CHEQUES

ARTICLE 1.　A cheque is a writing, by which, under the form of an order for payment, a drawer effects the withdrawal, for his own benefit, or for the benefit of a third party, of the whole or a part of the disposable funds to his credit with the drawee. It must be signed by the drawer, and bear the date of the day upon which it was drawn. It may only be drawn at sight. It may be made payable to bearer, or to the party named thereon. It may be made payable to order, and is transferable, even by an indorsement in blank. ARTICLE 2.　A cheque may be drawn only upon a party with whom a deposit has previously been made; it shall be payable upon presentation. ARTICLE 3.　A cheque can be drawn from one place upon another, or upon the same place. ARTICLE 4.　The issuing of a cheque, even when drawn from one place upon another, does not of itself constitute an acte de commerce. Nevertheless, the provisions of the Code of Commerce respecting the joint and several liability of the drawer and indorsers, the protest, and the right of action for liability upon bills of exchange, apply equally to cheques. ARTICLE 5.　The holder of a cheque must demand payment thereof within five days from the date of the instrument, including the day upon which it was made, if the cheque be drawn in the place in which it is payable; and within eight days, inclusive of the date thereof, if drawn from another place. The holder of a cheque, who fails to claim payment within the above periods, loses his recourse against the indorsers; he also loses his recourse against the drawer, if the fund against which the cheque is drawn is consumed through the act of the drawee after the above periods have elapsed. ARTICLE 6.　(This Article was repealed, and replaced by Article 6 of the Law of the 19th February, 1874) ARTICLE 7.　Cheques are exempted from all stamp duty during ten years from the promulgation of the present law. (This Article was repealed by the Article 18 of the Law of 23rd August, 1871.)