The Time Frame of Checks: Protecting Credit and Ensuring Procedural Stability in Light of Iraqi Legislation: A Comparative Study

Abstract

The cheque stands as one of the most significant financial instruments in modern legal systems, where temporal dimensions intersect with the imperatives of credit trust, embodying the convergence of law with economic and social regulation. Hence, the study of the temporal framework of the cheque emerges not as a mere procedural detail, but as a cornerstone for ensuring transactional stability and achieving credit justice. The temporal structure of the cheque is not a superficial formality; rather, it constitutes the primary guarantee of its credibility as a payment instrument, and the strongest barrier against its deviation into a credit instrument that could undermine trust and weaken financial stability in markets. This research, in its first chapter, undertakes an in-depth analysis of the temporal nature of the cheque, by distinguishing between its function as an instrument of payment and as a credit instrument within legal thought, while examining the legitimacy of post-dated cheques under Iraqi and Egyptian legislation. While classical commercial law emphasizes that the cheque is a sight instrument payable immediately upon presentation, the inclusion of a maturity date has provoked both doctrinal and judicial debates on its compatibility with the essence of this commercial paper. In its second section, the research explores credit trust in the temporal context of the cheque, highlighting the critical role of maturity in safeguarding the legal position of the payee, and the manner in which commercial and banking laws intervene to regulate temporal relations in a way that balances the protection of parties with the stability of transactions. Here, time ceases to be a mere external framework and becomes a legislative tool ensuring payment and preventing manipulations that could strip the cheque of its fundamental function.The second chapter shifts the focus to the temporal framework of legal procedures and its practical effects, analyzing the statutory deadlines associated with cheques, including presentation for payment, protest, and objection, under both Iraqi and Egyptian laws, as well as the impact of missing such deadlines on the rights of the holder and the drawee. Moreover, it addresses the challenge of reconciling procedural stability with temporal justice, particularly in cases of force majeure, where the logic of deterring temporal manipulation collides with the need to protect bona fide parties. Accordingly, this research seeks to provide a profound analytical legal vision that transcends the traditional narration of legal provisions, reconstructing the relationship between time, the cheque, and credit trust, and demonstrating how the temporal framework can serve as a safeguard of trust in commercial transactions and a guarantor of economic stability. It thereby aligns with the requirements of both Iraqi and Egyptian legislation while responding to the challenges of practical application.