Some Reflections on The Privileges of Commercial Documents and The Issue of Substitution of Cheque for Other Commercial Documents

The legislature, for the purpose of commercial documents and their increased use by individuals, has provided different privileges. Some of these privileges is applicable commonly to the bills of exchange, promissory notes and cheques. However, the other part has been assigned only to this commercial document as the special privileges of checks. There are some special privileges for cheque. It is necessary to mention that cheque contributes to commercial transactions as a substitute for promissory note. The bill of exchange has been removed from the internal commercial arena. This paper intends to scrutinize the contexts for substituting the cheque in place of the other commercial documents by investigating the common privileges of commercial documents in addition to the special privileges of cheque.