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"Reverse charge" in the bank account The bank's special way of complying with the discount debt is a comparative legal basis | ||
| journal of legal sciences | ||
| Article 1, Volume 32, Issue 1, 2017, Pages 1-26 | ||
| Abstract | ||
| As an attitude for obtaining discount debt, it is habitual at banks to asylum to the reversing entry in the agent's account opened with them, as a method of gaining the discount debt that was arisen because of inability to collect the value of the discounted commercial paper. Such bank collection approach is characterized as easy accounting measures by one hand, and on the other hand it would avoid the discounting bank form crowding out the discounted creditors. Such bank refund manner raises the question about its legal basis under legislations that have not got such technique like the Jordanian, syrian and Lebanese law that are similar to the French law. Whereas the modern Arab discounting commercial legislations stipulate clearly that if the discounting outcome of a commercial paper was registered in a current account and its value was not paid before the deadline: the right will be given to those who discount the paper to cancel the entry by performing a reversed entry even after sentencing bankruptcy of paper provider. But it is noticeable that even modern legislations have not clarified the fundamental characteristics to that reversed 3 entry and have not indicated the details of the legal conditions for the bank technique to collect discounting bank debts. These legislative deficiencies will be the core of our research study in order to fill the legal gap by one hand, and to clarify the bank legal attitude on the other hand. | ||
| Keywords | ||
| Reverse accounting; accounting procedure | ||
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