Book3 Title19

DRAFT: CIVIL AND COMMERCIAL CODE FOR KINGDOM OF SIAM

BOOK III ON SPECIFIC CONTRACTS. (April 1924)

• Reconstructed from the Documents in Vols. 86, 87, 88, and 89 of “The Archives of the History of Thai Codification”.
• For the details, please, refer to the "Introductory Notes" to the "Reconstructed Book III on Specific Contracts".

TITLE XIX. Current Account.

Section 975.

• A contract of current account is a contract whereby two persons agree that transactions between them shall be entered in a separate account and that from time to time the respective obligations shall be set off and only the difference paid.

《Genealogies》

1. Draft of 1919: Ob.916
2. Code of January 1925: 856
3. Code of January 1929: 856

Section 976.

• The parties can agree to have several current accounts at the same time.

《Genealogies》

1. Draft of 1919: Ob.917
2. Code of January 1925: -
3. Code of January 1929: -

Section 977.

• The entry of a bill in a current account is presumed to be made on condition that the bill will be paid. If the bill is not paid, the entry may be cancelled.

《Genealogies》

1. Draft of 1919: Ob.918
2. Code of January 1925: 857
3. Code of January 1929: 857

Section 978.

• A surety for a party to a current account guarantees the payment of the difference due by him when the balance is struck.

《Genealogies》

1. Draft of 1919: Ob.919
2. Code of January 1925: -
3. Code of January 1929: -

Section 979.

• The balance must be struck at the time agreed by the parties. If no time has been agreed, the balance must be struck at the time fixed by the custom.

《Genealogies》

1. Draft of 1919: Ob.920
2. Code of January 1925: 858
3. Code of January 1929: 858

Section 980.

• Either party can at any time determine the contract of current account and have the balance struck.

《Genealogies》

1. Draft of 1919: Ob.921
2. Code of January 1925: 859
3. Code of January 1929: 859

Section 981.

• The contract of current account is extinguished and the balance must be struck when one party dies or becomes incapacitated.

《Genealogies》

1. Draft of 1919: Ob.922
2. Code of January 1925: -
3. Code of January 1929: -

Section 982.

• The difference, if not paid, bears interest from the day when the balance was struck.

《Genealogies》

1. Draft of 1919: Ob.923
2. Code of January 1925: 860
3. Code of January 1929: 860

Section 983.

• The obligations, resulting from a current account are extinguished by prescription five years after the balance was struck.

《Genealogies》

1. Draft of 1919: Ob.924
2. Code of January 1925: -
3. Code of January 1929: -