UAE Commercial Transactions Law

Article 625 — Article (625)

Book Four: Commercial Papers · Part Two: Promissory Note

1. The provisions on the bill of exchange, pertaining to capacity, multiple counterparts and copies, endorsement, maturity, payment, recourse for non-payment, cases where a time limit for payment may not be granted, precautionary attachment, protest, calculation of time-limits and business days, recourse by drawing up a recourse bill of exchange, payment for honor and the limitation period, shall apply to promissory notes, in such a manner as they do not contradict the nature thereof. 2. Furthermore, the rules related to the bill of exchange payable at the domicile of a third party or at a place other than that where the drawee's domicile lies, stipulation of interest, discrepancies in the particulars pertaining to the payable sum, the effects of signatures by persons having no capacity to assume the liability, forged signatures, signatures of fictitious persons, signatures which are not binding or those affixed by persons having no authority or acting ultra vires, shall also apply to promissory notes. The provisions pertaining to the aval shall apply to promissory notes, provided that if the name of the giver of aval is not mentioned in the wording of the aval, the aval shall be deemed to have made in favor of the maker of the promissory note.

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