21. Can I secure an international transaction with checks, promissory notes and bills of exchange according to my country's laws, or do I need to comply with different legislation from Mexico?

Credit instruments were develop from ancient merchants since medieval times, and therefore are well known today and regulated in almost every country across the world generally in the same way. However, there will be certain requirements that the laws of each and every country are going to provide differently. Thus, it will be necessary to comply with the rules of such country where we are most likely to enforce it.

If you are going to secure a debt from Mexico through any credit instrument, you should make sure that the credit instrument duly complies with the regulations and requirements provided under the Negotiable Instruments and Credit Transactions Law. Failure to comply with these requirements is going to invalidate your credit instrument and will have no binding effect whatsoever. For instance, the promissory note must bear on the front the word "pagaré" for it to be consider a lawful promissory note and thus, is can be enforceable in court.

If you need assistance on drafting a credit instrument to secure a debt in Mexico, we can help you review your documents free of charge to see if they do comply with Mexico's legislation on credit instruments. Please feel free to contact us at your convenience. You can also reach us to request the free brochure "Simple Steps to Drawing Up a Pagaré that will be Enforceable in Mexico".

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