Promissory note safekeeping
Storage of bills of exchange is the implementation by the Bank on order, on behalf of and at the expense of the bill holder of custody operations with bills of exchange in accordance with the instructions received from the one, specifically:
- Storage of bills.
- Transfer of the original bill of exchange to the legitimate bill holder possessing the copy of this bill.
- Handover of a copy of a transfer bill of exchange intended for acceptance to the legitimate bill holder possessing another copy of the bill.
- Delivery of originals, items and copies of bills of exchange to another person under the terms and conditions established by the bill holder.
Storage of bills is performed in two types: open and closed.
An open storage is carried out by submitting to the Bank of a supplementing order for storage with accurate and complete instructions regarding the Bank’s actions with the bills of exchange.
A closed storage is carried out by providing the bill holder with a deposit safe in the Bank’s vault without any instructions regarding the Bank’s actions as to the bills of exchange. A closed storage is carried out on the grounds of the agreement for storage of bills of exchange. The agreement may be concluded for a certain fixed term, without fixing a storage term or on demand, and / or regarding storage of certain bills. It may contain conditions on the Bank’s property liability.
The bills of exchange, which are transferred to the Bank for open storage, must have a supplementing order for open storage of bills, which must contain accurate and complete instructions of the bill holder. The Bank takes its actions only in accordance with such instructions.
An order for open storage of bills of exchange must contain a register of bills of exchange to be transferred. A register of bills transferred to the Bank for open storage is quite sufficient to ensure the open storage of these bills of exchange.
An open storage of bills of exchange is carried out by the Bank in accordance with the agreement on open storage of bills concluded between the Bank and the bill holder.
The Bank has the right to conclude agreements regarding:
- Reception of bills of exchange for storage to be returned to the bill holder on his first demand, irrespective of the period of storage.
- Acceptance of bills of exchange originals for storage to be transferred to their legitimate holder of the copies of these bills of exchange.
- Reception of bills of exchange for storage for their further transfer to persons specified in the order instructions for storage of bills of exchange on the conditions determined by these instructions.
- Carrying out other actions with bills of exchange in compliance with the instructions set forth in the orders for open storage of bills (control over the payment terms on bills, transfer of bills as collateral in favor of third parties, acceptance of bills in pledge for the bill holder, implementation of all other actions related to open storage of bills and protection of rights of their holder).