- August 9, 2021
- Posted by: ezzuldin
Abu Dhabi Business lawyers, Dubai corporate attorneys advising on UAE bounce of checks and corporate code;
Avoid bounced checks in UAE;
Abu Dhabi Bounced checks, Our U.A.E advocates advising on checks and bounced checks in U.A.E.
Many clients ask Abu Dhabi lawyers the U.A.E advocates about securing their rights when they give or lend money to others;
UAE Bounced checks in UAE Abu Dhabi, Dubai;
For some people issuing a check is very simple and doesn’t know the sequences on the beneficiary and the whole economy;
so it’s advisable to be more skeptical towards issuing a check and avoid any bounce of check.
Our Abu Dhabi Business lawyers, Dubai corporate attorneys
advise the lenders to question the drawer to go to his bank and approve the check.
UAE Bounced checks in UAE Abu Dhabi, Dubai; and commecial code;
Whereas, and as per article 600 of commercial transaction law no 14 f 2020, the beneficiary of the check has those rights;
Where article 600 of corporate transactions states;
2. The drawee of a cheque may initial the cheque for approval.
Such approval on the check means a confirmation of the availability of sufficient funds with the drawee; to pay the value of the cheque as on the date of initial.
The signature of drawee on the face of the cheque shall constitute approval.
3. The drawee may accept the approval of the cheque if the drawer or bearer asks it to do so should the drawee have sufficient funds to partially or wholly pay the value of the cheque.
4. The drawee shall freeze with it and under its liability the necessary fund to pay the value of the approved cheque, or the remaining amount of a partially paid approved cheque, for the benefit of the bearer until the expiry date of submitting the cheque for payment.
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