Execution of the contract of a Commercial Current Account

1. Remittance Concept of an Account Merchant

It is called remittance to any transaction or legal transaction between correntistas that determines the birth of a credit for one against the other.

It is clarified that the seat is not in the current account merchant which gives rise to credit. Annotation in the current account is not a source of credit is not its cause.The annotation in the current account, of a game or a seat, is an effect of that previous negotiation.

Remittances are optional. They are made by the parties at their discretion. A contractor may not compel the other to do so.

There is no obligation to carry out operations but to take into account the credits derived from them. An account merchant holder can only force the other to include in the account the remittance he has made.

2 . Effects of remittance of an Account Merchant

The account merchant holder, when making a remittance, loses the right to demand its counter value as long as the commercial current account contract remains in effect. The remittance generates credits against the receiving party.
When registering a remittance in the merchant current account the demandability of the credit born by the legal operation that it implies is paralyzed. Which sends a consignment to a correntista account waives asserting his credit favor2 born.

acountant merchant execution

Unique and successive remittances feed the account merchant and are subject to a final destination of compensation. They cease to be demandable and available in isolation. The parties agree to be included in an account (unit) no longer segregate (indivisible) 2.

That unity and indivisibility derives from the granting of reciprocal credit. The current account merchant is settled as a whole at the end of the account.

As no novation operates the personal and real guarantees of the credits noted. Therefore, the limitation periods applicable to the operation that originated each entry, as well as the actions and exceptions, specific to the business that was included in the account merchant, are maintained.

Each credit in the current account merchant is maintained with all its individual attributes, only affected by a state of stillness. What the parties want with the conclusion of this contract, is that the credits are not immediately demandable. They will become due at the end, when the mercantile current account is closed.

Compensation will only occur at the close of the current trade account because for compensation to be required, that there are two reciprocal and due credits and in the current account there is only demandable at the closing of the current account. At the close, the two masses, of credits and debits, are offset and then compensated. The compensation is made with respect to the concurrent amounts: the final balance is the excess of the debt, which is not extinguished. It is not a credit that replaces another without a residual of previous credits.

The compensation stops until the end. The credits remain devoid of enforceability and are only extinguished with the liquidation and closure of the account, but not for its novation but for compensation. With compensation, money transfers are avoided in both directions and a single payment is made: the payment of the balance.

Some authors argue that there are successive offsets, as they are recorded in the current account merchant, but this is not the case. There is no immediate compensation whenever there is a reciprocal credit and as they are settled in the account, because the inclusion in the account makes them unenforceable and it removes one of the characters for the compensation to be operated. There is no interest in successive compensation. There will be no balance due until the end. The parties have also agreed on final compensation.

The consequences of the modern thesis are as follows: while the current account merchant is open one of the account holders can not require the other to pay a credit that is recorded in the account; The tender can not be requested based on a credit incorporated in the commercial current account; The credits in commercial current account can not serve as provision of a bill of exchange because it is not known if there is credit or not until the end until the closing.

B. Interests about an Account Merchant

1. Regime of interests of an Account Merchant

The credits recorded in the current account generate interest. The art. 720 of the Commercial Code provides:

” They can interact traders paid interest on the respective items of their current accounts, provided that the items are true and liquid, even if not preceded by any provision in this regard.

Capital accounts with interest shall not be admitted to judgment, without their being reciprocally subscribed in the headings, both as charge and date.


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