This is a translation of the
Loi (1813) concernant le paiement de lettres de change,
etc.
(Chapter 05.425)
as in force on 1 January 2019
This is
not an authoritative translation of the Law. Whilst it is believed to be
correct, no warranty is given that it is free of errors or omissions or that it
is an accurate translation of the French text. Accordingly, no liability is
accepted for any loss arising from its use.
Law (1813) concerning the payment of BILLS of
exchange etc.
CONSIDERING the progressive
increase in commerce and navigation in this Island; that these branches of industry
have become the main employment of a large number of the inhabitants, and
are sources of wealth and prosperity for the community in general;
That this growth
in commerce and navigation, and the almost total lack of hard cash, have given
rise to a large circulation of bills of exchange, bills payable to bearer,
and promissory notes, and that recently bills of various values from one pound
sterling to one shilling, payable to bearer, have been put into circulation
by some individuals, and received generally amongst public without regard
to the solvency of the signatories; that this circulation of paper,
particularly of bills of small value, has caused great harm, losses, and even
frauds upon the poor and the uneducated among the inhabitants, and the soldiers
of the Garrison;
That it is of the
utmost importance to curb and to prevent such manifest abuses of public trust
and to uphold the standard of good faith that must prevail in commercial
dealings, without which commerce cannot flourish; considering furthermore that
the recovery of payment of bills of exchange and of promissory notes requires,
at customary law, the same procedural formalities in the Royal Court as the
recovery of ordinary debts, that this entails considerable delays, hinders
prompt payment, and slows down commercial activity.
Given all of
these considerations, and inasmuch as the present Laws are not adequate to meet
the necessary objectives, the States have agreed, subject to the Sanction of
His Royal Highness the Prince Regent in Council, to enact into law the
following Articles –
1
All bills of
exchange duly accepted, and all promissory notes, shall be payable on the day
that they mature
including 3 days of grace; and in the case of refusal or default of payment on
the part of debtors, it shall be lawful for persons entitled to demand payment
of such bills of exchange or promissory notes to cause to be seized, through
the intermediary of an Officer of Justice,
the property or the person of such debtors, even if they own land in
Jersey and to proceed against them summarily whether in vacation or in term.
2
All bills of
exchange, and promissory notes, properly protested for non-acceptance or
non-payment, shall be recoverable against the drawers, endorsers, and
signatories, in the form provided in the preceding Article.
3
All bills payable
to bearer shall be payable upon presentation, and, in the case of refusal or
default of payment, proceedings against the signatories shall be in the manner
that is provided by the first Article of this Law.
4
Acts [of Court]
obtained in vacation against a debtor, by virtue of the preceding Articles, shall
date, in the case of a décret,
from the first day of next term of the Royal Court.
5
It is forbidden
for any person to put into circulation or to receive in payment any bill
payable to bearer for a sum which is less than £20, on pain of
confiscation of such bill, and a fine. And all persons who are holders of such bills on the coming into
force of this Law shall give notice to the signatories respectively,
requiring payment of the amount in question, without involving a third party,
or realising the bills in any other manner whatsoever.