CHECK LAW - PART 2
- Del resource for want of payment
Article 38º - When the check is presented/displayed in the terms established in article 25, the drawee will have to always receive it. If payment will not point out it the refusal in the same title, with express mention of all the reasons on it founds that them, of the date and the hour of the presentation, of the registered address of the drawer in the drawee.
The certainty of the rejection will have to be subscribed by authorized person. Equal certainty will have to be written down when the check is given back by a clearing house.
The certainty briefed by the drawee will produce the effects of I protest. In this way the executive action will be expeditious that the possesor will be able to initiate con liberating, endorsers and guarantors. If the turned bank will refuse to put the certainty of the rejection or will use a nonauthorized formula it could be demanded by the damages that it will cause. The lack of presentation of the check or its delayed presentation harms the exchange action.
Article 39º - the carrier must give warning of the lack of payment to its endorser and to the drawer, within both (2) immediate banking working days following to the notification of the rejection of the check.
Each endorser must, within both (2) banking working days immediate to the one of the reception of the warning, to warn as well his endorser, indicating the names and directions of which they have given the preceding warnings him, and so on until arriving at the drawer. When in accordance with the arranged thing in the previous section, warning to a signer of the check occurs, the same warning and within equal terms must occur to its guarantor.
In case an endorser had indicated his direction in illegible form or she would not have indicated it, she will be enough with giving warning to the endorser precedes who it.
The warning can be given in any form but does that it will have to try it sent that it in the indicated term. The lack of warning does not produce the lapsing of the emergent actions of the check but who does not do it will be responsible for the damages caused by his negligence, without the repair can exceed the amount the check.
Article 40º - All the people who sign a check are forced shared in common towards the carrier. The carrier must right to drive collectively against all those people, individual or, without being subject to observe the order in which they were commited. The same right belongs to that has paid the check. The action tried against one of the forced ones does not prevent to drive against the other, still
later to that it has been persecuted in first term.
Article 41º - the carrier can protest to that one against that exercises its resource:
1. The amount nonpaid of the check;
2. The interests to current the banking type in the place of the payment, as of the day of the presentation to the collection;
3. The expenses originated by the warnings that it had had to give and any other cost originated by the collection of the check.
Article 42º - That has reimbursed a check can protest to its guarantors:
1. The paid complete sum;
2. The interests of this sum to current the banking type in the place of the payment, as of the day of the payment;
3. The conducted expenses.
Article 43º - Everything forced against which a resource is exercised or is set out to a resource, can demand, against the payment, the delivery of the check with the certainty of the rejection by the drawee and receipt of payment.
All endorser who had reimbursed the check can, where appropriate, erase his endorsement and those of the subsequent endorsers and the one of his respective guarantors.
- Del check cruzado
Article 44º - liberating or the carrier of a check can cross it the effects indicated in the following article.
The crossover takes place by means of two placed parallel bars in the obverse of the check.
It can be general or special.
The crossover is special if between the bars contains the name of an authorized organization to serve of check, otherwise it is general crossover. The general crossover can be transformed into special crossover; but the special crossover cannot be transformed into general crossover.
The fault of the crossover or the mention contained between the bars will be had by not done.
Article 45º - a check with general crossover only can be paid by the drawee to one of its clients or to an authorized organization to serve of check.
A check with special crossover only can be paid by the drawee to whom is mentioned between the bars.
The organization designated in the crossover will be able to indicate to another authorized organization to serve of check so that it receives the payment.
The check with several special crossovers only can be paid by the drawee in case it is two crossovers about which one is for the payment by a clearing house.
The drawee who did not observe the preceding dispositions will even be responsible for the caused damage
the concurrence of the amount of the check.
CHAPTER I SAW
- Del check to credit in account
Article 46º - the drawer, as well as the carrier of a check, can prohibit that is pleased it in money, inserting in the obverse the mention “to credit in account”.
In this case the drawee only can eliminate the check by means of a book seat. The liquidation thus conducted is equivalent to the payment. The fault of the mention will be had by not done. The drawee who did not observe the preceding dispositions will be responsible for the damage caused until the concurrence of the amount of the check.
- Del imputed check
Article 47º - liberating as well as the carrier of a check can enunciate the destiny of the payment inserting to the back or in the addition and under its company/signature, the indication makes specific and needs the imputation.
The clause exclusively produces effects between that inserted and the immediate carrier; but it does not originate responsibility for the drawee by the breach of the imputation. The adressee of the imputation only can endorse the check and in this case the title maintains its negotiability. The fault of the imputation will be had by not done.
- Del check certificate
Article 48º - the drawee can certify a check to requirement of the drawer or any carrier, debiting in the account on which the tour the necessary sum for the payment. The amount thus debited is reserved to be given to that corresponds and removed all the contingencies that come from the person or solution of the drawer, so that the their later death, incapacity, judicial bankruptcy or embargo to the certification do not affect the provision of bottoms certified, neither right of the possesor of the check, nor the correlative obligation of the drawee to pay it when it is presented/displayed to him.
The certification cannot be partial nor to extend in checks to the carrier. The insertion in the check of the words “seen”, “good” or another analogous suscriptas by the drawee means certification. The certification has as result to establish the existence of an availability and to prevent its use by the drawer during the term by which certificó.
Article 49º - the certification can become by a conventional term that does not have to exceed five working days banking. If to its victory the check had not been received, the drawee will credit in the account of liberating the sum that previously he debited.
The check certificate overcome like so, subsists with all the own effects of the check.
- Del check with “the nonnegotiable” clause -
Article 50º - the drawer, as well as the carrier of a check, can insert in the obverse “the nonnegotiable” expression. These words mean that who receives the check she does not have, neither can transmit the more right on the same, that those that it had gave who it.
- Del endorsement
Article 51º - the payment of a check can be guaranteed partially total or by a endorsement.
This guarantee can grant it a third party or any signer of the check.
Article 52º - endorsement can consist in the same check or an addition or a separated document. Endorsement” or any other equivalent expression can be expressed by means of the words “by, having to be signed by the guarantor. It must contain name, address, tributary identification or labor, of identity, in agreement it regulates the Central bank of the Argentine Republic. Endorsement must indicate by which of the forced ones it is granted. For want of indication it is considered granted by the drawer.
Article 53º - the guarantor is forced in the same terms that one by that has granted endorsement. Its obligation is valid even though the obligation that has guaranteed is null by any cause that is not a form vice.
The guarantor who pays acquires the exchange rights against guaranteed his and the forced ones towards this one.
- Del check of deferred payment
Article 54º - 5El check of deferred payment is an order of payment, freed to determined date, subsequent to the one of its rescue, against an authorized organization in which the drawer to the date of victory must have sufficient bottoms deposited to its order in current account or authorization to turn in shortage. The checks of deferred payment get rid against the common check accounts.
6 the drawee can guarantee the check of deferred payment.
The check of deferred payment will have to contain the following essential enunciations in similar, although distinguishable form, of the common check:
1. The denomination “Check of payment deferred” clearly inserted in the text of the document.
2. The number of printed order in the body of the check.
3. The indication of the place and date of its creation.
4. 7La date of payment cannot exceed a term 360 days.
5. The name of the drawee and the address of payment.
6. The person in whose favor one gets rid, or to the carrier.
7. The determined sum of money, expressed in numbers and letters, that are become ordained to pay by
interjection 4 of the present article.
8. The name of the drawer, address, tributary or labor identification or of identity, according to
it regulates the Central bank of the Argentine Republic.
5 Ls. 24,760, Art. 11º, f)
6 Ls. 24,760, Art. 11º, g)
7 Ls. 24,760, Art. 11º, h)
9. 8La company/signature of the drawer. The Central bank will authorize the use of electronic systems of
reproduction of companies or its substitutes for the check rescue, in the measurement that its implementation assures the trustworthiness operating of emission and the authentication as a whole, in agreement with the regulation that the same determines.
9El check of deferred, registered payment or no, is oponible and effective in the assumptions of contest, bankruptcy, sobreviniente incapacity and death of the drawer.
10Artículo 55º - the registry justifies the formal regularity of the check according to the requirements set out in article 54. The registry does not generate responsibility some for the turned organization if the check is not paid to its victory for want of bottoms or of authorization to turn in shortage.
The possesor will have the option to present/display the check of payment deferred for his registry.
For the cases in that the presented/displayed checks to registry will have formal defects, the Central bank of the Argentine Republic will be able to establish a preventive arresting system so that the drawee, before rejecting it, communicates it to the drawer so that he corrects the vices. The drawee, in this case, will not be able to delay the registry of the check more than seven (7) working days banking.
11Artículo 56º - the check of deferred payment is freely transferable by endorsement with the single company/signature of the endorser.
Article 57º - the check of deferred payment can be presented/displayed directly to the drawee for its registry. If the check were deposited in an organization different from the drawee, the deposit taker will send to the drawee the check of deferred payment so that it registers this one it and it gives back, granting the respective certainty, assuming the commitment to pay it the day of the victory if bottoms available or authorization will exist to turn in shortage in the respective account. In case of existing some impediment for his recording, it will have to make therefore it know the deposit taker within the terms determined for clearing, rejecting the recording.
The recording rejection will produce the effects of I protest. With her it will be expeditious the executive action that the possesor will be able to initiate immediately against liberating, the endorsing ones and guarantors. Article 39 is applied. The rejection to the recording will be informed by the drawee to the Central bank of the Argentine Republic, and the drawer will be sanctioned with the fine anticipated in article 62.
The Central bank of the Argentine Republic, will be able to authorize or to establish systems of recording and payment by means of communication or electronic exhibition that replaces the remission of the title; establishing the conditions of adhesion and collections of security and operation.
Article 58º - 12Las organizations authorized will issue transmissible certificates by endorsement, in agreement regulates the Central bank of the Argentine Republic, in the cases in that they guarantee checks of deferred payment, which will be deposited in the organization guarantor.
8 Ls. 24,760, Art. 11º, i)
9 Ls. 24,760, Art. 11º, j)
10 Ls. 24,760, Art. 11º, k)
11 Ls. 24,760, Art. 11º, l)
12 Ls. 24,760, Art. 11º, m)
All the dispositions will be applicable to the check of payment deferred that regulate the common check, except for that are against to the predicted thing in the present chapter.
13Artículo 59º - the organizations authorized will give to the clients ask for who it, besides the check notebook indicated in the article 4º, previous others clearly differentiated from with checks of payment deferred. They will be able, in addition to give check notebooks that contain formulas of both types of checks as regulates the Central bank of the Argentine Republic. The drawee will be able to reject the recording of a check of deferred payment when he verifies the causal ones that to the effect he establishes the Central bank of the Argentine Republic.
Article 60º - 14El closes of the current account prevents the registry of new checks. The drawee will have to receive the deposits that take place to take care of the checks that had been registered previously.
The execution by any cause of a check of payment deferred presented/displayed to registry will be able to transact in the jurisdiction corresponding to the depositaria organization or drawee, indifferently.
- Common Dispositions
Article 61º - the judicial of the liberating carrier against, endorsing actions and the guarantors are prescribed to the counted year from the expiration of the term for the presentation. In the case of checks of deferred payment, the term will be counted from the date of the rejection by the drawee, is to the recording or the payment.
The judicial actions of the diverse ones forced the payment of a check, to each other, are prescribed to the counted year from the day in which the forced one had reimbursed the amount of the check or from the day in which it had been notified of the judicial demand by the collection of the check. The interruption of the prescription only has effect against that one with respect to whom the interruptivo act was realized.
Article 62º - In case of rejection of the check for want of provision of bottoms or authorization it stops
to turn in shortage or by formal defects, will communicate it to the drawee to the Central bank of the Argentine Republic, to the drawer and to the possesor with indication of date and number of the communication, all approval indicates the regulation. One will inquire to the possesor the date and number of the communication. Notwithstanding the responsibilities which the common right incurs across, if the drawee omits the communication is responsible for the payment of the amount of the check shared in common with the drawer, until a maximum equivalent to weights five thousands ($ 5,000). The drawer of a check rejected for want of bottoms or without authorization to turn in shortage will be sanctioned with a fine equivalent to the four percent (4%) of the value of the check, with a minimum of
one hundred pesos ($ 100) and a maximum of fifty thousand pesos ($ 50,000). The drawee is forced to debit the amount of the fine of the account of the drawer. In case of not being satisfied within the thirty (30) days of the rejection, he will cause the closing of the current account and incapacitation.
13 Ls. 24,760, Art. 11º, n)
14 Ls. 24,760, Art. 11º, u)
The fine will be reduced in a fifty percent (50%) if the drawer cancels the check reason for the sanction within the thirty (30) days of the rejection, circumstance that will be informed to the Central bank of the Argentine Republic.
The deposit of the fines in the account of the Central bank of the Argentine Republic will be due to do within the month following to the month in which the rejection took place.
15Las financial organizations that do not close the current accounts by application of the sanctions that establishes this law and its regulation, will be long-suffering of a daily fine of five hundred pesos ($500) until a maximum of fifteen thousand pesos ($15.000), by each current account in those conditions, notwithstanding being shared in common responsible for the check payment rejected for want of bottoms turned against these accounts, until a maximum of thirty thousand pesos ($30.000).
Article 63º - When opposition to the payment of the check by cause mediates that has originated liberating penal denunciation of or the holding one, the turned organization will have to retain the check and to send it to the intervening court in the cause. The turned organization will give to that has presented/displayed the check to the collection a certification that it qualifies to the exercise of the civil actions conforms establishes the regulation.
16Artículo 64º - Against the rejections conducted by the financial organization turned that will give rise to sanctions that are applied according to the present law, the drawers and titular of current accounts they will be able to prosecute, before the courts with competition in commercial matter that corresponds to the jurisdiction of the drawee, having to interpose the action within the fifteen (15) days of the notification by
part of the application drawee, being the Civil and Commercial Procedural Code of the intervening jurisdiction.
The actions that were promoted against the drawees, will only produce suspension effect with respect to the fines that corresponded to be applied. Despite the promotion of these actions the rejections for the purposes of the incapacitation will be computed.