The Fundamental Survey on Some Aspects of Bill of Exchange Based on Regulations of the New Commercial by-Law

In order to eliminate defaults of the current commercial code has been tried to codify the new commercial by-law based on general rules and regulations such as Geneva and Uncritical instruments on bill of exchange and promissory note. Thus, we are able to count some the most important features of this bylaw; the definition of bill of exchange, stipulation to some fundamental feature of bill of exchange as a commercial instrument including independence of signatures principle, possibility of completing incomplete instrument, possibility of mortgaging and endorsement to pledge and presenting an explicit solution for recognizing the legal nature of putting signature act on bill. Notwithstanding, there are some denunciations; absent of considering legal nature of bill of exchange and some important definitions such as signature definition.