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PROMISSORY NOTE AS PAYMENT SECURITY INSTRUMENT IN THE REPUBLIC OF CROATIA

By Branimir Marković, Branko Matić and Domagoj Karačić

Abstract

In the modern world, a legal framework has been set up and a market regulator has been defi ned 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 defi ne not only the shortterm, 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.

Topics: K2 - Regulation and Business Law, H5 - National Government Expenditures and Related Policies, G3 - Corporate Finance and Governance, E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook, H2 - Taxation, Subsidies, and Revenue, G2 - Financial Institutions and Services, E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit, O4 - Economic Growth and Aggregate Productivity, E4 - Money and Interest Rates, P4 - Other Economic Systems, E3 - Prices, Business Fluctuations, and Cycles
Year: 2007
DOI identifier: 10.2139/ssrn.1265664
OAI identifier: oai:mpra.ub.uni-muenchen.de:6325

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