The Innovations in the Reformed Act of Check 1397,A step back or a step forward?

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Eskini Rabiaa; Yamrali Saleh

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Journal: Year:2021 | Volume:20 | Issue:46 Page(s): 7-28

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Information Journal Paper

Title

The Innovations in the Reformed Act of Check 1397,A step back or a step forward?

Author(s)

Eskini Rabiaa | Yamrali Saleh | Issue Writer Certificate

Keywords

advantages

Disadvantages

credit rating verification

endorsement

writ of execution

Abstract

The reformed Act of Check passed in 2018 has spurred innovations in check format, bringing actions, hearing, and banking matters. A number of such innovations are as follows: regarding the check format, it is not allowed to issue and endorse a check to the bearer’s order, and it is not allowed to endorse a check by hand; regarding the bringing an action and hearing, writs of execution are issued for bounced checks with the parallel of trial, and they can also be issued at the time of asking for a delayed settlement compensation, but not against the guarantor and endorser; and regarding the banking matters, the financial institutions are obligated to verify the credit rating for check book issuance, certificates of non-payment have undergone changes, insolvent and bankrupt persons cannot ask for a check book and liability of banks and credit institutions. Innovations regarding the check format, the impossibility of demanding a compensation for a delayed settlement, and the inability to issue a writ of execution against the guarantor and endorser are the Disadvantages of the new act. The possibility of issuing a case check also avoids the accreditation and tax regulations. The new law does not address some of the former ambiguities, such as the nature of the documents issued by credit institutions and the timing of the check for claims that have different issuance and payment dates.

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APA: Copy

Eskini, Rabiaa, & Yamrali, Saleh. (2021). The Innovations in the Reformed Act of Check 1397,A step back or a step forward?. JOURNAL OF LEGAL RESEARCH, 20(46 ), 7-28. SID. https://sid.ir/paper/1008313/en

Vancouver: Copy

Eskini Rabiaa, Yamrali Saleh. The Innovations in the Reformed Act of Check 1397,A step back or a step forward?. JOURNAL OF LEGAL RESEARCH[Internet]. 2021;20(46 ):7-28. Available from: https://sid.ir/paper/1008313/en

IEEE: Copy

Rabiaa Eskini, and Saleh Yamrali, “The Innovations in the Reformed Act of Check 1397,A step back or a step forward?,” JOURNAL OF LEGAL RESEARCH, vol. 20, no. 46 , pp. 7–28, 2021, [Online]. Available: https://sid.ir/paper/1008313/en

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