Alterations on the Bill of Exchange in Cameroon
In the event of an alteration to the text of a bill of exchange, signatories after the alteration are bound by the terms of the altered text; signatories before are bound by the terms of the original text.
Prescription on a Bill of Exchange in Cameroon
All actions arising from the bill of exchange against the acceptor are barred by a three-year statute of limitations from the due date.
Actions by the holder against the endorsers and against the drawer are barred by a one-year statute of limitations from the date of the protest drawn up in due time or from the due date, under a clause for return without charge.
Actions by endorsers against each other and against the drawer are barred by a six-month statute of limitations from the day the endorser redeemed the bill or from the day they were sued.
The statute of limitations for legal actions begins to run only from the day of the last legal proceeding. It does not apply if there has been a judgment against the party, or if the debt has been acknowledged by a separate instrument. The interruption of the statute of limitations is effective only against the party against whom the instrument was executed.
Nevertheless, the alleged debtors shall be required, if requested, to affirm under oath that they are no longer indebted; and their surviving spouses, heirs, or assigns, that they believe in good faith that nothing more is owed.
Deadline on a Bill of Exchange in Cameroon
Payment of a bill of exchange whose due date falls on a public holiday may only be demanded on the next business day. Similarly, all other actions relating to the bill of exchange, including presentation for acceptance and protest, may only be carried out on a business day.
When one of these actions must be completed within a certain period, the last day of which is a public holiday, this period is extended to the next business day following its expiration.
Intermediate public holidays are included in the calculation of the period.
Public holidays are treated as equivalent to public holidays, even if not officially recognized by national custom.
Legal or contractual time limits do not include the day on which they begin.
No grace period, whether legal or judicial, is permitted except in the cases provided for in Articles 118 and 130 of the regulation.
A bill of exchange may be drawn:
- At sight;
- At a specific time after sight;
- On a specific date;
- On a fixed date.
Bills of exchange with other due dates or successive due dates are void.
A bill of exchange payable at sight is due upon presentation. It must be presented for payment within one year from its date of issue. The drawer may shorten this period or stipulate a longer one. These periods may be shortened by endorsers.
The drawer may stipulate that a bill of exchange payable at sight must not be presented for payment before a specified date. In this case, the presentation period begins on that date.
The due date of a bill of exchange payable at a specific time after sight is determined either by the date of acceptance or by the date of protest.
In the absence of a protest, an undated acceptance is deemed, with respect to the acceptor, to have been given on the last day of the period allowed for presentation for acceptance.
The due date of a bill of exchange drawn one or more months from date or sight is the corresponding date of the month in which payment is due. If there is no corresponding date, the due date is the last day of that month.
When a bill of exchange is drawn one or more and a half months from date or sight, the full months are counted first.
If the due date is set at the beginning, the middle (mid-January, mid-February, summer), or the end of the month, these terms mean the 1st, the 15th, or the last day of the month.
The expressions "eight days" or "fifteen days" are understood to mean not one or two weeks, but a period of eight or fifteen actual days.
The term "half a month" indicates a period of fifteen days.
When a bill of exchange is payable on a fixed date in a place where the calendar differs from that of the place of issue, the due date is considered to be fixed according to the calendar of the place of payment.
When a bill of exchange drawn between two places with different calendars is payable at a certain date, the day of issue is adjusted to the corresponding day of the calendar of the place of payment, and the due date is set accordingly.
The time limits for presenting bills of exchange are calculated in accordance with the six rules of the preceding paragraph.
These rules do not apply if a clause in the bill of exchange, or even the simple statements in the title, indicate that the intention was to adopt different rules.