RESOLUTION OF THE SUPREME ECONOMIC COURT OF UKRAINE

of October 16, 2001 No. 6/8-01v

Recognition of the bill of exchange invalid

The Supreme Economic Court of Ukraine as a part of judges: considered the writ of appeal BEND in Ordzhonikidzevsky district of Mariupol on the resolution of the Donetsk Economic Court of Appeal of 15.08.2001 in No. 6/8-01v on the claim BEND in Ordzhonikidzevsky district of Mariupol to JSC L., JSC LVG P. of the company "the Wood., "the private notary To. about recognition of the bill of exchange invalid with the assistance of the defendant's representative of the company "the Wood., JSC LVG P. of the claimant.

By the decision of 07.02.2001 of Arbitration Court of Donetsk region satisfaction of claims it is refused. The decision is motivated that the claimant is not participant of circulation of bills of rather controversial bill of exchange and has no legal interest in legal relationship on this bill of exchange as they are not connected with the taxation and accomplishment by tax authority of the functions assigned to it.

Besides, the bill of exchange does not touch interests of the claimant; the claimant has the advantage provided by the current legislation before other creditors over queue of satisfaction of requirements; the controversial bill of exchange has no defects of creation.

As for cancellation of protest of the notary, proceeedings it is stopped as disputes on the wrong implementation of notarial actions are not subordinated to Arbitration Courts. Board of judges of the Donetsk Economic Court of Appeal, performing review in appeal procedure in connection with the petition for appeal of the claimant, the resolution of 15.08.2001 the decision on case left without changes on the same bases.

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