A Justification of Negotiable Instruments in English Legal System with a Glancing at Iranian Law
Subject Areas : Journal of Law and Politics
1 - Assistant Professor of Departement of Private Law, Sari Branch, Islamic Azad University, Sari, Iran
Keywords: Assignment, Instrument, Holder, Negotiablity, Shelter. ,
Abstract :
The negotiable instruments in English legal system were formed in the context of historical developments of a thousand years old of this country and through the development of concept of "assignment" in common law, equity, positive law and law merchants, and to ensure the circulation of bill of exchange, promissory note and check in the realm of commerce has provided the necessary standards to achieve the concept of negotiability through institutions such as Estoppeland shelter. Although according to the general rules of jurisprudence and Iranian civil law, contracts such as guarantee and remitance- which are considered as channels of transfer of debt and credit -are affected by the previous debt in terms of invalidity and termination, instruments such as bills of exchange, promissory note and check -which are caused by a previous relationship based on appearance caused by sign of the signatory on basis of trust -are not affected by them. Although, there have seen very limited common foundations and inspiring principles between two legal systems, they achieved similar results and created a powerful relationship in favor of holer in due course. In this study, the formation, principles and rules of negotiable instruments are examined in English with an Approach in Iranian Law in descriptive-analytic Method.
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