Indonesia
Keywords:
Commercial Paper, Concurrent Creditor, Default, International Trade, Legal LiabilityAbstract
The dynamic development of international trade triggers the utilization of efficient financial instruments, one of which is commercial paper (CP). However, the absence of uniform international regulations and the unsecured nature of CP create legal uncertainty and the risk of default. This study aims to analyze the legal status and characteristics of CP in international trade, as well as the form of the issuer's legal liability toward the end-holder in the event of a default. The research method used is normative juridical with a descriptive-analytical approach. The results indicate that the legal status of CP is dualistic, functioning as a primary short-term financing instrument and a secondary means of payment. Juridically, CP is qualified as a negotiable instrument in the form of an abstract promissory note based on the principle of freedom of contract (lex mercatoria). Regarding legal liability, the issuer's failure to pay is categorized as a breach of contract (default) under Article 1243 of the Indonesian Civil Code (KUHPerdata), where the issuer bears absolute contractual liability. Given its unsecured nature, the end-holder holds the status of a concurrent creditor with general collateral rights based on Article 1131 of the Indonesian Civil Code on a pari passu pro rata parte basis. Legal protection for CP holders can be pursued through the exercise of the right of recourse against previous endorsers or through bankruptcy and suspension of debt payment obligations (PKPU) mechanisms. On an international scale, the effectiveness of this liability highly depends on the choice of law clause and dispute resolution forums, such as international arbitration.
Keywords: Commercial Paper; Concurrent Creditor; Default; International Trade; Legal Liability
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