Banking law. Collection and check (the most important)

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Banking law. Collection and check (the most important)

Lecture notes, cheat sheets

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47. Collection and check

When calculating for collection the bank (issuing bank) undertakes, on behalf of the client, to carry out at the expense of the client actions to receive payment and (or) acceptance of payment from the payer. The issuing bank that received the client's order is entitled to engage another bank (executing bank) for its execution.

Procedure for making payments for collection is regulated by the law, the banking rules established in accordance with it and the customs of business turnover applied in banking practice, according to which:

1) in case of non-execution or improper execution of the client's order, the issuing bank shall be liable to him on the grounds and in the amount provided for by the norms of liability for breach of obligations;

2) the received (collected) amounts must be immediately transferred by the executing bank to the disposal of the issuing bank, which is obliged to credit these amounts to the client's account. The executing bank has the right to withhold from the collected amounts the remuneration and reimbursement of expenses due to it;

3) if the payment and (or) acceptance was not received, the issuing bank immediately informs the client about this, asking him for instructions on further actions. Thus, the client is given the opportunity to independently determine their further actions in connection with non-receipt of payment.

Check - this is a security containing an unconditional order of the drawer of the check to the bank to pay the amount specified in it to the holder of the check.

A distinctive feature of relations on settlements by checks is their special subject composition. The main participants in these relations are the drawer - this is the person who issued the check, the holder of the check - the person who is the owner of the issued check, the payer - the bank that makes the payment on the presented check.

According to the legislation, the banking rules established in accordance with it and the customs of business turnover applied in banking practice:

1) only a bank where the issuer of the check has funds that he has the right to dispose of by issuing checks can be indicated as a payer on a check;

2) withdrawal of a check before the expiration of the period for its presentation is not allowed;

3) the issuance of a check does not extinguish the pecuniary obligation in pursuance of which it was issued. The check only replaces, but does not eliminate the former debt obligation of the drawer, which remains in force until the payer pays the check. From this moment, the holder of the check loses the right to claim against the drawer;

4) a check is paid at the expense of the drawer of a check by the payer, provided that it is presented for payment within the established period. The person who paid the check has the right to demand that the check be handed over to him with a receipt for payment;

5) presentation of a check for payment is carried out by the holder of the check by presenting the check to the bank servicing the holder of the check for collection (collection of the check);

6) the holder of a check must notify his endorser and drawer of the non-payment of a check within two working days from the date of the protest or an equivalent act;

7) if the payer refuses to pay the check, the holder of the check has the right of recourse: according to which he has the right to declare a claim for payment to all persons liable for the check - the drawer, availers, endorsers, who are jointly and severally liable to the holder of the check. In the event of an unjustified refusal to pay a check, the payer shall be liable to the issuer of the check, but not to the holder of the check;

8) The Civil Code of the Russian Federation establishes a reduced limitation period (6 months) for claims of a check holder against persons liable under a check. It is calculated from the date of expiration of the term for presenting a check for payment.

Author: Belousov D.S.

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