Everyone has heard about it at least once, but what are the bills? And how to use to pay? So here's all you need to know about it, how to compile one and how many types of bills exist in circulation.
How to pay with bills of exchange
HOW TO PAY WITH BILLS OF EXCHANGE
The bill is, in effect, an enforceable title that allows the holder to appropriate the assets of a defaulting debtor. To be valid, the bill must be filled in all its parts and must clearly indicate the date of payment.
A bill is used when there is a need to postpone the payment of a sum of money and for this reason the persons involved are two; the signer of the bill of exchange, the person who undertakes to delay but to return a sum of money, and the creditor.
The bill must be presented by the creditor on the first possible day or on the two immediately following working days indicated on the bill of exchange
There are two types of bills; the first is the bill of exchange, with which the holder exercises the right to demand payment of the sum indicated by contacting the debtor within one year from the date of issue indicated on the bill of exchange.
The second is the bill of exchange between two people, the tractor and the tract, which is imposed to pay a certain sum to the bearer of the thiol.
Almost always the bill is domiciled at the bank, which acts as an intermediary, and this means that the security must be presented at the counter indicated by the debtor, usually the branch of reference of the current account.
The bank can also anticipate the amount indicated on the bill, paying it immediately, thus avoiding the customer having to wait for the deadline. In doing so, the customer commits himself to the bank to repay a loan and a short term which, like all banking transactions, is subject to interest and commissions.
It is always the responsibility of the bank, if the institution agrees to discount the bill, to appear by the debtor for the collection of the sum written on the security.
The debtor exercises the right to issue the bill with a receipt once the payment has been paid. The receipt is usually written at the back of the bill. But what happens if the payment is not made within the pre-established terms?
The creditor has the right to contact the public official within two days following the non payment. The public official will take care to draw up the act of removal from the protest, which serves to inform the debtor what consequences will meet in the next 10 days if he does not pay the due payment.
The creditor also has the right to demand the recovery of the creditor's assets until the debt expires, if the payment has not yet been paid, and this is one of the main reasons why payment with bills of exchange is considered risky.
If you have signed one or more bills to obtain a loan, it is good to know that the law establishes strict and immediate rules in cases of non-compliance, even for one installment. But let's take a few examples.
If a bill is not paid, the creditor can apply within 48 hours to a public official, who can be a notary or a municipal secretary, if the notary is not available in the municipality of reference.
This proceeds to the extension, which is nothing but a notice sent by the creditor to the debtor who informs the legal consequences to which he will meet if he does not pay the payment within the next 10 days.
The law also establishes that the debtor must bear the payment of interest, which will accrue from the due date, in addition to legal fees necessary for the practice, which generally correspond to 10% of the amount of the bill.
After ten days have elapsed, if the debt has not yet been paid, the creditor can turn to a judge, who will act directly on the assets of the defaulting person. The debtor's assets are generally regulated by the auctioning of real estate and other properties, settled directly by the judge.a
How to pay with bills of exchange
HOW TO PAY WITH BILLS OF EXCHANGE
The bill is, in effect, an enforceable title that allows the holder to appropriate the assets of a defaulting debtor. To be valid, the bill must be filled in all its parts and must clearly indicate the date of payment.
A bill is used when there is a need to postpone the payment of a sum of money and for this reason the persons involved are two; the signer of the bill of exchange, the person who undertakes to delay but to return a sum of money, and the creditor.
The bill must be presented by the creditor on the first possible day or on the two immediately following working days indicated on the bill of exchange
There are two types of bills; the first is the bill of exchange, with which the holder exercises the right to demand payment of the sum indicated by contacting the debtor within one year from the date of issue indicated on the bill of exchange.
The second is the bill of exchange between two people, the tractor and the tract, which is imposed to pay a certain sum to the bearer of the thiol.
Almost always the bill is domiciled at the bank, which acts as an intermediary, and this means that the security must be presented at the counter indicated by the debtor, usually the branch of reference of the current account.
The bank can also anticipate the amount indicated on the bill, paying it immediately, thus avoiding the customer having to wait for the deadline. In doing so, the customer commits himself to the bank to repay a loan and a short term which, like all banking transactions, is subject to interest and commissions.
It is always the responsibility of the bank, if the institution agrees to discount the bill, to appear by the debtor for the collection of the sum written on the security.
The debtor exercises the right to issue the bill with a receipt once the payment has been paid. The receipt is usually written at the back of the bill. But what happens if the payment is not made within the pre-established terms?
The creditor has the right to contact the public official within two days following the non payment. The public official will take care to draw up the act of removal from the protest, which serves to inform the debtor what consequences will meet in the next 10 days if he does not pay the due payment.
The creditor also has the right to demand the recovery of the creditor's assets until the debt expires, if the payment has not yet been paid, and this is one of the main reasons why payment with bills of exchange is considered risky.
If you have signed one or more bills to obtain a loan, it is good to know that the law establishes strict and immediate rules in cases of non-compliance, even for one installment. But let's take a few examples.
If a bill is not paid, the creditor can apply within 48 hours to a public official, who can be a notary or a municipal secretary, if the notary is not available in the municipality of reference.
This proceeds to the extension, which is nothing but a notice sent by the creditor to the debtor who informs the legal consequences to which he will meet if he does not pay the payment within the next 10 days.
The law also establishes that the debtor must bear the payment of interest, which will accrue from the due date, in addition to legal fees necessary for the practice, which generally correspond to 10% of the amount of the bill.
After ten days have elapsed, if the debt has not yet been paid, the creditor can turn to a judge, who will act directly on the assets of the defaulting person. The debtor's assets are generally regulated by the auctioning of real estate and other properties, settled directly by the judge.a
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