UAE Commercial Transactions Law

Article 594 — Article (594)

Book Four: Commercial Papers · Part One: Bill of Exchange · Chapter Eight: Claim and Recourse Against Obligors of the Bill of Exchange: Article (581)

1. A bearer of a bill of exchange may claim from the person having a right of recourse against him the following: a. The original sum of a non-accepted or non-paid bill of exchange, along with the agreed interest, if applicable; b. The interest calculated according to the prevailing banking rate, as of the date of maturity; and c. Costs of the protest, notices and any other expenses. 2. In the cases of recourse exercised before the maturity date of the bill of exchange, a sum equal to the official discount rate on the date of recourse and in the place where the bearer's place of residence is located shall be deducted from the value of the bill of exchange.

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