UAE Commercial Transactions Law

Article 402 — Article (402)

Book Three: Banking Transactions · Part Two: Current Account

Where the current account is closed, the balance shall be deemed a payable debt, unless both parties agree on otherwise, or where some of the transactions required to be entered into the account are still current and the entry would adjust the balance amount. In in which case, the balance debt shall be payable on the day following the date of the last entry required for such transactions.

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