For example's sake only, it can be suggested that instead of a collective dispute No. 2 that appears in the current procedure (ibid.), which deals with "cases in which a case will not be opened" and whose current wording is: "It is not possible to open a banknote execution file when the note is signed by means of an electronic/digital signature", the language of the same clause will be such that it excludes a promissory note whose execution is required only between close parties, and it can, of course, include appropriate technological requirements.
Conclusion
- Quite a few criticisms have been voiced against the banknote laws and their time-freeze. More Grant, whose words were quoted by Lerner in his 2013 article, put it well:
“Time seems to have been suspended, nothing has changed, the late twentieth century law of negotiable instruments is still the law for clipper ships and their exotic cargoes from the Indies.”
In today's digital age, the legislature has expressed its desire for an electronic signature law to adapt existing legislation to technological developments. This intention of the legislature did not skip over the laws of promissory notes. The time has come to update the laws of banknotes, which originated in English law from 1882, and adapt them to the modern economy and the actual uses of banknotes. The existing technological solutions are many and varied, and provide reliability and safety that are no less than those that exist in the physical world. Maybe even more. It is presumed that the state, with all its elements, will initiate a thorough process in order to bring banknote law in Israel into the 21st century.
The conclusion that I have reached, according to which there was no reason to prevent the Applicant from opening a proceeding for the execution of a deed in the track designated for promissory notes, is only a preliminary and partial step, which seeks to provide an immediate response to the current needs of entities such as the Applicant. This, without prejudice to the accepted interpretation of banknote law, and in particular the institution of trade, while creating legal certainty and adaptation to the customary practices.