Bill and its types. Accounting for bills of exchange, posting What is a promissory note

Bill of exchange(from German wechsel) is a strictly established form that certifies an unconditional obligation (), or an offer to another payer specified in the bill ( [[draft|bill of exchange]]) to pay, upon the maturity of the bill of exchange, a certain amount of money in a specific place.

A bill of exchange can be an order (payable to bearer) or registered. In both cases, the transfer of rights under the bill occurs by making a special inscription -, although endorsement is not required to transfer the order bill. This significantly distinguishes a bill of exchange from the transfer of claims by assignment. The endorsement can be in blank (without indicating the person to whom the bill is transferred) or registered (indicating the person to whom the execution should be made). The person who transferred the bill by means of endorsement is liable to subsequent ones on an equal basis with the drawer of the bill.

In a bill of exchange that is payable at sight or at such and such a time from presentation, it can be stipulated that interest will be charged on the bill amount. In any other bill of exchange the accrual of interest is not allowed. The interest rate must be stated on the promissory note. Interest is accrued from the date the bill is drawn up or from the specified date.

bill as ; a bill as the embodiment of an obligation. A bill of exchange as a security The definition of a security is contained in Article 142 of the Civil Code of the Russian Federation. Part one of this article reads: “A security is a document certifying, in compliance with the established form and mandatory details, property rights, the exercise or transfer of which is possible only upon its presentation.” From this definition it follows that a security is: Firstly, a document that has a strictly defined form and mandatory details. The form of the security and the necessary details are determined by law. Securities are usually made on paper (special forms with varying degrees of protection against counterfeiting can be used for these purposes). As for the bill of exchange, it must certainly be executed in writing. Secondly, a security certifies a certain property right, for example, the right to receive a sum of money, the right to receive property, etc. The types of rights that are certified by securities are determined by law or in the manner prescribed by it. This is due to the fact that individual securities can only certify certain types of rights, so for example, a bill can certify a right to a sum of money, but cannot do so in relation to the right to receive any things. Although the history of bill law is known for bills with commercial content. For example, the Italian Commercial Code of 1882 allowed l'ordine in derrate - a bill expressing an obligation to issue a certain quantity of agricultural products. At present, neither continental nor Anglo-American bill of exchange law allows for the issuance of bills of exchange. Thirdly, property rights certified by a security can be exercised or transferred only upon presentation of the original document. In addition, with the transfer of a security, all rights certified by it are transferred in the aggregate. In this we see a manifestation of the dual nature of securities, since we can talk about rights to a security and rights from a security. The right to a security is the right of ownership or other property right, and the right from a security is often a right of obligation. As for a bill of exchange, the right to a bill of exchange is a right of ownership or other property right, and the right to a bill of exchange is always a right of obligation. There is a close and inextricable connection between the rights to a security and the rights from the security. In order to exercise the rights embodied in a security, it is necessary to use the security itself. A bill of exchange as an embodiment of an obligation A bill of exchange obligation can be characterized as a unilateral, abstract, formal obligation created by the unilateral expression of the will of the drawer. Obligations, like other civil legal relations, arise on the basis of certain legal facts. These facts are usually called the grounds for the emergence of obligations. The Civil Code of the Russian Federation names contracts, unilateral transactions, administrative acts, events, etc. as grounds for the emergence of obligations. (Article 8 of the Civil Code of the Russian Federation). I share the position according to which the basis for the emergence of a bill of exchange obligation is a unilateral transaction. There are other opinions on this issue. Moreover, it should be replaced that we consider the drawing up of a bill of exchange as a unilateral transaction, in other words, a bill of exchange, in accordance with the point of view expressed, is a transaction. And a transaction, in turn, is one of the types of legal facts. Consequently, in the statement that a bill of exchange can be considered in two aspects: as a security and as an embodiment of an obligation, adjustments can be made. Thus, a bill can be considered, firstly, as a security, secondly, as the embodiment of an obligation, and thirdly, as a transaction. A bill of exchange obligation is unilateral. A bill of exchange implies the obligation of the bill debtor to pay a sum of money to the holder of the bill, who does not bear any obligations towards the bill debtor. On the contrary, being a creditor, he has the right to demand payment of the bill. It is believed that a bill of exchange obligation is abstract, that is, it does not depend on the business transaction that was the basis for the issuance of the bill. This obligation is not conditional. The debtor must pay the bill only because it is presented for payment. A promissory note is formal. It is always put in writing, and it is necessary to strictly observe all bill of exchange details established by law. A defect in the form of a bill of exchange entails the nullity of the bill of exchange. The main sources of regulation of bill circulation on the territory of the Russian Federation and in foreign economic activity are the regulatory documents listed in the list of references. Participants in bill relations Bill holder(remitee) - the owner of the bill who has the right to payment on the bill. Drawer(drawer) - the person who issued the bill. (drawee). Required bill of exchange details The mandatory details of the bill of exchange are established by the Uniform Law on Bills of Exchange and Promissory Note (UBL), which is Annex No. 1 to the Geneva Convention of June 7, 1930 No. 358 “On the Uniform Law on Bills of Exchange and Promissory Note”: bill mark “bill” in the text of the document; an unconditional order or obligation to pay a specified amount; name of the payer and the first holder; name of the remitter; time and place of payment; the date and place of drawing up the bill and the signature of the drawer. If at least one of the required details is missing, the document cannot be recognized as a bill of exchange. Although there are a number of exceptions: if the payment period is not specified, the bill is considered to be payable upon sight; if the place of payment is not specified, the specified address of the payer is considered as such; if the place of issue is not specified, the address of the drawer is considered to be such; If the bill contains signatures of persons incapable of obliging or forged, then the signatures of other persons still do not lose force. Types of bills There are two types: Simple (solo bill); Bill of exchange (draft). Classification The class of bills of exchange is quite diverse; they differ in the issuer, the transactions serviced and the entity receiving payment. Based on the issuer's characteristics, the following are distinguished: treasury bills- short-term debt obligations issued by the government of a country, usually through the intermediary of the Central Bank, with a maturity period usually from 90 to 180 days; private bills- issued by corporations, financial groups, commercial banks. A bill of exchange can serve purely financial and commodity transactions. A financial bill reflects the borrowing of money by the drawer from the bill holder at a certain interest rate. A financial bill is used to issue a loan, transfer taxes to the budget, receive budget financing, wages, currency exchange, etc. The varieties of this financial bill are: friendly bill- issued by one person to another without the intention of the drawer to make payment on it, but only for the purpose of raising funds by mutual accounting of these bills in the bank. Usually, friendly bills of exchange (for equal amounts, terms) are exchanged between two real persons who are in a trusting relationship, in order to later be taken into account or pledged in a bank, receiving real money against it, or to make a payment for goods. bronze bill- this is a bill of exchange that does not have a real transaction behind it, there is no real financial circumstance, and at least one person participating in the transaction is fictitious. The purpose of such a bill is to obtain money from a bank against it or to use it to pay off debts on real commodity transactions or financial obligations. Bronze and friendly bills arise when the “creditor” is in a difficult financial situation or when he carries out a fraudulent operation. Such bills falsify cash flow, causing tax non-payments. The basis of a bill of exchange is a purchase and sale transaction. In this capacity, it can act, on the one hand, as an instrument of credit, and on the other hand, perform the functions of a means of payment, repeatedly changing hands and servicing numerous acts of purchase and sale of goods instead of money. Citizens of the Russian Federation and legal entities of the Russian Federation have the right to be bound by a bill of exchange and a promissory note. The Russian Federation, constituent entities of the Russian Federation, urban, rural settlements and other municipalities have the right to be obligated on bills of exchange and promissory notes only in cases specifically provided for by federal law. A bill of exchange and a promissory note must be drawn up only on paper (hard copy). The provision on a bill of exchange and a promissory note does not give us a legal definition of a bill of exchange. The drafters of the Convention Establishing the Uniform Law on Bills of Exchange and Promissory Note of 1930 did not reach a consensus on the definition of a bill of exchange. Part one of the Civil Code of the Russian Federation, as amended in 1998, names the types of securities in Article 143, but does not define them. The official definition of a bill of exchange is contained in Article 815 of the Civil Code of the Russian Federation. Part one of this article reads: “In cases where, in accordance with the agreement of the parties, the borrower issued a bill of exchange certifying an unconditional obligation of the drawer (promissory note) or another payer specified in the bill of exchange (bill of exchange) to pay the borrowed sums of money upon the arrival of the period stipulated by the bill of exchange. , the relations of the parties to the bill are regulated by the law on bills of exchange and promissory notes.” Payment on a bill Due to the fact that one of the most attractive aspects of a bill of exchange is its solvency, I would especially like to say about payment on a bill of exchange. Payment on a bill of exchange has significant differences, which are determined by the very nature of the bill of exchange. The payment must be made not to the original creditor, but to the holder of the bill, because if it is possible to endorse a bill, only this last person is the full owner of the value represented by the bill. For payment, the bill must be presented to the debtor by the creditor within the specified period, thus modifying the general order of payment, requiring the debtor to deliver the required amount to the creditor. In the absence of the debtor at the place of payment, as well as in the event of the debtor's insolvency at a given time, payment can be made for him by a simple person. Failure to pay a presented bill leads to a protest: non-presentation and absence of a protest leads to the loss of the bill’s validity. The drawer does not have the right to refuse partial payment of the bill in the interests of the parties secondary to the bill, although, in principle, the bill must be paid in full. The normal process of bill circulation ends with payment of the bill on time and, by paying the bill, the payer releases himself from the bill obligation. In conditions of mutual responsibility for bill payment, you can be sure that the bill is what enterprises need to ensure a continuous process of production and payment for goods supplied and services rendered. Collection Banks often carry out the instructions of bill holders to receive payments on bills on time. Banks assume responsibility for presenting bills of exchange to the payer on time and receiving payments due on them. If payment is received, the bill will be returned to the debtor. If not, the bill is returned to the creditor, but with a protest of non-payment. Consequently, the bank is responsible for the consequences arising from the omission of the protest. Through these operations, banks can concentrate significant funds in their accounts and receive them for free use. At the same time, they are quite profitable, because... There is a fee for collection. They are also beneficial for the client, since banks, thanks to close relationships with each other, can execute client orders faster and cheaper; the client is also freed from the need to monitor the deadlines for presenting bills for payment, which required costs significantly greater than bank commissions. Domiciliation Banks can, on behalf of the client, make payments on bills on time. This operation is the opposite of collection. By domiciling a bill of exchange, the bank does not bear any responsibility, because the client pays the payment amount in advance. Otherwise, the bank refuses payment, and the bill is protested in the usual manner against the drawer. Repayment of a bill Within the stipulated period, the holder of the bill must present it for payment. Payment can be made in full or in part. Refusal of payment (or even acceptance) must be certified publicly, by making an act of protest of non-payment (or non-acceptance). The protest must be made by an authorized representative of the state in the prescribed form. Story A bill of exchange is one of the oldest financial instruments. Among the prototypes of the bill of exchange, noteworthy are singraphs and chirographs, which originated in ancient Greece and were borrowed from the Roman Empire. In the 8th century. In China, the bill-like securities Feiqian arose, and during the Song Dynasty, jiaozi and jiaoying, used for the safe transfer of money over long distances. Among the Arab prototypes of promissory notes, one can name hawala and suftaj debt documents, which probably influenced the emergence in Italy in the 13th–14th centuries. first forms of promissory note. Since the bill of exchange originated in Italy in the 13th century, most of the terms associated with bills (endorsement, ) are of Italian origin. From the original promissory note, the promissory note gained popularity in currency exchange transactions. The money changer, having received the funds, issued a promissory note, payment for which could be received elsewhere. Due to its flexibility and convenience, the bill quickly spread throughout Europe. The increase in the volume of bill transactions required the legislative consolidation of established business customs, and in 1569 the first bill charter was adopted in Bologna. Initially, the holder of the bill was prohibited from transferring his rights to other persons. However, by the beginning of the 17th century, these restrictions became a limiting factor in trade and they were gradually abolished. Bill rights began to be transferred by placing a special order of the bill holder - endorsement (from Italian in dosso - back, ridge, reverse side - since this inscription was made, as a rule, on the reverse side of the bill). History of bills in Russia In Russia, the bill appeared at the beginning of the 18th century due to the development of trade relations with the German principalities. Therefore, the Russian word “bill” comes from it. Wechsel - exchange, transition. The first Russian Bill of Exchange Charter was written in 1729 on the basis of German bill legislation. However, direct borrowing of foreign standards did not meet the requirements of Russian reality. For example, the charter regulated bill relations related to the transfer of funds in the most detail (the form of a bill of exchange), while in Russia the practice of using bills of exchange for processing loans (the form of a promissory note) became most widespread. In 1832, a new Russian Charter on bills of exchange was adopted. In this case, the document was based on the norms of French law, namely the French Commercial Code. At the same time, the charter contained certain provisions borrowed from German bill law. The main focus continued to be on transfer operations. A promissory note was mentioned only in order to apply to it (or exclude) the application of the rules on a bill of exchange. Due to the general orientation of Russian legislation towards the norms of German law, the use of the Charter on Bills of Exchange entailed certain inconveniences, and almost immediately after its adoption, work began to improve and amend it. It was decided to base the new charter on the unified norms of bill of exchange legislation of the leading states of that time. Over the course of 55 years, six versions of the bill were prepared. At the same time, changes were made to the Charter on Bills of Exchange, designed to eliminate the most odious existing provisions. Thus, on December 3, 1862, the opinion of the State Council was approved, which extended the right to be bound by bills of exchange to all classes, with the exception of persons of clergy rank, lower military ranks, peasants who do not have real estate and have not taken trade certificates, as well as women without the permission of parents or husbands. The new bill charter was approved on May 27, 1902. He defined a bill as “an obligation of the drawer, completely independent of previous agreements, to deliver to the first purchaser or the last holder of the bill within a certain time a certain amount of money.” The charter consisted of 126 articles, the first two articles being an Introduction, devoted to the classification of bills. The remaining parts were grouped into two sections, the first was devoted to promissory notes, the second to bills of exchange. Each section contained five chapters: the first chapter determined the procedure for drawing up and circulation of bills; the second is the responsibility of the payer; the third - the procedure for making a protest on bills of exchange; fourth - deadlines for filing bill claims; fifth - norms that were not included for one reason or another in the first four chapters. The Russian bill of exchange charter of 1902 lasted until the October Revolution of 1917. The decree of the Council of People's Commissars of November 11, 1917 declared a two-month moratorium on bill payments, as well as bill protests. Subsequently, the circulation of bills on the territory of the RSFSR was significantly reduced. Only during the transition to the new economic policy in 1922 was the Regulation on bills of exchange adopted, according to which cooperatives and banks were allowed to issue and accept bills of exchange for accounting (redemption), as well as use them to process credit transactions. In 1928, during the financial reform, consumer societies and their unions were prohibited from carrying out credit and bill transactions, which led to the elimination of bill circulation within the country. However, the bill continued to be used in foreign economic activity. The development of trade relations led to the fact that in 1936 the USSR joined the International Bills of Exchange Convention, which includes the Uniform Law on Bills of Exchange and Promissory Notes. By Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR dated August 7, 1937 No. 104/1341, the “Regulations on Bills of Exchange and Promissory Note” were introduced, which almost completely reproduced the text of the Uniform Law on Promissory Notes and Bills of Exchange. Despite this, the bill of exchange was still not used in domestic economic transactions, since the financing of the economic activities of economic entities was carried out through the centralized distribution of monetary resources. The bill was put into circulation for the second time on the territory of Russia by the Resolution of the Presidium of the Supreme Court of the RSFSR dated June 24, 1991. No. 1451-I “On the use of bills of exchange in the economic circulation of the RSFSR”, which, although it did not contain references to the Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR of 1937, reproduced it with minor differences. Subsequently, this document was canceled by Federal Law No. 48-FZ of March 11, 1997 “On Bills of Exchange and Promissory Note”, which established that, in accordance with the international obligations of the Russian Federation arising from its participation in the Convention of June 7, 1930, it applies Resolution of the Central Executive Committee and Council of People's Commissars of the USSR “On the implementation of the Regulations on bills of exchange and promissory notes” dated 08/07/1937 No. 104/1341. Also, this Federal Law eliminated a number of controversial issues relating to the issuance of bills and the calculation of interest and penalties, and also limited the circle of persons who can be obligated on promissory notes and bills of exchange, excluding from it the constituent entities of the Russian Federation, urban, rural settlements and other municipalities. Currently, on the territory of the Russian Federation, this law is fundamental in regulating bill relations.

Which provides for deferred payment or unconditional payment for purchased goods, work or services within a predetermined period.

A bill of exchange is a security that confirms the obligation of the debtor (the drawer) to pay a specified amount to the creditor (the holder of the bill) within a specified period after presentation of the bill for payment.

In this case, the right of claim may pass to third parties without additional conditions and approvals from the drawer.

The bill of exchange is used as a means of payment and settlement, and is also used as a means of obtaining a loan, which was provided by the seller to the buyer in commodity form in the form of deferred payment.

Therefore, we can say that a bill is a dual market instrument, ensuring obligations on the one hand and repayment of debt on the other.

Functions of a bill

A bill of exchange is an important financial instrument that performs certain functions:

A promissory note is primarily a means of obtaining a loan. Using a bill of exchange, you can pay for purchased goods or services, repay a loan received, or provide a loan. For creditors, the formal and material strictness of the bill, its easy transferability and speed of debt collection are attractive.

Another function of a bill of exchange is the ability to use it as security for transactions. In other words, the holder of a bill of exchange has the right to receive money on a bill of exchange earlier than the deadline established in it in two ways: by discounting the bill of exchange in a bank or by obtaining a loan against the security he has.

A bill of exchange serves as a tool for monetary settlements. In addition, it is able to speed up settlements, since before payment the bill passes through several holders, extinguishes their obligations and thereby reduces the need for real money.

Advantages of a bill

Bill transactions are the issuance (receipt) of cash loans.

Enterprises and organizations can carry out such transactions bypassing the banking system with its conditions and mandatory commissions.

In addition, the bill is financially mobile. Being a security, it can always be sold on the stock market or pledged to a bank.

Distinctive features of the bill

The distinctive features of the bill are as follows:

Abstractness of the bill. That is, the obligations under the bill have only a monetary value and are not directly related in any way to the specific obligations of the drawer.

Possibility of transfer to third parties without documenting such a transaction;

Indisputability of the bill. That is, the requirements under the bill are unconditional for execution and are implemented in full.

Solidarity bill. That is, all persons involved in the execution and circulation of the bill bear responsibility for the bill.

Documentation of the bill. That is, the bill is drawn up in the form of a strict reporting form in paper form.

In case of failure to pay the debt within the stipulated period, no legal proceedings are required. In this case, it is enough to make a notarial protest.

What problems does the bill solve?

Using a bill of exchange solves the following problems:

creates conditions for the unconditional receipt of funds for goods supplied, work performed or services rendered;

makes it possible to conclude a purchase and sale transaction for goods, works, services without the condition of prepayment;

can be used as an effective means of payment between legal entities and individuals, for offsetting mutual claims;

may be the object of sale or purchase or be the subject of a pledge.

Types of bills

In practice, the following types of bills are distinguished:

Promissory note. The bill contains an obligation to pay the required amount within a pre-agreed time period and to the creditor in whose name the bill is drawn up. That is, the bill acts as an analogue of a promissory note. We can say that a promissory note is a security that contains an unconditional obligation of the drawer to pay the amount to the holder or his legal successor. The circulation of a promissory note presupposes the presence of two entities: the drawer and the recipient of the bill (holder of the bill);

A bill of exchange or draft (Italian “tratta” - transfer) bill. Under such a bill of exchange, the debtor (drawee) makes payment in favor of a third party (remitee) on his order or on behalf of the person who issued it (drawee). A bill of exchange is analogous to the transfer of debt under a loan agreement. We can say that a bill of exchange, or draft, is a security that contains a written order from the drawer to the payer to pay a specified amount to the holder or his legal successor within a certain period of time. A bill of exchange binds at least three entities: the drawer, the recipient of the bill and the payer.

Avalized bill. Such a bill provides an additional guarantee from the bank (avalist) for the execution of payments. A bill of exchange can be either simple or transferable.

Thus, bill types of securities are divided into promissory notes and transferable bills.

The first type involves the issuance of a loan and the signature of the debtor that he undertakes to return it to the creditor within a clearly established period in a specified place. There are only two parties involved in such a transaction: the drawer and the holder of the bill.

A bill of exchange (draft) is issued and signed exclusively by the creditor. The text of such a document contains an order to the debtor to pay the debt within a specified period, but not to him, but to a third party (the remittor).

Types of bills

In addition to classifying bills by type, they can additionally be divided into forms:

Commercial (commodity) - documents intended to ensure transactions between sellers and buyers.

Financial - allow businesses to obtain loans and credit from other businesses.

Blank documents - documents for trade transactions when the price of a product or service has not yet been established or may change. In this case, the buyer, fully trusting the seller, certifies with his signature the blank form, which will be completed later last.

Friendly bills are bills that are issued only to those who deserve unconditional trust.

Bronze - documents without real security, issued to fictitious persons or enterprises. Such bills are often used simply for bank accounting or to artificially increase the debts of a bankrupt.

Security - bills of exchange issued to secure a loan or credit from a known unreliable borrower. Such a document is usually kept in an escrow account with the debtor and is not intended for circulation. Upon settlement of the loan, the bill is repaid.

Rekta-bill (registered) - a security from which the drawer has taken away its main property: transfer to another person.

Acceptance and

The process of the future payer accepting financial obligations to pay a bill of exchange is called acceptance.

In essence, this is his consent, confirmed by the corresponding signature of the acceptor. Endorsement of a bill is its transfer to a third party.
It can only be applied to promissory notes. An endorsement provides for the presence of an endorsement on the document itself, according to which all rights to it are transferred to another person.

Typically, such an inscription is made on the reverse side of the bill or on a special additional sheet called an allonge.

The person who left his signature on the endorsement and accepted the rights to the financial document is called an endorser.

Aval bills

Aval is a kind of guarantee for a bill. It can be carried out by any person, with the exception of the holder of the bill and the drawer. The person who puts an aval on a document is called an avalist.

What is a bill of exchange as a document?

In accordance with the “Regulations on promissory notes and bills of exchange”, the document must contain:

an appropriate mark indicating that this is a bill of exchange and not some other security;

a bill mark is usually used twice: at the top of the document and in its text, and bill forms without a mark are considered invalid;

a clearly defined amount of money;

payer details (for bills of exchange);

payment deadline (upon presentation, at such and such a time from drawing up, at such and such a time from presentation, on a clearly indicated date and time);

the place where the payment is to be made;

details of the person to whom the payment should be made;

date and place of drawing up the bill;

the handwritten signature of the person issuing the bill.

Required bill of exchange details

The text on the bill of exchange must contain the following information:

Heading: Indicates “Promissory Note” or “Bill of Exchange”;

Order or obligation. In the case of a bill of exchange, the phrase is indicated: “Payment ...<данные организации или физического лица>or his order";

Details for presentation after maturity. The name and address for legal entities, place of residence and personal data for individuals are indicated;

Amount to be paid. The amount must be indicated in numbers and words, which is considered the main one in case of discrepancy with the figure. If there are several amounts, the smaller amount is payable. In this case, no corrections or breakdown of the amount to be paid by terms or parts are allowed.

Payment term. Current legislation provides for the following options:

• "on presentation". The bill is payable no later than one year from the date of preparation, unless a different period is specified. In case of delay, the bill becomes invalid.
• "after the end of the period." Payment of a bill must be made within a specified period after presentation. The specified period is the final day not only for payment, but also for protesting.
• "the period after the commencement of action." Payment on the bill must be made after a certain number of days from the date of execution.
• "on a certain day." Payment under the bill is carried out on a specific day specified in the bill.

Place of payment. Unless otherwise agreed, the bill of exchange is presented for payment at the location of the drawer-payer. Multiple locations are not allowed.

Date, address of statement and payment. Multiple locations are not allowed. An unreal date, its absence, or a non-existent address will invalidate the bill.

Signature of the drawer. Signature must be handwritten only. The bill will be invalid without a signature, or if a forgery is detected. For legal entities, it is necessary to put a stamp and certify the bill with two signatures: the signature of the director and the signature of the chief accountant.

Payment on a bill

The bill payment procedure includes the following steps:

presentation of a bill for payment within the acceptable time frame. If the repayment date of the bill falls on a weekend, then payment is made on the first working day;

immediate payment by the debtor of the amount specified in the bill. Deferment of payment is possible only in case of force majeure.

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Bill of exchange: details for an accountant

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  ... (expenses) in the form of a discount on bills with the clause “at sight...; the estimated maturity of such a bill is used as the maturity date of such a bill, which... is the period from the date the bill is drawn up to the date indicated as " ...

• Practice of the Supreme Court of the Russian Federation on tax disputes for May 2017

  Received by the Taxpayer through the sale of his own bills of exchange in the audited period to the investor for..., as payment, bills of exchange received by the Cargo company from the taxpayer were transferred... each time these transactions were carried out with bills of exchange, while the counterparties transferred to each other...

The bill came from a promissory note. The first mention of the use of promissory notes dates back to the 14th century. Already in the 16th century. In Italy, a promissory note was issued. This document has not lost its relevance and is still used today. It serves as an obligation or offer to pay a specific amount at a specific time.

In fact, a bill is a debt document. It can be presented exclusively in documentary form, i.e. drawn up on paper in accordance with all the rules. The bill is issued individually; it is a non-equity security.

When creating a bill of exchange, there are two sides.

1. The person issuing the bill, the issuer, is the drawer.
2. The owner of the bill, claiming to receive the amount indicated in the bill, the creditor is the holder of the bill.

In this case, the drawer is subject to requirements called bill capacity, i.e. the presence of rights to issue a bill of exchange and the ability to be obligated on it.

A bill of exchange can be issued both individuals and legal entities.

1. The bill capacity of an individual is equal to the general capacity, i.e. presupposes attainment of 18 years of age and moral health.
2. A legal entity can be bound by a bill only if it has legal capacity.
3. According to Russian legislation, executive authorities of the Russian Federation, constituent entities of the Russian Federation and municipal unitary enterprises cannot issue bills; Thus, the concept of “state bill” does not exist in our legislation, because You cannot default on bills.

Types of bills

• Simple - the drawer himself undertakes to pay off the bill issued by him.
• Transferable - the drawer offers to pay the bill to a third party. In this case, another side to the transaction appears.

The difference between a promissory note and a transfer bill It's just a matter of design.

Most often, a bill of exchange is used when the drawer has a debtor. Thus, when a bill is repaid, two debts are canceled at once: the drawer to the holder and the debtor to the drawer.

The bill of exchange law requires that the third party (the drawer's debtor) be notified, only in this case you can demand payment from the debtor issuer of the security.

The payer confirms his awareness by accepting (agreeing to pay for this obligation) on an executed bill of exchange.

After the acceptance appears on the bill of exchange, the principal debtor becomes the debtor of the bill holder. Otherwise, if the bill is not accepted, the drawer remains the debtor, i.e. The document in no case loses its legal force.

Settlement of a bill

Having an idea of ​​the principle of operation of a bill of exchange, you can understand that it is designed to perform two functions: credit and settlement. With the help of a bill of exchange, a commercial loan is issued in business transactions: the seller gives a deferment in payment for the goods to the buyer. Legally, when drawing up a bill of exchange form of payment, the buyer pays off the debt to the seller for the goods, but is obligated for another debt - a bill of exchange.

In this case, the supplier who received the bill of exchange can take one of the following paths.

• The holder of the bill can wait until the expiration date of the bill.
• The holder of the bill can sell the bill to the bank.
• Also, the holder of the bill can pay the bill to his suppliers by endorsement (inscription of endorsement).

The operation when the holder of the bill sells the bill to the bank is practiced by many banking institutions and is called accounting of bills. The bank pays the bill before the due date, retaining the discount amount. The discount is calculated as the product of the amount of the bill, the bank's discount rate (discount rate) and the number of days until maturity, divided by 365 (the number of days in a year).

Endorsement can be made unilaterally. The bill must contain the phrase “pay so-and-so” and the signature of the previous owner (endorser). The serial number of the endorsement and the date of its writing are indicated.

In this case, all endorsers bear joint liability. If, when payment becomes due, the last holder discovers that the drawer is insolvent, he may apply to the court, which will call upon any of the endorsers to pay. This endorser can also take legal action against the previous endorser, etc. The more endorsements, the more reliable the bill, as the circle of persons responsible for the bill increases.

Rules for drawing up a bill of exchange

To fulfill its functions and capabilities, the bill must be drawn up in accordance with all existing rules. In order not to fall for the bait of scammers, you need to thoroughly know all the required details. According to the “Regulations on promissory notes and bills of exchange,” the document is characterized by the following points.

The risk of form defect is a negative feature of the bill. If, when drawing up a bill of exchange, no details were specified, or there are unnecessary data and marks, the document loses its validity.

The advantage of a bill of exchange is a simplified form (without legal proceedings) for collecting payment in the event of the insolvency of the drawer. The holder of the bill, having a notary's conclusion and the bill itself, goes to court. The judge immediately issues a writ of execution.

To reduce risk, diversification is used. In this sense, a bank bill is one of the diversification tools for commercial banks.

Example of a bill of exchange

The text on the front of the bill might look like this:

Bill July 07, 2012 Moscow The drawer of the bill, JSC Dubok, undertakes under this bill to pay 500,000 rubles (Five hundred thousand rubles) to the holder of the bill, CJSC Kalina, within ninety days from the date of drawing up the bill. The place of payment is the main office of Beryozka OJSC, located at Moscow, st. Kulakova, 25. Director of OJSC Dubok ______________/Averchenko P.P./Chief Accountant of OJSC Dubok___________/Nesterova Z.P./M.P. Place for aval Avalized by the commercial bank OJSC Lavender on July 10, 2012 for the drawer OJSC Dubok. 1. Director of OJSC "Lavanda" _________/Sidorov P.N./ 2. Chief accountant of OJSC "Lavender"________/Neverova G.N./ M.P.

Text on the reverse side of the bill

1. July 20, 2007 Moscow Pay OAO Beryozka. Director of JSC Kalina__________/Ermilov G.G./Chief Accountant of JSC Kalina__________/Erokhina R.V./M.P. 2. August 25, 2012 Moscow Pay OJSC Sokol. Director of OJSC "Beryozka"__________/Tsementov T.G./Chief accountant of OJSC "Beryozka"__________/Zaborova N.V./M.P. 3. September 10, 2012 Moscow Pay Etalon OJSC. Director of JSC Sokol___________/Gorlov T.N./Chief Accountant of JSC Sokol__________/Plyukhova T.A./M.P.

When the date of presentation of the bill arrives, the holder of the paper provides it to the main debtor or a special payer (if a third party appears in the transaction - domicile). It is recommended to first send a notice of intent to redeem to the issuer of the paper.

How is the bill repaid?

The bill can be presented either by himself or by his representative, who is able to confirm his status with the help of a duly completed power of attorney. the representative is not required to do so if the security bears a mark of endorsement. In the case of a blank endorsement, the payer of a bill does not have the right to require the bearer to draw up a form under his own name. A power of attorney is not the only document that the bearer must provide: a completed application and an act of acceptance and transfer of the security are also required. The payer cannot require additional documents beyond the described package.

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.

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