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The issuance and transfer of commercial instruments in the international context create two types of lagal issues, one of which is related to the substantive internal law and the other is related to the procedural private international law. The first type of legal issues created is dealt with in the international trade law and the second in the private international law as well as the international trade law. Since the main objective of this article is to study the commercial instruments from the perspective of conflicts of law, not much provided in respect of internal issues of these instruments.
Since the issuance, acceptance, endorsement or payment of a bill of exchange may occur in different jurisdictions, it is necessary to determine the issues to be governed by each jurisdiction. As conflicting regulations have been adopted in different jurisdiction, governments and international organizations have tired to develop certain uniform regulations governing commercial instruments.
Such attempts have eventually led to the adoption of two conventions, namely: uniform law on bill of exchange (Geneva, 1930) and uniform law on checks (Geneva, 1931).