UAE Commercial Transactions Law

Article 448 — Article (448)

Book Three: Banking Transactions · Part Four: Transactions on Commercial Papers · Chapter Three: Collection of Commercial Papers: Article (447)

Upon maturity of the commercial paper, the bank shall claim payment from the drawee or the executor. Where the payment is made, the bank shall enter the value of the commercial paper in the credit side of the customer's account, and if payment is not made, the bank shall make a protest or establish the non-payment, and in both cases the expenses shall be charged to the customer's account.

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