A contract of current account shall result in the following: 1. The ownership of cash and funds delivered and entered in the current account shall be transferred to the party who received them. 2. The entry of a commercial paper in the current account is deemed to be valid and its value shall not be taken into consideration where it is not paid on the date of maturity, in which case, it may be returned to its owner and a counter entry is made in such manner as specified in Article (407) hereof. 3. The totality of the items of the current account shall be indivisible before the closure of the account and extraction of the final balance. 4. Clearance may not be affected between one item in a current account and another item in the same account. 5. Items entered into the current account shall not terminate the rights of either party regarding such contracts and transactions arising from such items. 6. Save where otherwise agreed, each party to a current account may at any time dispose of his credit balance.
Interpretation and application must be checked against the official text and current version.