Encyclopedia

Trassant


Trassant - drawer of a transferable bill of exchange (tratt). Is responsible for acceptance and payment of the bill. The signature of the trassant is a mandatory requirement of a transferable bill of exchange. The trassant may disclaim liability for acceptance, however any condition under which he disclaims liability for payment is considered unwritten

Source: Letter from the Bank of Russia dated September 9, 1991 No. 14-3/30 "On Banking Operations with Bills of Exchange"

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