The Development of Thai Negotiable Instrument Law for Investment (in Thai)
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Abstract
This article aims to study idea of the negotiable instrument under Thai Commercial code, study principle of holder protect under The securities and Exchange Act B.E.2535 and study Securities and Exchange Commission announcement. Besides, this article seek for a comparative study on the idea of the negotiable instrument under The Uniform Commercial Code from United states of America and The negotiable Instrument Act from The Socialist Republic of Vietnam. The study was conducted by gathering information and documents both in Thai and English documents namely legislations, textbooks, and any other concerning information under in order to rectify or development of Thai negotiable instrument law to make principle of holder protect and make all of instrument for become to the effect of the negotiable instrument law.
According to the study, It is found many disadvantage to make instrument for investment in effect of the negotiable instrument law especially in 3 points. Firstly, limitation in Thai Commercial Code. Thai commercial code in article 898 has limited in 3 kinds of negotiable instruments only. Secondly, limitation in Financial Institution Business Act B.E.2551. This Act has permitted only Financial Institution to make Certificate of deposit (one of the kind negotiable instrument for investment in Thai legal). Thirdly, limitation in the Securities and Exchange Act B.E.2535. This Act has not had covenant in definition of negotiable instrument for investment, right of holder’s instrument, and idea of holder’s protect. The development of Instrument for investment is limited by that advantages and has directly effect to investor and liquidity risk in Instrument.
As a result, it is recommended that the legislate the Negotiable Instrument law for investment and should be legislate following the Uniform Commercial code from United State of America and The negotiable instrument Act form The socialist republic of Vietnam.
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