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  Inter-American convention on conflict of laws concerning bills of exchange, promissory notes and invoices
  » Summary

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CIDIP: This Convention was adopted at the First Inter-American Specialized Conference on Private International Law (CIDIP-I), held in Panama City, Panama - January 1975.  

Ratifications: To date, the following countries have ratified this Convention: [click here] 

Objective: This Convention is aimed at defining the applicable law concerning bills of exchange, promissory notes and invoices. 

Summary: As a general rule, this Convention establishes that the law where a bill of exchange, promissory note or invoice is entered into will govern this instrument.   Nevertheless, should the obligation be contracted by a person who is not capable under the aforesaid law , that incapacity may not be relied upon in the territory of any other State Party. This Convention establishes that any formal or substantive component of the instrument rendered invalid by the resulting applicable law shall not affect other obligations valid under the law of the place where they were contracted.  Should a bill of exchange not specify the place in which the obligation was entered into, this instrument shall be governed by the law of the place where the bill is payable.  Should the bill not specify that place, then governed by the law of the place where it was drawn.  

Finally, this Convention establishes that procedures and time-limits for acceptance, payment and protest of these instruments shall be governed by the law of the place where they were entered into. * 

* Summary based on the article: "Convenciones aprobadas por la Primera Conferencia Especializada sobre Derecho Internacional Privado (CIDIP-I): Derecho Comercial Internacional" Haroldo Valadão en "Curso de Derecho Internacional, Vol. I".

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