The holder of a bill of exchange payable on a fixed date or at a specific time from date or sight must present the bill of exchange for payment either on the day it is payable or on one of the two business days following.
Presenting a bill of exchange to a clearing house is equivalent to presenting it for payment.
The drawee may require, upon payment of the bill of exchange, that it be delivered to them acknowledging receipt from the holder.
The holder may not refuse partial payment.
In the event of partial payment, the drawee may require that this payment be noted on the bill and that a receipt be issued to them.
Payments made on account against the amount of a bill of exchange are at the expense of the drawer and endorser.
The holder is obligated to protest the bill of exchange for any remaining balance.
The holder of a bill of exchange cannot be compelled to accept payment before its due date.
The drawee who pays before the due date does so at their own risk.
The party who pays at the due date is validly discharged, unless they have committed fraud or gross negligence. They are obligated to verify the regularity of the chain of endorsements, but not the signatures of the endorsers.
When a bill of exchange is stipulated as payable in a currency not in circulation at the place of payment, the amount may be paid in the currency of that country, according to its value on the due date.
If the debtor is late, the holder may, at their option, demand that the amount of the bill of exchange be paid in the currency of the country, according to the exchange rate either on the due date or on the date of payment.
The customs of the place of payment are used to determine the value of the foreign currency.
However, the drawer may stipulate that the sum to be paid will be calculated according to a specific exchange rate stated in the bill.
The rules set forth do not apply if the drawer has stipulated that payment must be made in a certain currency indicated by a clause making payment in a foreign currency.
If the amount of the bill of exchange is stated in a currency having the same denomination but a different value in the country of issue and in the country of payment, it is presumed that the currency of the place of payment was used.
If the bill of exchange is not presented for payment on its due date, or on one of the two business days following, any holder has the right to deposit the amount into a deposit account with the public treasury or any other authorized institution, as a deposit, at the holder's expense, risk, and peril.
The deposit slip will contain the date of the bill of exchange, the due date, and the name of the person in whose favor it was originally made.
Once the deposit has been made, the debtor will only be required to hand over the deposit slip in exchange for the bill.
The deposited sum will be given to the person presenting the deposit slip, without any formality other than the delivery of said slip and the signature of the depositary.
Objection to payment is only permitted in the event of loss of the bill of exchange or in the event of the commencement of insolvency proceedings or liquidation proceedings against the holder.
In the event of the loss of an unaccepted bill of exchange, the person to whom it belongs may pursue payment on a second, third, fourth, etc., bill of exchange.
If the lost bill of exchange bears the acceptance, payment cannot be demanded on a second, third, or fourth bill of exchange. ...only by order of the judge and by providing personal security.
If the person who lost the bill of exchange, whether accepted or not, cannot present the second, third, or fourth, they may request payment of the lost bill of exchange and obtain it by order of the judge by proving ownership through their books and providing personal security.
In the event of non-payment, upon request made under the two preceding articles, the owner of the lost bill of exchange retains all their rights by means of a protest. This protest must be made the day after the maturity date of the lost bill of exchange.
The notices prescribed by Article 122 must be given to the drawer and endorsers within the time limits set by that article.
To obtain a replacement, the owner of the lost bill of exchange must contact their immediate endorser, who is obligated to lend their name and assistance to act against their own endorser, and so on, tracing the process back from endorser to endorser, up to the drawer of the bill. The owner of the lost bill of exchange will bear the costs.
The surety's obligation mentioned in Articles 113 and 114 is extinguished after three years if, during that time, there have been no claims or legal proceedings.