Article 24 of the Saudi Commercial Papers Law
المادة 24 من نظام الأوراق التجارية · الفصل الثالث: قبول الكمبيالة
Article 24 sets the form of acceptance of a bill of exchange, written on it with the word "accepted" or similar words and signed by the drawee, requires dating the acceptance in certain cases, and lets the holder record an undated acceptance by protest.
Official text (Arabic)
This article has not been amended since the law was issued.
يكتب القبول على ذات الكمبيالة ويؤدى بلفظ (مقبول) أو بأية عبارة أخرى تفيد هذا المعنى ويوقعه المسحوب عليه، ويعتبر قبولا مجرد وضع المسحوب عليه توقيعه على صدر الكمبيالة، وإذا كانت الكمبيالة مستحقة الوفاء بعد مدة معينة من الاطلاع عليها أو كانت واجبة التقديم للقبول في مدة معينة بناء على شرط خاص وجب بيان تاريخ القبول في اليوم الذي حصل فيه إلا إذا أوجب الحامل بيان تاريخ القبول في يوم تقديم الكمبيالة. فإذا خلا القبول من التاريخ جاز للحامل حفظا لحقوقه في الرجوع على المظهرين أو على الساحب إثبات هذا الخلو باحتجاج يعمل في الوقت اللائق.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 24 explained in plain English
This article explains how a bill of exchange is accepted:
- Where acceptance is written: on the bill of exchange itself.
- Its form: with the word "accepted" or any other words with that meaning, signed by the drawee.
- Acceptance by signature alone: the drawee merely placing his or her signature on the face of the bill counts as acceptance.
When must acceptance be dated? The date of acceptance must be stated on the day it was given if the bill of exchange is:
- payable at a fixed period after sight, or
- required to be presented for acceptance within a fixed period under a special condition.
The exception is where the holder requires the date of acceptance to be stated as the day the bill was presented.
If the acceptance has no date in these two cases, the holder may, to preserve his or her rights of recourse against the endorsers or the drawer, record the absence of a date by a protest made at the proper time. The article does not fix this time as a number of days.
This article complements Article 23 on the request for second presentment, while Article 25 requires acceptance to be unconditional. Anyone holding a bill of exchange that was accepted without a date would do well to consult a lawyer specializing in commercial cases and commercial papers.
Practical example
An establishment in Taif presented a bill of exchange payable 30 days after sight, and the drawee wrote "accepted" and signed without stating the date. Under Article 24, the establishment may record the absence of a date in the acceptance by a protest made at the proper time, to preserve its right of recourse against the endorsers and the drawer.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 24 of the Saudi Commercial Papers Law
How is acceptance of a bill of exchange written?
On the bill itself with the word "accepted" or any words with that meaning, signed by the drawee.
Is the drawee's signature alone enough to accept a bill of exchange?
Yes, merely placing the signature on the face of the bill counts as acceptance.
What should the holder do if the acceptance is undated?
In the cases where dating is required, the holder may record the absence of a date by a protest made at the proper time, to preserve rights of recourse.
More articles on Bill of Exchange
- Article 1
The article sets out the eight particulars a bill of exchange must contain, including the word "bill of exchange", the amount, the name of the drawee, the due date and the drawer's signature.
تشتمل الكمبيالة على البيانات الآتية: أ - كلمة (كمبيالة) مكتوبة في متن الصك وباللغة التي كتب بها. ب - أمر غير معلق على شرط بوفاء مبلغ معين من النقود. ج - اسم من
- Article 2
An instrument lacking the particulars of Article 1 is not a bill of exchange, except where the due date, place of payment, drawee's domicile or place of issue is missing, each of which has a substitute rule.
لا يعتبر الصك الخالي من البيانات المذكورة في المادة السابقة كمبيالة إلا في الأحوال الآتية: أ - إذا خلت الكمبيالة من بيان ميعاد الاستحقاق، اعتبرت مستحقة الوفاء ل
- Article 3
The article permits three ways of drawing a bill of exchange: to the drawer's own order, on the drawer himself, or for the account of another person.
يجوز سحب الكمبيالة لأمر الساحب نفسه، ويجوز سحبها على ساحبها، ويجوز سحبها لحساب شخص آخر.
- Article 4
The article permits stipulating that a bill of exchange be paid at the domicile of a person other than the drawee, whether in the drawee's town or in another.
يجوز اشتراط وفاء الكمبيالة في موطن شخص آخر غير المسحوب عليه سواء كان هذا الموطن في الجهة التي فيها موطن المسحوب عليه أو في جهة أخرى.
- Article 5
If the amount of a bill written in words differs from the amount in figures, the words prevail; if the amount is written several times and differs, the smaller amount prevails.
إذا كتب مبلغ الكمبيالة بالحروف وبالأرقام معا فتكون العبرة عند الاختلاف بالمكتوب بالحروف، وإذا كتب المبلغ عدة مرات بالحروف أو بالأرقام فتكون العبرة عند الاختلاف
- Article 6
Article 6 provides that any stipulation of interest on the amount of a bill of exchange is treated as if it had not been written.
اشتراط فائدة الكمبيالة يعتبر كأن لم يكن.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.