Enforcement of the purports of binding banking documents in Rastin Banking – part I

Abstract

Purpose This paper aims to facilitate and accelerate the enforcement of binding banking documents and to decrease the enforcement burden of the registration offices, courts and judicial authorities and to transfer it to the banks. Design/methodology/approach A new mechanism for “enforcement of the purports of binding banking documents in Rastin Banking” is proposed. In the proposed regulations, a part of the executive path for enforcement of the purports of binding banking documents is transferred into a newly established unit located in every bank. The method considers all financial, legal and executive issues. Findings Promotion of practical justice is a main factor to promote social and economic circumstances; the proposed model can prepare a way to improve the social and economic well-being. Research limitations/implications Codifying the law and regulations is a highly sophisticated task, and the art of codification can be examined after scrutinizing and executing the full text of the law. Practical implications Though this paper presents the concept, the detailed proposed regulations are presented in two drafts of the bill and bylaw for enforcement of the purports of binding banking documents and handling complaints against executive operations in Rastin Banking. Social implications This procedure is a model that can be adapted for other countries, especially those countries that have a large number of legal disputes and the process of dispute settlement is very lengthy and cumbersome. Originality/value It fulfils an identified need to solve practical legal problem in vindication of rights that can lead to positive and important effects toward creating public trust in financial obligations and increasing the speed of collecting demands.