Clifford Chance
Bills of exchange – The new law
15 September 2023
The Electronic Trade Documents Act 2023 (“ETDA”) makes it possible to create electronic bills of exchange, to transform existing bills of exchange from paper to electronic form (and vice versa), and to replicate the entire legal structure of obligations on a bill of exchange – including transfer by delivery and the status of holder in due course – within an electronic system.
The ETDA received royal assent on the 20 July 2023, and will come into force on the 20 September 2023. Its primary purpose is to facilitate the electronification of trade and trade finance documentation in general, but it also effects a revolution in the law of bills of exchange.
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