@article{Gnjatovic:245212,
      recid = {245212},
      author = {Gnjatovic, Dragana},
      title = {PEASANT’S BILL OF EXCHANGE IN SERBIA},
      journal = {Economics of Agriculture},
      address = {2009},
      number = {297-2016-4071},
      year = {2009},
      abstract = {In the interwar period, loans against pledged bills of  exchange were most
widely used, most certain and cheapest  way to obtain personal bank loan.
However, until the  foundation of Privileged Agrarian Bank in 1929,  agricultural
producers in Serbia were deprived legally from  obtaining such loans. This extreme
measure of limiting  peasants’ credit ability had been introduced by The Law  on
Trade, issued in 1860, at times when there were no  institutionalized loans or banks
in Serbia. Measure of  forbidding farmers to issue, accept or transfer bills  of
exchange would still remain in legal system of Serbia in  the end of 19th and the
beginning of 20th centuries, when  the network of banks and banking system had
been already  established; it would remain in Serbian legal system even  after the
state unification of Serbs, Croats and Slovenes  in 1918, although that was an
anachronism in relation to  the legal system in the provinces of former Austro-
Hungary  that entered The Kingdom of Serbs, Croats and Slovenes  (SHS); it was
abolished only in 1929, with article 79 of  The Low on Privileged National Bank,
under the pressure of  mighty banking circles in Serbia.
From 1860 to 1929,  Serbian peasant searched for the ways to sign anyway
bills  of exchange because he needed desperately the loans. He  signed bills of
exchange presenting him falsely as trader,  speculator or head of estate. In such
way, peasant’s bill  of exchange emerged that was always at risk to be accepted  by
creditor under unbearable terms because it was illegal.  Impossibility for peasants to
use in legal way bills of  exchange that were trading and credit instruments  of
highest quality at those times made large damage to  agriculture and banking of The
Kingdom of Serbs, Croats and  Slovenes.},
      url = {http://ageconsearch.umn.edu/record/245212},
      doi = {https://doi.org/10.22004/ag.econ.245212},
}