A Contemplation on the Sorts of Late Payment Damage and Applicability of them to Foreign Currency Debts

Document Type : Research Article

Authors

1 Associate Professor, Faculty of Economics and Administrative Sciences, University of Isfahan, Isfahan, Iran

2 Assistant Professor, Faculty of Economics and Administrative Sciences, University of Isfahan, Isfahan, Iran

3 MSc., Faculty of Economics and Administrative Sciences, University of Isfahan, Isfahan, Iran

Abstract

Based on the type of debt due to be based on rial or foreign currencies and also due to be documented by cheque or not, the late payment damage is divided into four categories. Among them, the case of late payment compensation of foreign currency debts documented by cheque is ambiguous. On one hand, the late payment damage has been assigned absolutely in the code of “issuance of cheque” and on the other hand, the calculation method of this compensation which is based on the announced index of central bank cannot be applied to the cheques that have been issued with foreign currencies. There’s a judgment within which the drawer is sentenced to pay the late payment damage in the way that the sum of cheque is changed from a foreign currency to rial. As to review the judgment, in this article it’s proved with several reasons that there’s no legal basis in Iranian current legal status for the late payment compensation of foreign currency debts whether documented by cheque or not.

Keywords

References

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Http://j.ijri.ir/SubSystems/Jpri2/Search.aspx.
Private Law
Volume 17, Issue 2
Autumn & Winter
October 2020
Pages 351-371

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