Aval

(English and French aval) - a guarantee, a surety, according to which the person who issued it (avalist) is responsible to its owner for the fulfillment of obligations by any of the persons liable under the bill: the acceptor, the drawer, the endorser. A. is certified by the signature of the avalist on the front or back of the bill or on a special guarantee sheet attached to the bill - allonge. A. is designed to increase the reliability of the bill. A bank can act as an avalist. The avalist who has paid the bill acquires the rights arising from the bill and is released from liability when the principal debtor ceases to be liable for the bill. A. can be accepted for the entire amount of the bill or for part of it. In accordance with Art. 880 of the Civil Code of the Russian Federation, payment by check can be guaranteed in whole or in part by means of A., which can be given by any person, with the exception of the payer.