Money orders are: Definition, Elements, Terms and Types
Money orders are: Definition, Elements, Terms and Types – In this discussion, we will explain about Wesel. Which includes the meaning, elements, terms and types of money orders with a complete and easy-to-understand discussion.
Money orders are: Definition, Elements, Terms and Types
For more details, please see the review below carefully.
Meaning of Wesel
Wesel linguistically (etymologically) comes from the Dutch term Wessle which means money order, while in In English, a money order is called a bill of exchange and in French it is called a letter de change.
The definition of a money order is an order made by a creditor addressed to the debtor to pay a certain amount of money on a certain date as stated in the money order.
Definition of Wesel According to Experts
The following is the definition of money order according to experts.
-
Mahmoeddin
The definition of Wesel according to Mahmoeddin is a type of securities and includes bills of person and is a written order that is unconditional from the signatory. (drawer) to a person or bank (drawer) to pay unconditionally a certain amount of money to a certain person or party or person appointed by him to carrier. -
KUHD
The definition of money order according to the Criminal Code is a letter containing the word money order issued with a specific date and place with which the issuer is order without any conditions to those involved to pay a certain amount of money to the holder or his replacement on the date and time certain. -
KBBI (Big Indonesian Dictionary)
The definition of Wesel according to KBBI is a postal letter for sending money; a letter of payment that can be cashed into the bank by the holder.
Elements of a Money Order
A bill of exchange has elements which include:
- Securities that have a date and include the place of issue.
- Is an unconditional order to pay a sum of money.
- Related parties include issuers, involved or interested, recipients, holders and endorsers.
Money Order Terms
Money orders in the country of Indonesia were introduced by traders of other nations and for the rules contained in book VI of the Criminal Code according to articles 100 to articles 173. Requirements in the bill of exchange include:
In order to be called a money order, it must meet the following requirements, namely:
- The word money order is contained in the text and written in the language used to write the money order.
- There is an unconditional order to pay a certain amount of money.
- Name of payer/interested/betrolene/drawee
- Payment date
- Determination of the place where the payment is made
- Name of person or party to whom or other party designated by payment must be made/nemer.
- The date and place where the note was drawn/issued
- Publisher's signature
If one of the above conditions is not fulfilled, then it can be said to be invalid except in the following cases:
- If no day is specified for payment, the note is deemed to be paid on the day the note is shown)
- If the place of payment is not specified, written beside the name of the person interested is considered as the place of payment from the place where the person is domiciled
- If the place where the money order is withdrawn is not stated, then the place mentioned beside the drawer shall be considered as the place where the money order is withdrawn.
Kind of Wesel
The KUHD states that there are several kinds or types of money orders, including:
Bill of Exchange for Substitute Issuer (article 102 paragraph 1 of the Criminal Code)
Notes on substitute issuers are notes issued by showing themselves as the first holder, making the issuer and the first holder a person or party The same.
Notes on Self-Issuers (article 102 paragraph 2 of the Criminal Code)
Notes on the issuer itself are types of notes issued by making the issuer involved or with In other languages, the publisher refers to himself as involved, making the publisher and involved a party that The same.
Bills for Third Person Calculations (Article 102 paragraph 3 of the Criminal Code)
This means that from the money order for the calculation of a third person, namely a money order issued on the order of a third person whose payment is charged to the third party's account. In general, the issuing party is a bank.
Bills of Collection or Money Orders to Collect (Article 102a paragraph 1 of the Criminal Code)
Collection notes are notes issued with the aim of giving power of attorney to the first holder, to collect some money from being snagged and not included for transfer or traded.
Domiciled Money Order (Article 103 KUHD)
Domiciled money orders are money orders that are issued in the manner in which payment is made determined at the place of residence of a third party (either at the place of residence concerned or the place other). Its main goal is to make payments easier.
Bills Domiciled in Blanks (Article 126 KUHD)
Notes domiciled in blank form are notes issued through payment terms implemented elsewhere, which are different from the place of domicile concerned.
According to the Record
Based on the recording, notes can be divided into two, namely:
-
Non-Bearing Notes
Is a note whose value at maturity is equal to its face value, so the cash value when the note is traded will be reduced by the discounted interest calculated. -
Flowering Notes
Is a note whose nominal value is the value at the time of withdrawal so that the cash value at maturity or when traded is equal to the nominal value plus the calculated interest.
Thus has been explained about Money orders are: Definition, Elements, Terms and Types, hopefully can add to your insight and knowledge. Thank you for visiting and don't forget to read other articles.
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