Promissory Note as Payment Security Instrument in the Republic of Croatia
9 Pages Posted: 10 Sep 2008
Date Written: September 27, 2006
In the modern world, a legal framework has been set up and a market regulator has been defined so that payment as a relation between the debtor and creditor can not be put in question regarding the realization of their integral rights. Countries in transition, including Croatia (the Republic of Croatia), are still trying to define not only the short term, but also the long-term regulators that would clarify all open questions both in the economic and in the legal segment. Promissory note as the payment security instrument has in practice become operative only through a consistent use of Distraint law. A theoretical and an implementation mechanism merge into one functional mechanism, on the basis of which it can be said that in this segment the Republic of Croatia has truly overcome the transitional barriers.
Keywords: promissory note, collection of claims, payment insurance, blank promissory notes, Distraint procedure, Distraint law
JEL Classification: E
Suggested Citation: Suggested Citation