Risalat al-huquq Journal

Commercial papers fulfill economic needs and dispense with the use of money in fulfillment operations, The obligation resulting from signing them is called a morphological obligation, and this obligation is independent of the previous relationships that were the reason for its establishment, Since each person who puts his signature on the commercial paper is obligated to pay the value of the paper if the original debtor refuses to pay it. The rules of the Exchange Law stipulated a specific form for each commercial paper by mentioning a set of mandatory data written according to the type of commercial paper, and in the absence of which the bond loses its commercial character. It is possible to correct the defect that afflicts the commercial paper regarding its mandatory data in order to avoid its invalidity by completing the deficiency before submitting it for payment so that the morphological effects resulting from it are produced, It may turn into a document that includes acknowledgment of a debt or is invalidated according to the type of statement that is left behind, There are other cases where the statement’s backlog does not affect the validity of the commercial paper, which are the exceptions that came in the exchange law. This data may be stated untrue, and this fictitious effect affects the validity of the commercial paper, and this data can also be distorted by changing the original text of the paper from the mandatory data, which affects the extent of commitment of the obligors to the commercial paper.