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What is an aval on the Negotiable Instrument Act?
(1) Payment of a bill of exchange may be guaranteed by an "aval" (Wechselburgschaft) to the whole or part of its amount. (2) This guarantee may be given by a third person or even by a person who has signed as a party to the bill. (1) The "aval" is given either on the bill itself or on an "allonge".
(1) Payment of a bill of exchange may be guaranteed by an "aval" (Wechselburgschaft) to the whole or part of its amount. (2) This guarantee may be given by a third person or even by a person who has signed as a party to the bill. (1) The "aval" is given either on the bill itself or on an "allonge".