Aval
"How is an aval given?"
Quick Answer
Aval is a specialized form of guarantee used exclusively for negotiable instruments (like bills of exchange), where a third party guarantees payment on behalf of one of the signatories.
Scope and Legal Distinctions
An aval is a guarantee associated with a negotiable instrument and differs from an ordinary suretyship. Its form, placement and the person guaranteed matter.
What to Check in Practice
Examine the original instrument and signature, identify the guaranteed debtor and amount, and assess presentment and recourse requirements before enforcement.
Sources & Authorities
Statutory framework and official guidance for this definition.
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