Lost promissory note, cheque or shares: cancellation of the instrument and duplicate

A promissory note, a cheque, a bill of exchange or shares document a right that is exercised by presenting the paper. If the paper disappears due to robbery, theft, loss or destruction, you cannot collect and, worse still, someone else could try to collect or negotiate it.

Cancellation is the file that renders the missing instrument worthless and replaces it with a duplicate or the right to demand payment. Today it is processed as a voluntary jurisdiction file under Ley 15/2015 (the Spanish Voluntary Jurisdiction Act) (articles 132 to 135). The old articles 84 to 87 of the Ley Cambiaria y del Cheque (the Spanish Bills of Exchange and Cheques Act) have been repealed since 2015.

It can be requested by the legitimate possessor who was dispossessed of the instrument or who suffered its destruction or loss (article 133.2). It covers credit instruments (promissory note, bill, cheque), deposit instruments and transferable securities such as shares or bonds.

The shares of an SL (limited liability company) are not incorporated into negotiable instruments, so their documentary loss does not require this file. The status of partner is proven by the registry book and the deed.

Block the payment on the same day. If it is a cheque, notify the drawee bank and the issuer immediately. In cases of loss or illegal deprivation of the cheque, the drawer can oppose its payment (article 138 of the Ley Cambiaria). If it is a promissory note or a bill, communicate the loss in writing to the signatory or drawee so they do not pay whoever presents it.

If there was robbery or theft, file a police report. In a simple loss it is not essential, but it establishes the date and strengthens the evidence before the court.

If the securities are listed on the Stock Exchange, there is also the report to the Governing Company of the market (article 134 of Ley 15/2015), which communicates it to the others and it is published on the Tablón Edictal Judicial Único to prevent transmission.

Gather everything that identifies the instrument: copy or photograph, amount, issue and maturity dates, number, signatories, and the contract or invoice of the operation that originated it. Managora reviews that documentation and prepares the file with it.

It is submitted to the Commercial Section of the Tribunal of Instance (the former Commercial Court) of the place of payment if it is a credit instrument, of the place of deposit if it is a deposit instrument, or of the registered office of the issuing entity if they are shares or bonds (article 133.1).

In the judicial route, the law requires acting with a lawyer and a procurador (court representative) (article 133.3). You do not have to look for them. Managora's legal team drafts the application, coordinates the representation and handles the file from start to finish.

The processing (article 135): written submission justifying your legitimacy, communication to the issuer, announcement of the initiation calling anyone who may have the instrument (edictal publication and widely circulated newspaper in the province) and appearance. After this, the Lawyer of the Administration of Justice issues a decree prohibiting the negotiation or transmission of the instrument and suspending the payment of capital, interest or dividends.

There is an alternative. The same file can be processed before a notario (notary) (article 78 of the Ley del Notariado (the Spanish Notary Act)), without a procurador and with identical measures and deadlines. Managora studies your case and processes the route that suits you best.

The block arrives quickly. The prohibition of payment is communicated to the issuer or the bank from the first moment and the decree formalises it. The substantive deadlines are set by law. At 6 months without controversy you can collect the yields of the instrument (with a possible guarantee) and, after 1 year without opposition, the issuer is ordered to issue the new instruments (article 135.7 and 135.8).

For a cheque, the law allows going faster. The dispossessed holder can demand payment by providing the guarantee set by the judge or request the consignment of the amount (article 154 of the Ley Cambiaria).

Official costs: the voluntary jurisdiction file does not accrue a tasa (official court fee) (it is not among the taxable events of Ley 10/2012 (the Spanish Court Fees Act)) and the edictal publication on the Tablón Edictal Judicial Único of the BOE is free. The applicant is responsible for the announcement in a widely circulated newspaper, according to the newspaper's rate, and in the notarial route, the notary's tariff.

You can see Managora's updated fees for the complete file on the procedure's page.

Cheque: it is the instrument that admits the least waiting. Its presentation period for payment is 15 days if it was issued and paid in Spain (article 135 of the Ley Cambiaria) and the holder's actions prescribe 6 months after that period expires (article 157). Notify the bank on the same day and order the file without delay.

Promissory note and bill: the regime of the bill of exchange applies to them (article 96). The action against the signatory of the promissory note or the acceptor of the bill prescribes 3 years from maturity; against endorsers and drawer, at 1 year (article 88). The file should be initiated well before those limits.

Promissory note or cheque "not to order": it is only transmitted as an ordinary assignment, so whoever finds it cannot rely on the protection of the acquirer by endorsement. Your position is stronger, but the file is still necessary to collect without the paper or to obtain the duplicate.

Shares and bonds: the initiation is communicated to the issuing company so that it records the loss and suspends the payment of dividends or interest. If you need it, you can request the appointment of an administrator to exercise the vote at the meetings while the file lasts (article 135.6).

If within 1 year no one appears or opposes, the instrument is cancelled. The issuer is ordered to issue the duplicate or attend to the payment in your favour.

If a holder appears who acquired the instrument in good faith according to its circulation law, the law prevents annulling it (article 135.9). In that case, you retain the civil or criminal actions against whoever acquired or transmitted it in bad faith.

If a controversy arises, the discussion leaves the file and is resolved in a separate lawsuit. That lawsuit is not part of this procedure. If it were to arise, Managora warns you clearly and budgets the defence before you assume any cost.

If you recover the instrument before finishing, the court is notified to render the measures ineffective and close the file.

Do not wait for the prescription period to run against you. Order the file today on the procedure's page and Managora communicates the payment prohibition, submits the application and follows it until the duplicate or payment.