Bills of Exchange in Europe

Czech Bill of Exchange Law as a Part of Geneva Bill of Exchange System

In the end of the 19th century, the first efforts were made to come to an international unification of existing laws. These efforts resulted in a convention in Geneva in 1930.

 

The Geneva Convention was introduced and made law in the Czech regions in 1940 during German occupation. Even present BECA arises from the results of Geneva conference, which took part in 1930, exactly from one of the three conventions. The first and the most important is Convention on unified bill of exchange act stipulating technical issues as ratification. Decisive importance for material law regulations has the first appendix of this Convention. It contains Uniform Law on Bills of Exchange and Promissory Notes having in total 78 articles and stipulating bill of exchange and promissory note.

 

The second one is Convention for the settlement of certain conflicts of laws in connection with bills of exchange and promissory notes and Protocol. The third one deals with fees and has no bigger importance.

 

Former Czechoslovak Republic as one of participants of Geneva conference signed all the three conventions. Nevertheless, they have not been yet ratified; therefore they are not binding for Czech Republic. In spite of that, our legal regulation strictly arises from Geneva conventions and no doubt it falls within Geneva bill of exchange law.