Comparative study of the bill of exchange as a title and legal instrument. Ecuador and Venezuela

Abstract

The study examined the bill of exchange as a legal title and instrument in the legal systems of Ecuador and Venezuela, within a context of transformation of commercial transactions driven by digital technologies and electronic commerce, where the need to strengthen legal certainty in exchange operations was identified. Its objective was to comparatively analyze the legal configuration, functions, and enforcement effectiveness of the bill of exchange in both systems, as well as its degree of adaptation to the new dynamics of commercial traffic. A documentary study with a descriptive-comparative design was carried out, based on a systematic review of relevant statutes, legal doctrine, and case law from both countries. The results showed that, in both legal systems, the bill of exchange remained a negotiable instrument with the force of an enforceable title and retained a central role in the judicial enforceability of obligations, although gaps and rigidities persisted regarding its use in electronic environments. These findings indicated that the regulatory framework was insufficient to keep pace with the digitalization of business, which entailed risks in terms of evidentiary effectiveness, circulation of the instrument, and protection of the parties involved. It was concluded that the main contribution of the study lay in demonstrating the need for legal reforms and interpretative criteria that would enable the safe, efficient, and technologically updated use of the bill of exchange, thereby strengthening its economic function and its capacity to provide certainty and legal security in contemporary commercial transactions.