Actions Implementing of Rights Under a Bill of Exchange

Abstract

A bill of exchange is a strictly formal document - a security to order. The actions to preserve the rights under a bill of exchange have to be taken within the legal deadlines, under the threat of loss of those rights. Accordingly, the most important actions related to bills of exchange - presentation and protest are being taken on the maturity date, or one of two days immediately after it. It is significant to point out that Saturday is not considered a business day in the Republic of Srpska, while in the Federation of Bosnia and Herzegovina Saturday is counted as a working day. These actions are taken in business premises or apartment of a drawee or acceptor. By missing the deadline for the presentation of the payment or protest of the bill of exchange, it becomes a “prejudiced”. This means that the holder loses his/her recourse rights against the endorser, the drawer and the other parties liable, with the exception of the acceptor. Despite the loss of these rights, he/she can file a civil claim or claim based on other source of obligation.