Chapter 48


Division 1

General Provisions

  • 979. Cheque

(1) A cheque is a security with which the drawer of the cheque orders a credit institution (the drawee of the cheque) to pay a specific sum of money (the amount of the cheque) to the person entitled on the basis of the cheque (the payee). The order shall be unconditional.

(2) A cheque shall contain the following information:

1) the term “cheque” in the language of the instrument;

2) an unconditional order to pay a specific sum of money;

3) the name of the drawee of the cheque;

4) the place of payment;

5) the date and place of issue of the cheque;

6) the name and signature of the drawer or, in the case of a legal person, the business name thereof and the name and signature of the representative.

  • 980. Formal deficiencies of cheque

(1) An instrument in which any of the requirements specified in subsection 979 (2) of this Act is lacking is not deemed to be a cheque.

(2) The provisions of subsection (1) of this section do not apply to instruments in which only the place of payment is not specified. In such case, the place of business of the drawee is deemed to be the place of payment.

  • 981. Drawee of cheque

(1) The drawee of a cheque may only be a credit institution in which the drawer has an account which the drawer may use on the basis of the cheque pursuant to an agreement with the drawee. Failure to adhere to the requirements provided for in this subsection shall not give rise to invalidity of the obligations arising from a cheque.

(11) A payment service provider undertakes to collect a cheque presented to the payment service provider by the originator from the payer for the benefit of the originator. A payment service provider shall ensure that the cheque is presented to the payer on time and, if the cheque remains uncashed, apply measures to protect the interests of the originator.

[RT I 2010, 2, 3 – entry into force 22.01.2010]

(2) A cheque shall not be drawn on the drawer.

(3) A cheque may be drawn for account of a third party if the third party has authorised the drawee of the cheque to pay the cheque.

  • 982. Payee

(1) A cheque may be drawn as a registered cheque, order cheque or bearer cheque.

(2) An order cheque shall specify the person to whom the cheque is to be paid. An order cheque may, but need not, contain an express stipulation on the right of endorsement.

(3) A registered cheque shall specify the person to whom the cheque is to be paid and the stipulation ” üleandmispealdise tegemise õiguseta ” [without the right of endorsement] or any other equivalent stipulation.

(4) A bearer cheque shall contain a stipulation that the cheque is to be paid to the bearer of the cheque. A cheque payable to a specified person but containing an additional stipulation ” või esitajale ” [or to bearer] or any other equivalent stipulation, or a cheque which does not specify the payee, is also deemed to be a bearer cheque.

(5) A cheque may be drawn payable to the drawer.

  • 983. Parties to cheque

The parties to a cheque are the drawer, the acceptor, the person giving an aval to the cheque and the endorser.

  • 984. Invalidity of stipulations on interest

Any stipulation on the cheque regarding the payment of interest is deemed not to be written on the cheque.

  • 985. Liability of drawer of cheque

The drawer of a cheque shall be liable for the payment of the cheque. Any stipulation to release the drawer from liability for payment of the cheque is deemed not to be written on the cheque.

  • 986. Application of provisions concerning bills of exchange

The provisions concerning bills of exchange contained in subsection 927 (4), §§ 934, 935, 941, 942 and 943, subsection 944 (2), §§ 945, 948, 949 and 950, subsection 954 (1), §§ 955 and 957, subsection 958 (2), § 959, subsection 962 (1) and §§ 963, 965, 966 to 969 and 972 to 975 of this Act apply to cheques, mutatis mutandis, unless otherwise determinable from the nature of the cheque. For the purposes of applying the provisions of §§ 963, 972 and 975 of this Act, the declaration specified in clause 1000 (2) 2) of this Act is deemed to be equal to a protest.