Volume 15, Issue 4 (2011)
CLR 2011, 15(4): 77-96 |
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Issaei Tafreshi[1 M, Ramezani Akerdi2 H, Varmazyar Arzanfoodi3 M. Acceleration of the Debt of the Commercial Documents Liable Persons in the Effect of Bankruptcy in Iranian and American Law. CLR 2011; 15 (4) :77-96
URL: http://clr.modares.ac.ir/article-20-5296-en.html
URL: http://clr.modares.ac.ir/article-20-5296-en.html
1- 1. Professor Department of Private Law Tarbiat Modares University, Tehran, Iran
2- 2. M.A. Student in Private Law Department of Private Law, Tarbiat Modares University, Tehran, Iran
3- 3. Ph.D., Department of Private Law Tarbiat Modares University, Tehran, Iran
2- 2. M.A. Student in Private Law Department of Private Law, Tarbiat Modares University, Tehran, Iran
3- 3. Ph.D., Department of Private Law Tarbiat Modares University, Tehran, Iran
Abstract: (12227 Views)
According to the Section 422 of Commercial Code, the debt of merchant accelerates by the issue of bankruptcy verdict. In addition, the legislator, in Section 422 of Commercial Code, extends the acceleration of debt to other liable persons of the commercial document. According to the Section 422 of Commercial Code, they should give securance or pay the commercial document, if the maker of promissory note, the drawer of draft who has not been accepted by the drawee, and the acceptor go bankrupt. The purpose of this section is the security of the commercial document. This section is in conflict of commercial document and bankruptcy provisions. That is in contrast of the principle because it increases the obligation of commercial document liable, because liability of commercial document liable is payment of the commercial document in due date.
Section 422: a) The effect bankruptcy of principal liable is not acceleration the debt of guarantor; b) Bankruptcy of endorser does not accelerate the debt of another commercial document liable, and c) This article does not include check because this article is exceptional.
Although acceleration of the debt of the commercial document liable persons in the effect of bankruptcy has not been discussed in the American Law, but the final liable is the endorser who receives negotiable instrument from the bankrupt, if the primary liable files for petition.
Received: 2011/12/8 | Accepted: 2012/01/25 | Published: 2012/03/18
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