Section Code: 0856 - 0860
Thai Civil and Commercial Code
Section 856. Current Account
A contract of current account is one in which two persons agree that henceforth or for a determinate period the amount of all or some only of the obligation arising from transactions between them shall be set off and that the balance only shall be paid.
Section 857. Bill for Current Account
The entry of a bill in a current account is presumed to be made on condition that the bill will be paid. If the bill is not paid, the entry may be cancelled.
Section 858. Period of Payment
If the parties have not fixed the period for striking the balance, such period shall be six months.
Section 859. Termination of Current Account
In the absence of anything appearing to the contrary, either party may at any time terminate the contract of current account and have the balance struck.
Section 860. Interest
The difference, if not paid, bears interest from the day when the balance was struck.