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".