UAE Commercial Transactions Law

Article 554 — Article (554)

Book Four: Commercial Papers · Part One: Bill of Exchange · Chapter Four: Acceptance of Bill of Exchange: Article (550)

1. The acceptance shall be written on the face of the bill of exchange with the word "accepted" or any other phrase having the same meaning, and shall be signed by the drawee. 2. The mere signature of the drawee on the face of the bill of exchange shall be deemed as acceptance. 3. The date of acceptance shall be stated as being on the same day on which acceptance occurred if the bill of exchange is due for payment after a certain period from being seen, or where it is stipulated that it must be presented for acceptance within a specific time limit, pursuant to a condition pertaining thereto, unless the bearer requires that the date of acceptance is to be stated on the same day of acceptance. 4. Where the date of acceptance is not stated, the bearer may, in order to preserve his rights, have recourse against the endorsers, and the drawer shall establish the lack of date by means of a protest made in due course.

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