Yefimov O. Legal relationship in the sphere of circulation of bills of exchange and promissory notes in Ukraine

Dissertation is theoretical research of bill of exchange law and bill of exchange liability. Dissertation gives the common description of relationship in the field of circulation of bills of exchange and promissory notes in Ukraine. It gives interpretation of bill of exchange law as the complex formation in the legislation, that is the part of the law institute of securities. In the sphere of regulation of this formation belong civil, financial, administrative, remedial and other relationship concerning bill of exchange and promissory notes in the field of private and public law. It has been proved that public promissory notes have neither characteristics nor functions of securities. It is appointed that the ground of appearance of bill of exchange and promissory notes relationship is composition (legalization) and giving out bill of exchange or promissory note as an unilateral contract. Bill of exchange and promissory notes relationship have the characteristics as single stages relationship, that aredeveloping and have stages change one or another element of its structure. It has been proved that use of mechanisms of invalidation of bill of exchange and promissory notes or its liability is impossible as they are contrary to the essence of bill of exchange and promissory notes relationship.