Bill of exchange (security)

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A change ( English bill of exchange , French lettre de change , Italian cambiale ) is a security that the unconditional payment order of the exhibitor to the drawee containing at maturity on a specific payment , a certain sum of money to the issuer or a designated third payee to pay .


Like the check , the bill of exchange is initially a means of payment , but - unlike the check - also a means of credit . Participants in the change are the issuer as the creditor , the drawee as the debtor and, if necessary, another payee (change recipient , remitter) . The word "change" comes from Old High German , where it is first attested in 790 as wehsal ("exchange"). The bill of exchange appeared as "wesselbref" for the first time in 1393 in Cologne with the formulation "darinne was eyn wesselbref besloten van 25 guldenen". It was a legal battle that took place in October 1393.


Change to the sum of 1000 guilders, made out to Johann Nestroy as director of the Vienna Carl-Theater, 1854

The change came from Italy , its development is in the context of the reception of late ancient Roman law in the late Middle Ages. The original form of the bill of exchange was the promissory note . The money changers ( Latin cambiatori ) acted as brokers between the merchants ( Latin mercatori ) and the payees ( Latin remittendi ) who went "from place to place" ( Latin de loco in locum ) to trade fairs , with written instructions ( Latin cambium ; " Exchange ”), on the basis of which the sum of money could be paid out to a documented person at the exhibition site. The buyers at international trade fairs often did not have the legal tender of the trade fair country and were then forced to change money at a money changer. The sellers converted the purchase price proceeds of their buyers back into bills of exchange. One of the first bills of exchange probably came from Palermo in April 1207 , where a money changer ( Latin bancherius ) acknowledged receipt of the bill of exchange. In April 1250, the first formalized documents appeared in Genoa , in which a debtor acknowledged that he was obliged to pay and promised a later repayment. The bill of exchange first appeared in Lübeck in 1290, when a person from Lübeck issued it to Bruges on account of his city , where there were undoubtedly Italian money changers already at that time. The right of exchange began with the 1569 by Pope Pius V confirmed exchange order of Bologna . The bill of exchange ( Italian lettera di cambio ) was given its own legal system.

The move came from Italy to Belgium , where in 1582 the bill of exchange found its way into the city charter of Antwerp ( Dutch right end costumen van Antwerpen ) as the 55th title "Von Wechseln " ( Dutch van Wisseln ). Besançon followed in 1597 ( Latin Statuta et ordines feriarum Bezenzonensium ), 1601 Amsterdam ( Dutch Costumen en Keuren ). From 1603, the right to change also spread in Germany, in that year with the Hamburg change order , followed by Nuremberg (1621) and Bozen (market order from 1635). Numerous other cities and regions subsequently created their own bill of exchange law, so that in the mid-19th century, 56 different bill of exchange legal systems were in place side by side. The changers were called "campers" as a loan word from Latin. In Germany, the word “change” had the meaning both for the money exchange as such and for the document that mediated the payment of the sum of money at another location. In the meantime, the Amsterdamer Wechselbank ( Dutch Amsterdamsche Wisselbank ) was established in January 1609 , the first urban exchange bank in Western Europe.

Further legal provisions specified the law on exchange. In Naples , a law allowed the November 1607 transferability of the bill by endorsement . A first reference to bills of exchange in the German Reichs Farewell can be found in 1654. The most important and most widespread was the Leipzig Bills of Exchange Ordinance of November 1682. For France , Jacques Savary wrote the Trade and Bills of Exchange Act published in March 1673 ( French Ordonnance pour le commerce ), the basis for the French commercial code (in September 1807 French code de Commerce was). In the meantime, the Augsburg bill of exchange from 1778 also allowed endorsement. The General Prussian Land Law (APL) of June 1794 dealt very extensively with the law of exchange (II 8, § 713-1249 APL). The "prescriptions by which someone is obliged to pay a sum of money while avoiding the immediate personal arrest are called bills of exchange" (II 8, § 713 APL). At that time, only the merchant was usually able to change (II 8, § 718 APL), the change was considered transferable by endorsement (II 8, § 805 APL).

In St. Gallen there was a separate change order in 1784, in Basel a change order came into effect in February 1809, in Bern the Swiss Concordat draft of 1854 had been in effect since January 1860. In 1862 the Bern professor Walther Munzinger was commissioned to draft a joint To prepare commercial and bill of exchange law for all Swiss cantons, which he presented in 1863; his draft was not given legal status. The unified General German Exchange Order came into force in January 1849 and replaced the APL's exchange law. Other sub-states later adopted this bill of exchange ( Saxony in April 1849, Württemberg in May 1849, Hesse in June 1849, Nassau in November 1849, etc.). The lawyer Reinhold Johow dealt in 1865 with the consequences of the bill protest and actions on a bill based on the Prussian procedural law. The Banking Act of August 1924 allowed the discounting of bills of exchange by credit institutions (Section 21 of the Banking Act), which considerably expanded the institutions' lending business . In addition, bills of exchange have since served to cover the money in circulation through a cash cover of 60%, while the remaining 40% was made up of gold or foreign exchange (at least 75% of which was gold, the remainder foreign exchange).

The Geneva Bill of Exchange Law of June 7, 1930 dealt with the international standardization of bill of exchange law and served as the basis for the Bill of Exchange Act , which is still in force in Germany today and came into force in April 1934.

Since the Eurosystem, organized by the ECB , has no longer used the rediscounting of bills of exchange since January 1999, the credit function of the bills of exchange in the banking sector in particular lost its former importance, as a result of which the bills of exchange almost completely lost their economic importance. Commercial bills of exchange can only be refinanced as a pledge at the Bundesbank. Bills of exchange therefore only circulate in the non-banking sector .

Legal issues

The bill of exchange law is based on international roots, which is expressed in Germany by the Bill of Exchange Act (WG). Finally, in Art. 1 WG, it enumerates the legal components of the change. Thereafter, the bill of exchange is the unconditional instruction to the drawee to pay a certain sum of money to the payee on the due date. The lack of immediate maturity makes the switch to credit, which is implicit in Art. 5 WG. According to Art. 9 WG, the exhibitor is liable for the acceptance and payment of the bill of exchange; he can exclude liability for the acceptance. Art. 11 WG designs the bill of exchange by means of an endorsement as a transferable security in the form of the born order paper , the negative order clause makes it a de facto registered paper that must be transferred by assignment . Art. 12 to Art. 16 WG regulate the content , form and legal effects of the endorsement , which also apply to other endorsable securities. The blank endorsement made possible by Art. 12 WG turns the change into a de facto bearer paper .

According to Art. 28 WG, the drawee is obliged to pay the bill when it expires. This payment obligation of the drawee can be secured by a bill of exchange guarantee according to Art. 30 WG . The bill surety is liable like the drawee ( Art. 32 WG). When due, the drawee can request the handover of the acknowledged bill of exchange from the holder in return for payment ( Art. 39 WG). If the bill of exchange is not paid by the drawee on the due date, Art. 43 WG regulates the holder's recourse against the endorsers, the issuer and the other parties obliged to make a bill. The refusal of payment is to be established by means of a public document ( protest of a bill of exchange for lack of acceptance or failure of payment) ( Art. 44 WG). Everyone who has issued, accepted, endorsed or provided a guarantee of a bill of exchange is liable to the holder as joint and several debtors ( Art. 47 WG). Statute of limitations is contained in Art. 70 WG. The promissory note is regulated separately in Art. 75 ff. WG.

The guardian needs in accordance with § 1822 no. 9 of the Civil Code of the approval of the Family Court when the ward a commitment is received from an exchange.

Unlike banknotes and coins , bills of exchange are not legal tender . There is no obligation to accept bills of exchange when paying a debt . A change is to extinguish a liability in doubt only on account of performance and not on fulfillment made instead.

Basic transaction and legal relationships of the parties involved in the exchange


The underlying transaction is the transaction on the basis of which the bill of exchange is issued and accepted. The drawee will not pay the beneficiary on the account of the exhibitor without a legal reason . By paying the sum of money to the beneficiary, the drawee intends to repay a liability to the issuer (e.g. a purchase price debt ) or to grant a loan ( financial bill ). The exhibitor will not allow a sum of money to be paid to the beneficiary without a legal justification. The purpose of the exhibitor, too, by paying a sum of money to the beneficiary via the drawee, is to repay a liability to the beneficiary or to grant a loan. The legal relationship on the basis of which the drawee fulfills the exhibitor's obligation to pay on his account is called the cover relationship . The debt relationship on the basis of which the issuer would like to send the beneficiary a sum of money through the drawee is called the currency ratio . The relationship between the drawee and the beneficiary is referred to as the execution, grant or redemption relationship.

After acceptance of the bill of exchange by the drawee ( Art. 28 Para. 1 WG), the double authorization in the bill of exchange for an abstract promise of debt between the drawee and the beneficiary becomes stronger . If the exhibitor has traded the bill of exchange with the remitter without the drawee having accepted the bill of exchange, the exhibitor is liable for the sum of money in addition to the debt from the cover relationship (and abstractly) from ( Art. 9 Para. 1 WG), es unless the exhibitor has excluded this right of recourse.

If the drawee pays the bill of exchange to the beneficiary, he will be released in the amount of a liability from the cover relationship towards the exhibitor. The creditor position of an abstract promise of debt resulting from the acceptance of a bill of exchange can be granted on account of payment. If the issuer in turn exchanges the bill of exchange, his debt from the currency relationship, even if the drawee has accepted the bill of exchange, will only be settled with the payment of the drawee to the beneficiary. This can be explained by the fact that the beneficiary from an assumed bill of exchange can only be sure of the verity and not the creditworthiness of his claim from the abstract debt relationship.


The written form is required for the change . This turns the change into a certificate . There are also components that a change must include. This formal strictness of exchange means that violations of essential formal requirements lead to the nullity of the exchange as a security. A void change, however, can be reinterpreted as a civil instruction.

Beyond the formal alternation, there is no compulsory form. A bill of exchange does not have to be made out on a form, even if in practice forms prepared for a bill of exchange are mostly used.

Statutory components

According to German law, the following are expressly listed in Art. 1 WG:

  • Date and place of exhibition,
  • Bill of exchange clause (the word bill of exchange must be mentioned in the document text in the language of the bill of exchange),
  • Expiry time (see also days of respect ),
  • Name of the bill-taker,
  • Unconditional instruction to pay a certain amount (unconditional; i.e. without conditions),
  • Name of the drawee (the drawee is the main debtor of the bill of exchange),
  • Place of payment and
  • Signature of the exhibitor

Compliance with these requirements is an important prerequisite for safeguarding payment instructions under bill of exchange law, especially in a possible document process . Apart from the expiry time, place of payment and place of issue, all components are essential components; if there is no such thing, there is no change. Erasing, crossing out or tearing up a bill will invalidate a bill if it destroys an essential part. However, subsequent forgery does not affect the validity of the bill of exchange. The signatories are responsible for the version that they have signed.

Commercial components

  • Repetition of the place of payment and the expiry date,
  • Repetition of the bill of exchange in numbers,
  • Address of the exhibitor,
  • Stamp and copy number of the accepting bank (the copy number is the registration number at the bank),
  • Paying agents or domicile note.

If one or more of these commercial components are missing, the change remains legally valid.

Optional components

  • Endorsement (transfer to a new beneficiary; the change may be transferred with or without liability),
  • Surety (a surety by bill of exchange is principally directly liable).

Components shown graphically

Components shown graphically

Change types

A distinction is made according to the number of participants:

  • The drawn bill of exchange (draft) contains issuer (trassant), drawee (trassat) and bill acceptor ; it is rare because the claim of the obligee (issuer) against the debtor (drawee) and the claim of the bill of exchange against the issuer must be identical.
  • The drawn bill of exchange to one's own order (issuer = bill acceptor) is the normal case of the drawn bill.
  • In the case of trassiert's own change , the exhibitor and the drawee are identical, it is mainly used in branch companies (change to branches or branches ).
  • In the case of promissory notes , the issuer is the debtor.

With regard to the type of financing, a distinction is made between

Depending on the due date there are

  • Change of day: the change is due on a specific day,
  • Change of view: the change is due on sight, i.e. when presented to the drawee or to the named paying agent ,
  • Bills of exchange : the bill of exchange is due after a certain period has elapsed upon presentation,
  • Change of date: the change is due after a certain time from the date of issue.

Other forms are:

  • Riding change ( bills of exchange ): when people draw on each other change, the more liquidity to maintain.
  • Reverse bill of exchange (reversed bill of exchange): the buyer pays a delivery of goods immediately by check with a discount. At the same time, he allows the supplier to make a change, accepts it and has it discounted at his bank. The check is cashed from the discount proceeds, the delivery of goods is - initially - paid.
  • Rekta change: a change that can only be transferred by formal assignment (assignment) (note “not to order”).
  • Change of domicile: if the place of payment and place of residence do not match, the drawee must pay at the place of payment.
  • Cellar change: a change in which the person referred to as the drawee does not exist (names and signatures were forged).

Handling the bill of exchange

  1. Exhibition: The exhibitor “pulls” someone else. This is now the related one. Before accepting the bill of exchange, the drawee is merely authorized to pay for the account of the exhibitor and is not yet obliged to do so .
  2. Acceptance : Only when the drawee accepts (accepts), usually by signing it diagonally on the left side of the bill of exchange form, is he obliged to pay the beneficiary from the bill of exchange. This promise to pay is called acceptance. The drawee therefore only becomes the main debtor of the bill of exchange through acceptance. The law assumes that the bill of exchange will only be presented to the drawee after it has been issued; in practice, however, the majority of bills of exchange are accepted immediately upon issue.
  3. if applicable, transfer (by endorsement): The beneficiary can also transfer the bill of exchange claim; after all, the change is a (born) order paper. The endorsement can be done on the back z. B. with the wording "For me to Mr / Ms X, Y [signature of the previous beneficiary]". The new beneficiary is now the creditor of the bill claim.
  4. Present for payment: The bill of exchange debt is an obligation to collect. In order for the last beneficiary to get his money, he has to present the bill for payment. This is primarily at the paying agent noted on the bill of exchange, and subsidiary, if one is not entered, in the business premises or the residence of the drawee.


The instructor, e.g. B. the seller issues the bill of exchange; he acts as the issuer of the bill of exchange.

For the person obliged by the change, a corresponding legal ability to change is required (in Austria: at the age of 18). The independence of the bill of exchange means that an invalid signature does not affect the validity of the other signatures. Attention should also be paid to any billing for the bill of exchange (in Austria: drawn and own bills of exchange 0.25% of the bill of exchange).

Exchange tax

Exchange tax stamps, 1988

The change of control was a traffic control that was on solid and personal change that were domestically raised in circulation. It amounted to DM 0.15 for every DM 100 or part thereof. The tax was paid by sticking exchange tax stamps on the back of the bill. Exchange tax stamps were available from post offices. The federal government was entitled to the bill of exchange tax.

Since the 17th century it was levied in the form of a stamp duty . In 1923 the tax was reformed. After the tax was no longer levied by the tax simplification ordinance caused by the war from September 14, 1944, it was revived on June 20, 1948 on the key date of the currency reform . On January 1, 1992, the bill of exchange tax was abolished in accordance with the Financial Market Promotion Act of February 22, 1990.

Bills of exchange

Under Swiss law, the existence of a bill of exchange (or check ) is a prerequisite for initiating a bill of exchange (Art. 177 SchKG ). As a special form of bankruptcy, a bill of exchange is only possible against debtors who are capable of bankruptcy (otherwise the enforcement is null and void ). As soon as bankruptcy has opened, the usual rules of formal bankruptcy law then apply.

Blank bill of exchange

Blank bill of exchange (blank acceptance)

A blank bill of exchange contains - for the time being - only the signature of the exhibitor or the acceptor (drawee). The person who accepts this blank bill of exchange, the blank taker , has an authorization to fill in , which allows him to subsequently make the blank bill of exchange a valid bill of exchange. Problems arise in the case of unauthorized completion, especially if third parties want to assert the bill. A differentiation must be made as to whether the bill has already been filled out or not:

  • Bill completed: bona fide buyers (no intent, no gross negligence) are protected.
  • Change not yet completed: Here, too, the bona fide (no intent, no gross negligence) purchaser is protected. If the purchaser in good faith completes a blank bill of exchange, he basically has no obligation to investigate his contractual partner. If this is a suspicious person, however, gross negligence on the part of the purchaser may be present and the good faith is no longer valid.


The drawee is not yet obliged from the bill of exchange before acceptance, but is only authorized to make payments to the beneficiary. Only when the drawee accepts does he have to pay the bill of exchange. This promise to pay is called acceptance . Once accepted, Trassat becomes the main debtor of the bill of exchange (drawee). He is now obliged to pay every authorized holder of the bill of exchange on expiry. The law assumes that the bill of exchange will only be presented to the drawee for acceptance again after it has been issued; in practice, however, the majority of bills of exchange are accepted immediately upon issue.

On the form, acceptance usually takes place with a signature across the left side ( cross-writing ).

Please note the presentation rules and prohibitions:

  • Presentation requirements
    • statutory: for bills of exchange,
    • Awarded: if the exhibitor stipulates the presentation for acceptance.
  • Prohibitions on presentation
    • Unacceptable drafts: The issuer prohibits / restricts, e.g. B. “No acceptance before May 15, 2005”. If it is presented anyway, acceptance is possible, but the bill holder has no rights of recourse .


By assignment

The transfer of a bill of exchange claim can, like claims in principle, be transferred by assignment . Here, the normal civil law rules apply: The assignment is an available business , which due to an acquisition or sale is made. The guilt remains the same, only the creditor changes. The assignor (assignor) guarantees the correctness and collectability of the claim.

However, the assignment has three major disadvantages in the event of a change:

  • The assignor is only liable to his contractual partner, the assignee, but not to any other successors (no guarantee liability) if the assignee himself continues to assign.
  • The debtor can raise all objections to which he is entitled against the assignor, also against the assignee.
  • The bill of exchange claim cannot be acquired in good faith through assignment (claims cannot be acquired in good faith).

By endorsement

Multi-person relationship when endorsing

The form of transfer envisaged for the change is that of endorsement. The beneficiary notes “For me to the order of the X” and signs. The endorsement takes place on the basis of a grant agreement between the beneficiary, now the endorser, and the new beneficiary, the endorser.

The endorsement has the following functions:

  • Legitimation function: The person entitled is whoever is the owner of a bill of exchange and can present an uninterrupted chain of endorsements (series of endorsers) on it. The owner is then formally legitimized ; a material entitlement as with the assignment does not matter - after all, the bill of exchange is an abstract paper .
  • Transport function: the holder of the bill of exchange is fully protected. On the one hand, the bill of exchange can be acquired in good faith if it comes into third-party ownership, without an issuing agreement . On the other hand, no objections can be raised against the owner (exclusion of objections) . The transport function ensures the transfer of all alternately documented rights and obligations .
  • Guarantee function: In principle, every endorser of a bill of exchange is liable for payment; An endorser can limit this liability by means of a recta endorsement or completely exclude it by means of a fear clause .

Presentation for payment and due date

On the due date , the bill of exchange is to be paid by the main debtor, the drawee. However, the due date can be extended by deferment or by issuing a bill of extension.

Renewal change

The main debtor accepts a new bill of exchange with a later expiry date. The obligee has to return the first draft.

Presentation for payment

The bill of exchange must be presented for payment to the drawee or the paying agent, usually the house bank of the drawee.

Functions of change

Means of payment

Once a bill of exchange has been accepted, it can be used as a means of payment due to its good fitness (endorsement, purchase in good faith). Even a change that has not yet been accepted is suitable because of the exhibitor's liability to accept. Can e.g. B. If a buyer does not pay his purchase price in cash, he can also accept a bill of exchange issued by the seller. On account of the advance payment, the seller is then a creditor of an abstract obligation based on acceptance of the bill of exchange. By endorsing the bill, he can pay with the bill.

The issuer (usually the creditor , also called Trassant here ) instructs his debtor, also called the drawee (Trassat) , to pay the amount named in the exchange on a specific day at a specific location. As long as the bill of exchange has not yet been signed by the debtor, it is called a draft (from the Latin trahere , "to draw"). If the debtor has accepted the instruction with his signature, the bill of exchange is also called acceptance . If he signs the exchange form before the exhibitor has filled it in completely, this is known as a blank acceptance.

The holder can pass the bill of exchange on to third parties and thus use it as a means of payment. In this case, the holder (endorser) must record the declaration of disclosure (the endorsement) on the back of the bill of exchange. The bill acceptor (remitter or endorser) thus acquires full rights to the bill. Such a transfer can take place as often as required, if necessary by adding an allonge to the bill of exchange . When due , the bill of exchange is usually not presented directly to the debtor for payment, but is sent to his house bank (the paying agent specified in the bill of exchange ) for redemption.

Loan funds

A = drawee, B = issuer, C = beneficiary

The main economic function of the bill of exchange is the credit function, with two constellations occurring here: commercial bill and credit bill. The following applies to the following examples: A = drawee, B = issuer, C = beneficiary

Commercial exchange

In the case of commercial bills, the credit function is based on the fact that very often a bill is only payable on sight or on a certain due date. Economically, the exhibitor grants the drawee a loan . Because loans in business transactions are not usually given for free, interest can also be paid on the bill of exchange.


A buys goods from B. A accepts a bill of exchange issued by B stating that A has to pay C a certain amount within three months. C is the one to whom B in turn owes money. Instead of paying cash at C, B gives the bill of exchange to C. C now has a security in hand that represents a claim against A (i.e. contains).

Credit bills (financial bills)

The bill of exchange also has a credit function if the drawee accepts the bill in order to provide the issuer with a claim from the abstract contractual relationship. The coverage ratio then consists of a loan agreement.

A takes out a loan from B (bank) by accepting a bill of exchange issued by A. B hereby gives her acceptance without receiving anything in return . A can now pass the bill of exchange on to a third party, C, as a means of payment. However, A undertakes to ensure that the account has sufficient funds.

Bills of exchange discount business

A change was until December 1998 before its due date at a bank as part of the discount business discounted are; that is, it was paid out prematurely against an interest discount ( exchange discount or discount for short ). However, this business has lost its importance since the abolition of the possibility of rediscount (cheap refinancing at the Bundesbank on the basis of discounted bills) at the beginning of the third stage of the European Monetary Union in January 1999.

Securing means

The security function of the bill of exchange results from the legal background. So it is important that with the signature of the issuer, the drawee, if necessary the surety and possibly subsequently all possible endorsers (the endorser can, however, exclude his liability if he adds the words “no liability” to his signature) of the Change, are practically released from the burden of proof for the actual existence of an obligation. Even if the debtor does not pay as agreed, the bill holder has a good chance of getting his money. However, one must say that the civil and criminal liabilities are high, but that one can no longer expect payment from insolvent debtors. For example, in the case of an endorsed bill of exchange, he is entitled to demand payment from his predecessor if the endorsement liability has not been excluded. Judicial enforcement can also be achieved in a shorter time with a change because the claim is not checked. In the event that a bill of exchange becomes non-performing , a bill protest (at a notary ) should be filed within two working days . The most common reason for protest is probably lack of payment . In addition, protests can also be made because of non-acceptance of a drawn bill.

A bill of exchange that has not been redeemed and protested can serve as proof of the insolvency of a debtor when opening insolvency proceedings.

In the case of bad debtors in particular, the security function of the bill of exchange is often not enough for the bill taker. In such a case, it is supplemented by a guarantee ( Aval ), which must be noted on the bill of exchange, or a bank guarantee .


The prolongation , also called bill of exchange prolongation , is the postponement of the original due date of the payment by the debtor to the obligee if both parties (debtor, drawee , obligee and issuer ) agree to this.

Today's meaning

The change has lost its importance in day-to-day business and as part of SME financing and is now only used in very small numbers at non-banks . The change has not played a role at banks since January 1999 and is not a subject in the training of bank clerks. Another reason for the loss of importance of the change is to be seen in the fact that it was not possible to make the change “machine-compatible”. Because of its documentary nature, the change can only be handled with a high level of personnel. In addition, there are new, more effective types of payment transactions , in particular bank transfers , debit and credit cards , through which the advantages of switching can be reconciled with aspects of automation and the rationalization of banking .


The Switzerland took over the Geneva Conventions in Art. 990 OR to 1099 OR. Austria transformed this agreement into the Bill of Exchange Act, which came into force in May 1955 and consists of 102 articles. The French Code de Commerce (CC) deals with Geneva bill of exchange law in the first book in Articles 110–189 CC.

The Anglo-Saxon legal system did not adopt the legal standardization of the Geneva Agreement, so that today the Anglo-Saxon law on exchange differs considerably from the law on exchange of the Geneva Agreement. So there is change laws ( English Bills of exchange Act ), among others, in England , Canada or Australia . The English Bill of exchange Act (BOEA) from August 1882 stipulates that the issuer ( English maker ) or payee ( English payee the drawee () alternating English drawee shall name) (Sec. 6 § 1 BOEA), wherein the change for example on the holder ( english bearer may be issued) (Sec. 7, § 1 BOEA) and transferable ( english indorsable ) is (Sec. 8 BOEA).

In the USA the change in Art. 3 is Uniform Commercial Code (UCC) as one of the "transferable instruments" ( English negotiable instruments regulated). According to Chapter 673.1041 UCC, the "transferable instrument" is an unconditional written promise or instruction to pay a certain amount of money with or without interest, which is accompanied by an endorsement ( English indorsement ) according to Chapter 673.2041 UCC or a blank endorsement ( English blank indorsement ) according to Chapter 673.2051 UCC can be provided. The change can be either a bearer or an order document.


  • Adolf Baumbach, Wolfgang Hefermehl, Matthias Casper: Bill of Exchange Act and Check Act. 23rd edition. CH Beck, Munich 2008. ISBN 3-406-55284-6
  • Ernst Ludwig Jäger: The oldest banks and the origin of the bill of exchange. Liesching, Stuttgart 1879.
  • Kurt von Pannwitz: The emergence of the General German Exchange Order ... Lang, Frankfurt am Main 1999. ISBN 3-631-34156-3
  • Günther Raddatz: Securities Law. 10th edition. Alpmann and Schmidt, Münster 2003. ISBN 3-89476-681-6
  • Wolfgang Zöllner: Securities Law . 14th edition. Beck, Munich 1987. ISBN 3-406-30925-9
  • DIN 5004: Business forms, change of unit (en: Business forms; Standard bill of exchange; fr: Formules commerciaux; Change d'unité). (This standard defines uniform bill of exchange forms as used in banking)

Web links

Wiktionary: change  - explanations of meanings, word origins, synonyms, translations
Commons : Exchange  - collection of images, videos and audio files

Individual evidence

  1. Gerhard Köbler : Etymological legal dictionary . 1995, p. 460
  2. ^ Alfred Schirmer: Dictionary of the German merchant language - on historical bases . 1991, p. 209
  3. ^ M. Du Mont-Schauberg: Communications from the city archive of Cologne , Volume 4. 1887, p. 71
  4. ^ Wilhelm Hartmann: The German bill of exchange law . 1869, p. 30
  5. Georg Friedrich von Martens: An attempt at a historical development of the true origin of the bill of exchange law . 1797, p. 29
  6. ^ Wilhelm Hartmann , Das deutsche Wechselrecht , 1869, p. 23
  7. ^ Wilhelm Bernstein: Lectures on the German bill of exchange law . 1909, p. 3 f.
  8. ^ Carl Wilhelm Pauli: Lübeck conditions in the Middle Ages . 1847, p. 101
  9. Holger Fleischer : Commercial Code . Beck texts in dtv. 39th edition. 2002, p. XIV
  10. ^ Eduard Siebenhaar: Archive for German Bill of Exchange Law and Commercial Law , Volume 14, 1865, p. 14
  11. ^ Wilhelm Hartmann: The German bill of exchange law . 1869, p. 30
  12. General Land Law for the Prussian States , Volume 3, 1794, p. 479 ff.
  13. Eduard Siebenhaar (Ed.): Archive for German Bill of Exchange Law and Commercial Law , Volume 14, 1865, pp. 30 ff.
  14. Convention for the settlement of certain conflicts of laws in connection with bills of exchange and promissory notes
  15. Monthly report November 1998 . (PDF) Deutsche Bundesbank, p. 24
  16. Gerhard lip Jörn Esemann, Thomas dancers: Knowledge for bankers . 1973, p. 504 ff.
  17. Marc Hunziker, Michel Pellascio: Debt enforcement and bankruptcy law - brief presentation (revision), tables, exercises with solutions. Orell Füssli, Zurich 2008, p. 198. ISBN 3-280-07072-4
  18. Marc Hunziker, Michel Pellascio: Debt enforcement and bankruptcy law - brief presentation (revision), tables, exercises with solutions. Orell Füssli, Zurich 2008, p. 199
  19. Marc Hunziker, Michel Pellascio: Debt enforcement and bankruptcy law - brief presentation (revision), tables, exercises with solutions. Orell Füssli, Zurich 2008, p. 203
  20. Manfred Wünsche: Finanzwirtschaft der Bilanzbuchhalter IHK . Gabler Verlag, 2016, ISBN 978-3-658-10072-8 , p. 164
  21. Heidrun Jähnchen-John: The bill of exchange and check law of the United States of America . 1976, p. 24