1. Where the proceeds of deducting a commercial paper is entered in the current account but the value thereof is not paid on the date of maturity, the person who deducted the instrument may remove the entry of its value into the current account by a counter entry, even if the person who presented it for deduction has been declared bankrupt. 2. A counter entry means an entry of a sum equal to the value of the commercial paper, plus the expenses, in the debit side of the current account. 3. A counter entry may be made only with regard to such commercial papers as have not been paid on their maturity dates. Any agreement to the contrary shall be null and void.
Interpretation and application must be checked against the official text and current version.