Uncompleted Bill Exchange

Theaa Nuri Ali, Hassanein

	Uncompleted Bill Exchange
Economic Sciences
Article 1, Volume 5, Issue 21, 2008, Pages 91-112 PDF (0 K)
Author
Hassanein theaa Nuri Ali
Abstract
It is a bill which loses one of its obligatory data comes from carelessness or forgetfulness from the drawer . for instance when a person issues a bill without mentioning name of drawee because of carelessness or forgetfulness . it is possible to correct the fault by the drawer or by the drawer deputy . The fundamental result for that loss is invalidity of this bill and that invalidity is considered from the general system . it is possible to modify this bill to another type of a bill exchange or with debit endorsement bound when the conditions of these two cases are available . We find three exceptions of this invalidity regarding to the merit date , performance place and establishment place . We May find data contrast with the fact which is the fictitious which was the two Iraqis commercial law ( the new and the canceled ) don’t stipulate it otherwise the old Iraqi commercial law stipulate it . There is unmarked bill exchange which loses one of its obligatory data as result of intention (intention is the fundamental standard of distinguishing between this case and Uncompleted Bill Exchange) . for instance when the drawer makes an agreement with the beneficiary to establish a bill without mentioning a bill amount and leaves the determined amount for beneficiary according to an agreement between them . when beneficiary completes the bill data according to an agreement there will be no problem . while a bill is completed in contrast with the agreement which has been made with the drawer . then a bill transfers to a person has a good intention here the drawer will be obligated before the bearer who has a good intention and he will not be obligated if the bearer hasn't a good intention . So we will deal with the uncompleted bill exchange in term of old Iraqi commercial law No.60 , 1943 . and in term of canceled Iraqi commercial law No.143 , 1970 . and also in term of new Iraqi commercial law No.30 , 1984. Thus, we can explain the results First : The imaginary or unstable data for truth are very important in commercial side . and don’t deal with the new law of trading and canceled , whereas it was necessary deal with by the Iraqi Lawgiver by arraigning to getover on some problems face him in the commercial side . Second : According to the exception real or apparent , dependent or independent but the tendency was forward opposite with the Lawgiver opinion in the three cases where we want mean uncompleted bill and considered real exceptions on the base because the Lawmaker solve his desire instead of another desire and explaining their desire according to the three mentioned bases even opposite mean of the drawer . If don’t mention any thing from these three Data in dependent or independent but the desire directed into the intent that unity with Lawmaker opinion . like these cases considered the bill accurate and completed and don’t consider real exception but apparent because the desire of the Lawgiver replace the desire of another sides , illustrating their desire according to mentioned in the above three bases and this is concord with drawer tendency . Third : Although we can see there is big different between the two bills ( uncompleted bill exchange , unmarked bill exchange ) because the effect that trace on uncompleted bill really is false and the bill on the safe side considered right if we can correct it according to the deal even the scorer was accurate or not because it was done according to the deal with the drawer that is to say the correcting process is done by agree with the two side not separately , but the correcting was done undesired with the drawer and the carrier was accurate , here the bill was accurate too . and thus the drawer should protect the carrier but the correcting was done undesired with the drawer and the carrier was un accurate here the bill was un accurate and thus the drawer should not protect the carrier because the carrier is bad . Uncompleted bill exchange is one of the important topics because it is related to practical commercial life to insurance , speed and trust which are considered the basically rules for exchanging law when there is a bill exchange loses one or more of its 8 obligatory data . this bill will be invalid as a bill unless modify to another kind of a bill either to another type of a bill exchange or with debit endorsement bound when the conditions of these two cases are available this is to achieve success the speed , trust and insurance in a bill exchange field . otherwise there will be disorder in commercial law . All these matters as a package will achieve the heyday for commercial activity .

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