill of exchange by issuing a new bill of exchange (called a reverse bill) by the principal debtor. To do this, in the case of a bill of exchange, not only the consent of the holder of the bill is required, but also the consent of the drawer to revoke the old bill and to draw up a new bill, and possibly to provide the acceptor with funds to repay the bill.

If there is an agreement between the parties, a dispute related to the failure to fulfill an obligation under a bill of exchange may be referred to the Arbitration Court of the Association, acting on the basis of the Regulations on the Arbitration Court, as well as on the basis of the Rules of the Arbitration Court. The decisions of the Arbitration Court are executed voluntarily.

If the decision of the Arbitration Court is not executed, the holder of the bill in whose favor the decision was made submits an application to

In a market economy, enterprises use various forms of payment. Sometimes situations arise when there is not enough money, but it is necessary to obtain a product or service.

Then the company can take out a loan from a bank or use a commercial loan, in which the participants in the commodity-money exchange themselves are the lender and the borrower. A promissory note can be used to provide a commercial loan with deferred payment.

The concept and essence of a bill of exchange

A bill of exchange is a written document certifying the debt obligation of a debtor (drawer) or another person to a creditor (holder of a bill).

The drawer and the holder of the bill (another name is the remittor) are most often the buyer and supplier when transferring goods, but other persons may also be parties to the bill of exchange. If there is a shortage of funds, the buyer issues a bill of exchange to the supplier, in which he undertakes to return the money within a specified time and place.

The first bills of exchange appeared in Italy at the turn of the 13th-14th centuries. At that time it was the center of world trade. In Russia, this security began to be used at the beginning of the 18th century, mainly for foreign trade settlements with Germany. Translated from German, the word “bill” means “exchange.” According to Article 142 of the Civil Code of the Russian Federation, this document refers to securities. Relations between the parties to bill circulation are currently regulated by Federal Law No. 48 of March 11, 1997 “On bills of exchange and promissory notes.”

Many provisions in it are taken from the International Geneva Bill of Exchange Convention of 06/07/1930.

Significant Features

The following features of this document can be highlighted:

If you have not yet registered an organization, then easiest way This can be done using online services that will help you generate all the necessary documents for free: If you already have an organization and you are thinking about how to simplify and automate accounting and reporting, then the following online services will come to the rescue and will completely replace an accountant at your enterprise and will save a lot of money and time. All reporting is generated automatically, signed electronically and sent automatically online. It is ideal for individual entrepreneurs or LLCs on the simplified tax system, UTII, PSN, TS, OSNO.
Everything happens in a few clicks, without queues and stress. Try it and you will be surprised how easy it has become!

Varieties

There are quite a lot of types of bills.

Classified they are based on the following characteristics.

Based on issuer:

• treasury;
• private.

Treasury (state) bills are issued by municipalities and the government of the Russian Federation with the participation of the Central Bank in order to attract funds. The payment period for them is almost always 3 – 6 months. Private bills are issued by enterprises of all forms of ownership and commercial banks.

By subject making the payment:

• simple (solo bill);
• transferable (draft).

By promissory note The drawer must pay. He signs the document and hands it over to the holder of the bill. After a certain time has passed, at the appointed place, the creditor (the holder of the bill) presents the security for payment, and the drawer pays in money. That is, the supplier (receiver) actually credits its buyer (payer of the bill). In this calculation scheme, the number of participants is two.

IN bill of exchange the payer (drawee) will be the person appointed by the drawer (drawee). Most often, the payer is selected from among the debtors of the drawer. When the time comes to pay the bill, the payer, by paying the bill holder, will pay off his debt to the drawer. So that the debtor of the bill of exchange (payer) is aware of such a calculation, there is a column for acceptance on the bill of exchange. Until the written consent of the payer appears on the document, the obligation to pay remains with the drawer. With this calculation scheme, the number of participants is three.

By types of transactions serviced:

• commodity;
• financial. Such bills are:
  • banking;
  • friendly;
  • bronze.

Commodity Enterprises use bills of exchange in transactions or. Financial ones are not directly related to trade turnover and execution of work. They are used when issuing loans, receiving money from the budget, exchanging currency, and replenishing cash.

By using bank bills banks attract working capital. Deposits are also used for the same purpose. A friendly bill is issued by one enterprise to another in the event of existing financial difficulties. Subsequently, the debtor issues a counter-bill and both documents are cancelled.

Bronze bills issued to both real and non-existent companies. They are not backed by anything and are often used in fraud. In Russia, their release and circulation is prohibited.

By the presence of a specific bill holder:

• nominal;
• order

IN registered bills the remitter is clearly stated. IN order the specific holder is not indicated, but there is only a record of the debtor, the amount of the debt, the place and time of receipt. Such securities may be transferred without using a transfer inscription - endorsement, whereas registered bills of exchange must have this inscription.

Form, content and mandatory details

The bill is drawn up both on a special form, protected from forgery, and on a simple sheet of paper.

This security is not, so you can buy ready-made forms at a printing house, bank, download from the Internet, or print yourself.

Required details the following:

1. The word "bill" (bill mark). It must appear at least once in the document. For example, “pay this bill.”
2. Date and place of compilation. A specific date, month, year, city (village) and territorial subject of the Russian Federation is recorded.
3. A promise to unconditionally pay the exact amount. There should be no additional conditions for the implementation of this obligation.
4. Bill amount. Written in numbers and in words, without corrections.
5. Payment term. One for the entire amount, splitting into several periods is prohibited.
   Options for specifying the deadline:
   • upon presentation (another name is Avista). The bill must be paid immediately upon presentation. An additional indication of the time interval is possible;
   • exact day;
   • after a specified period of time from presentation. The fact of presentation of a bill of exchange is noted by a visa on the front side or a statement from the holder of the bill of exchange;
   • after a specified period of time from compilation. The time period can be specified in days, months, years.

   If there is no due date for payment, it is considered “on sight”.

6. Place of payment. The location of the payer, his place of residence, or any other may be recorded. It must be clear and clearly defined to everyone. For example, a bank premises, a specific address where the holder of the bill will receive payment. If the place of payment is not filled in, then it is considered the place of permanent registration of the payer.
7. Full name and address of the bill holder. The name of the legal entity or the surname, first name and patronymic of an individual is indicated. By endorsement, a bill of exchange can change its remitee, but the first holder of the bill must be on the document.
8. Signature of the drawer. A person signing a document on behalf of a legal entity must have signature authority (). Be sure to indicate the name of the company, your position, last name, and initials.

IN bills of exchange There is also a mandatory column to fill in: “name and address of the payer.” This data is written without abbreviations. The drawer can indicate himself as the payer and then the bill of exchange will actually turn into a promissory note.

If the required details are filled out incorrectly, the security is considered invalid.

Price

Interest may be charged on the amount owed. They can be prescribed separately, or they can already be included in it. The interest rate is set only if the payment period for the bill is “at sight” or “after a certain period of time.” This is reflected in writing in the document, otherwise the accrual of interest is unlawful.

Formula for calculating the amount of interest next:

∑ percent=N*(С(%)*Т)/360, where

N – denomination (bill amount);
С(%) – interest rate;
T – interest calculation time, days.

When the payment comes due, the holder will receive the face value plus the amount of interest. Participants determine the interest rate independently. Much depends on the relationship between the enterprises, the average interest rate on loans, the payment term, the amount of risk and the specifics of the transaction.

If the holder of the bill wants to receive money before the due date, he can sell the bill to the bank or pay it to another person. At the same time, he is paid the bill amount with accrued interest (if any) minus the discount. In fact, the holder of the bill receives a discounted loan secured by the security.

Selling price determined by the formula:

Р=(N*(1+(C%*T/360)))/(1+r*(t/360)), where

P – sale price;
t – remaining time until maturity, days;
r – discount rate.

The closer the payment deadline, the higher the selling price. It will be maximum the day before this date.

Banks have the right to issue their bills at a discount. By purchasing such a security, the holder of the bill in the future sells it at the par price (it will be higher than the purchase price). This difference constitutes his income.

nominal cost calculated by the formula:

NP=P*(1+(Tv*r/365*100)), where

NP – par value of the security;
TV – term of the bill in days;
P – sale price (meaning the price at which the holder of the bill bought the bill from the bank).

The longer the term of the security and the higher the discount rate, the more income the bill holder will receive.

Validity periods

The document is valid from the moment it is drawn up until its maturity (payment). Securities with a maturity date of “at sight” can be provided for payment within 1 year from the date of issue. If there is a condition “not earlier than a certain date,” then the calculation of one year begins from this date.

When the exact maturity date is known, the holder must present the bill for payment on that date or within the next two business days. He has no right to demand that the payer pay the bill ahead of time. The payer also cannot require payment to be accepted before the due date.

A bill of exchange must be accepted within 1 year from the date of issue. If the due date for payment is indicated “at such and such time from presentation,” then the date of presentation is considered the date of acceptance.

Payment term is possible prolong, although such a procedure is not provided for by law. The parties can put a new payment date in the document. Then a secondary written consent (reacceptance) of all participants is required. Or they draw up a new bill with a later maturity date.

If the holder of the bill does not present the security for payment, then the missed deadline is not restored. The remittor loses the right to demand the bill amount from other participants in the bill turnover. In case of refusal of payment, you can expect to collect only the payment on the bill without interest.

Who has the right to issue a bill of exchange

According to the legislation of the Russian Federation, drawers of bills can be individuals who have reached 18 years of age and have full legal capacity, as well as legal entities with legal capacity. The chief accountant's signature and seal are optional.

These same persons can also be bill holders. Promissory notes cannot be issued by the executive authorities of the Russian Federation.

Transactions on bills

With bills of exchange you can make following operations.

Sale to bank. The remittor sells the security to the bank under endorsement before the maturity date. For payment ahead of schedule, the bank takes a discount interest. This operation is called bill accounting.

Settlement with other persons. Accept a bill as a deferred payment from the debtor or, having a security in hand, pay off your debtor.

Transfer to another person through endorsement. The inscription is placed on the back of the bill or on the second additional sheet (allonge) with the words “pay by order” or “pay in favor”, indicating the new holder. Be sure to put a date. By performing such an operation, the remitter (endorser) transfers all rights and obligations under the bill to a new holder (endorse). Partial endorsement cannot be issued.

The security can be transferred unlimited number of times, but each endorser remains a guarantor for payment (in a bill of exchange - and for acceptance). When the bill must be paid, the last holder of the bill will claim the debt. If payment is not made and the bill is protested, then the last remittor may seek recovery from any of the endorsers. This is called the right of recourse. Otherwise, fraud with bills would be possible. In order not to assume joint and several liability, the holder of the bill can put a note in the endorsement “without negotiability on me.” The transfer of a bill of exchange can be excluded if “not to order” is written in the text of the document. Then only sale will be possible.

Endorsement design options:

• personal – contains the exact name of the endorser, his signature and seal.
• blank – the specific endorsement is not written. He can then enter himself or transfer the bill without making any other notes. When the payment deadline approaches, the last remitter will record himself.
• collection – an order to the bank to make an accent and receive payment. It is also called “for collection”. The bank takes a small commission. The following endorsements under such a document can only be subordinate (without ownership rights).
• collateral - a bill of exchange is transferred to the bank as collateral for the loan issued. 60–90% of the bill amount is accepted as security. As with collection endorsement, subsequent transfers do not change the owner of the security.

You can also issue an endorsement after the bill has been protested. However, the endorser will no longer be responsible for the payment.

Domiciliation. This is an instruction to the bank from the drawer to make payment on the due date. Such bills are called domiciled. The bank will carry out this operation only if there is money in the current account.

The bill of exchange may bear additional marks: acceptance and aval. Acceptance means that the payer agrees to payment. Typically, the drawer accepts the bill and only then transfers it to the holder. But there are also situations when the remittor himself meets with the payer, if they are geographically close and the drawer is far away. Acceptance may be partial, indicated by the words “I agree”, “I will pay” or other similar meanings. Be sure to sign, date and stamp.

Aval is a bill of exchange guarantee. The avalist guarantees payment for the drawer, payer or any of the endorsers. If the person obligated to pay the bill refuses to pay, then this claim passes to the avalist. Having made the payment, he has the right to demand the bill amount from all parties to the transaction. Commercial banks are most often involved in valorizing bills. It is allowed to issue a partial aval. A security with aval is considered more reliable.

Where are these documents used?

In Russia, this security is actively used in business. Most often, a bill of exchange acts as a lending instrument. It is used by transport, energy, metallurgical and other companies.

Banks issue both their own bills and buy them from private enterprises. For the lender, this form of credit is more reliable than due to the possibility of a protest procedure. The bill of exchange is also used as a deferred payment in the settlements of entrepreneurs whose activities are related to trade.

If there is a lack of liquidity or the territorial remoteness of the counterparty, this security is very convenient for replenishing working capital. The maturity of most bills in our country does not exceed 1 year.

Accounting

When a bank buys a bill, it takes discount amount (discount percentage) for early payment to the bill holder.

It is calculated using the formula:

∑discount=(N*Tres.*r)/(100*365), where

N – face value (principal plus interest);
Toast. – remaining time until maturity, days;
r – discount rate, %.

Rediscounting of bills is the operation of a bank selling a purchased security to the Central Bank.

For the accounting Separate subaccounts are used in accounting for these securities. Accounting for commodity bills is carried out on accounts 60, 62, 91, 97. Financial bills are recorded on accounts 66, 76, 58, 76. Transactions on the issuance of bills of exchange are reflected in off-balance sheet account 009, and repayment - on off-balance sheet account 008.

Tax accounting provides for an exemption from payment when settling with bills of exchange, but there are exceptions. When receiving a bill of exchange from a third party as payment with a discount, if the discount rate exceeds the refinancing rate, then the difference between them is subject to VAT. When a security is received from a third-party counterparty as an advance for the supply of products, VAT must also be paid.

If payment is not made on time or the payer pays only part of it, then the holder of the bill issues a protest against the bill.

The next working day, before 12 noon, the document is transferred to the notary, who presents the payer with a demand for unconditional payment. In case of refusal, a protest act is drawn up and a mark is placed on the security paper.

Next, the bill, along with an inventory of all participants in the bill transaction, is submitted to the court and enforcement proceedings begin immediately. There is no need to prove the existence of a debt to the court. The holder of the bill can expect interest and penalties for late payment. The same procedure is carried out if the bill is not accepted.

Differences from IOU and other securities

Bill and IOU certify the existence of a debt, but there is significant differences.

The bill has a strict form, mandatory details, the holder can change and the liability for it is much more serious. There are no such strict requirements for the receipt, it does not change the lender and can be challenged by the borrower. The existence of a debt on it will need to be proven, and debt collection on the bill begins immediately.

Unlike stocks and bonds the bill is issued only in paper form, and large issues are rare. It is used as a means of payment and is transferred by endorsement. A share indicates the existence of its owner’s share in ownership, and a bill reflects a monetary obligation. Shares and bonds are not calculated, and they are transferred through another transfer inscription - assignment. Unlike an endorsement, an assignment is a bilateral agreement, and the previous holder is responsible only for the existence and validity of the transferred rights, and is not guaranteed for their actual implementation.

The use of bills allows you to establish stable, trusting relationships between business entities. For further development and expansion of the scope of application in Russia, it is necessary to improve the legislative framework.

To learn about what a bill of exchange is and what the rules are for its use, see the following video lesson:

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?

1. 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.
2. Entrepreneurs use a bill of exchange to defer payment for purchased goods. There are no interest rates on the debt. The money is returned to the seller or transferred to his account within the period specified in the document.
3. Bills of exchange are used in banking to attract capital. Such a document replaces the bank deposit agreement. The bill has minimal risks, which makes it convenient for investment.
4. 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 legal entity. 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.
• Details of a 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:

1. At the end of the term of the bill. That is, the debt is repaid within a specified period.
2. Upon presentation. The debt is repaid no later than 1 year from the date of execution of the bill.
3. On a specific day. The money is returned on a specific date, for example, September 23.
4. 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. But state 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.