Jurisprudence– Promissory Notes Incorporated in Receipts

January 10, 2013
Jurisprudence– Promissory Notes Incorporated in Receipts

The First Chamber of the Supreme Court of Justice of the Nation (SCJN) approved the ruling by contradiction number 4/2013 (10a.) titled "Promissory Note incorporated in a receipt. In order to satisfy the requirements set forth in Article 170, Section V of the General Negotiable Instruments and Credit Operations Law, it is sufficient for the time and place of payment to be included in any part of such." In this ruling, the SCJN has determined that it is sufficient for the document containing the promissory note to include all requirements established by Article 170, Section V of the General Negotiable Instruments and Credit Operations Law, including those not expressly provided for, in order to satisfy such requirements. The fact that the requirements related to time and place of payment are found in the receipt and not in the text of the credit instrument will have no effect, given that if all requirements necessary for such to render its effect are included, it cannot be validly claimed that the document lacks such requirements. This ruling is pending publication in the Weekly Federal Court Reporter.

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