Chapter 3Credit Instruments

1、Chapter 3 Credit Instruments教学时间安排 2014年10月11日-14日-21日教学目的、要求Bills of ExchangePromissory noteCheque教学重点和难点 Bills of Exchange教学方法及手段 讲授方式教学过程设计 China 商品 现金 USA借贷或提供商品或劳务公司A 公司B现金现金 公司D 公司C 现金 商品 Q1:How to use negotiable instruments to solve the payments conveniently? 1.Bills of ExchangeDefinition of

2、a bill of exchangev section 3, bill of exchange act, 1882,UK A Bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum cert

3、ain in money or to the order of a specified person or to bearer. Contents of a bill of exchangeRequisite itemsv 1.表明“汇票”的字样。日内瓦统一票据法要求注明，英国票据法无此要求。实务中一般要求。BILL OF EXCHANGE,EXCHANGE,DRAFTv 2.无条件支付命令。An UNCONDITIONAL ORDER in writing. P.20-21v 3.确定的金额。A sum certain in money. P.21v 4.出票日期。DATE OF ISSUE

4、英美法系认为此项非必要项目。v 5.受票人名称。NAME OF DRAWEE,ADDRESSEE英国票据法允许汇票开给两个付款人，但是不允许两个付款人任择其一。 v 6.收款人名称，即汇票抬头。NAME OF PAYEE有三种写法： （1）限制性抬头RESTRICATIVE ORDER PAY TO C COMPANY ONLY PAY TO C COMPANY, NOT TRANSFERABLE PAY TO C COMPANY, NOT NEGOTIABLE （2）指示性抬头DEMONSTRATIVE ORDER PAY TO THE ORDER OF C COMPANY ONLY PAY

5、 TO THE ORDER OF C COMPANY PAY TO C COMPANY OR ORDER （3）来人抬头，BEARER ORDER我国不允许做成来人抬头。 PAY TO BEARER PAY TO C COMPANY OR BEARER7出票人签章。DRAWERSIGNATURERelatively necessary items1.付款日期TENOR 即期付款表示方法v AT SIGHT PAY TO THE ORDER OF v ON DEMAND PAY TO THE ORDER OF v ON PRESENTATION PAY TO THE ORDER OF 远期付款表

6、示法v PAYABLE ON A FIXED FUTURE DATE(ON 20 AUG.2006 PAY TO THE ORDER OF)v PAYABLE AT A FIXED TIME AFTER DATE(AT 30 DAYS AFTER DATE PAY TO THE ORDER OF)v PAYABLE AT A FIXED TIME AFTER SIGHT(AT 30 DAYS AFTER SIGHT PAY TO THE ORDER OF)v PAYBLE AT A FIXED TIME AFTER THE HAPPENING OF A SPECIFIED EVENT(AT 3

7、0 DAYS AFTER BILL OF LADING DATE PAY TO THE ORDER OF)2.出票地PLACE OF ISSUE3.付款地PLACE OF PAYMENT Items at willØ 利息、利率及汇率（interest ，interest and exchange rate）Ø 提示期限（Limit of time for presentation）Ø 出票依据（Drawn Clause）e.g. Drawn under the XYZ bank L/C NO.12345 dated *.Ø 免作拒付通知或放弃拒绝证书（

8、Notice of Dishonor Excused or Protest Waived） e.g. Notice of Dishonor Excused For B company (signed)Ø 付一不付二（e.g.Second of the same tenor and date unpaid ） Ø 预备付款人（Referee in case of need）e.g. TO: C COMPANY IN CASE OF NEED REFER TO ABC COMPANY,129BUFFEE STREET,LONDON Ø 无追索权（Without rec

9、ourse）e.g. WITHOUT RECOURSE TO US FOR B COMPANY (SIGNED)Parties to a bill of exchange出票人DRAWER汇票进入流通领域前 付款人 DRAWEE 基本当事人 收款人 PAYEE 背书人 ENDORSER 被背书人 ENDORSEE汇票进入流通领域后 保证人 GUARANTOR 一般当事人 参加承兑人ACCEPT FOR HONOR 持票人 HOLDER Classification of bills of exchangev According to the tenor: Demand draft/ sight

10、 draft Time/ usance draftv According to whether commercial documents are attached thereto (1) Clean bill: It is a bill without shipping documents attached thereto (2)Documentary bill: It is a bill with shipping documents attached thereto. v According to the acceptor: Bankers acceptance; traders acce

11、ptance v According to the drawer (1)bankers draft or bank draft: It is a draft drawn by a bank on another bank. (2)Trade bill : it is a bill issued by a trader on another trader or on a bank. Acts relating to a bill of exchangev 出票DRAW,ISSUE v 背书ENDORSEMENT It is an act of negotiation. Prerequisites

12、 for a valid endorsement: (1)Should be normally effected on the back of a draft and signed by the endorser.(2)Must be made for the whole amount of the draft. 1. 完全背书SPECIAL ENDORSEMENTIt is an endorsement that specifies an endorsee to whom or to whose order the draft is to be paid, in addition to th

13、e signature of an endorser. PAY TO THE ORDER OF D COMPANY FOR C COMPANY SIGNED 2. 空白背书BLANK ENDORSEMENTIt is an endorsement that shows an endorsers signature only and specifies no endorsee. It is also called a general endorsement.A draft so endorsed becomes payable to bearer.FOR C COMPANY SIGNED 3.

14、限制性背书RESTRICTIVE ENDORSEMENTAn endorsement is restrictive when it prohibits further transfer of the draft. PAY TO D COMPANY ONLY FOR C COMPANY SIGNED PAY TO D COMPANY NOT TO ORDER FOR C COMPANY SIGNED v 提示PRESENTATION A draft must be duly presented for payment if it is a sight bill or duly presented

15、 for acceptance first and then presented for payment at maturity if it is a time bill.v 承兑ACCEPTANCEAcceptance of a draft is a signification by the drawee of his assent to the order given by the drawer .He engages, by signing his name across the face of the bill that he will pay when it falls due. S

16、o presentment for acceptance is legally necessary to fix the maturity date of a draft payable after sight. 付款PaymentAct of payment is performed when a bill of exchange is paid. A bill is discharged by payment in due course only when such payment is made by or on behalf of the drawee or the acceptor.

17、v 拒付Dishonor Act of dishonor is a failure or refusal to make acceptance on or payment of a draft when presented. Dishonor by non-acceptance(拒绝承兑) Dishonor by non-payment(拒绝付款)v 追索Recourse In the event of a draft being dishonored, the holder has a right of recourse against the other party thereto, th

18、at is , a right to claim compensation from the drawer or any other endorser.追索路线 & 索偿金额v 保证Guarantee v 拒绝证明PROTESTa formal legal procedure, which goes some way towards protecting the sellers rights: v 贴现DISCOUNTINGDiscounting is to sell a time bill already accepted by the drawee but not yet fall

19、en due to a financial institution at a price less than its face value.Calculating formula：D=Vtd/360 N= V- DD:discount interest V:face value t:tenor d:discounting rate(n% p.a.) N:net proceeds Creditworthiness:Standing of the drawer and the acceptorDrawn clause showing the reason for issuing the draft

20、 2.Promissory noteDefinition of a promissory noteUK Bills of Exchange Act of 1882, Article 83 A promissory note is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time a sum certain in money to or

21、to the order of a specified person or to bearer. Characteristics of a promissory noteContents of a promissory note 1.表明“本票”字样The words “promissory note” clearly indicated. 2.无条件的支付承诺An unconditional promise to pay 3.付款日期Period of payment 4.付款地Place of payment 5.收款人或者指定人的名称Name of the payee or his or

22、der 6.出票日以及出票地点Place and date of issue 7.出票人的签章makers signature 我国票据法：付款地和出票地-相对必要事项，付款期限-见票即付，确定的金额-绝对必要事项。Classification of promissory noteAccording to the tenor:Sight /Term promissory noteAccording to the maker:commercial /bankers promissory note International Money Order国际汇票 Treasury Bill短期国库券 L

23、iabilities of the Parties Maker: the principal debtor. Engaging to pay the promissory note within the tenor. Endorser: A promissory note can be endorsed in the same way as a bill of exchange or check. The endorser is liable to pay the promissory note or compensate the holder for non-payment provided

24、 that the necessary proceedings in dishonor have been taken. 3.CheckDefinition of a CheckBills of Exchange Act, 1882 of the United Kingdom A check is an unconditional order in writing addressed by the customer (the drawer)to a bank (the drawee )signed by that customer，authorizing the bank to pay on

25、demand a sum certain in money to or to the order of a specified person or to bearer (the payee). Briefly speaking, a cheque is a bill of exchange drawn on a bank payable on demand. Contents of a Check支票的必要项目-日内瓦统一票据法 1.表明“支票”的字样The word “check” clearly indicated. 2.无条件一定金额的委托，我国要求“确定的金额” An uncondit

26、ional order in writing. 3.付款人名称Name of the paying bank. 4.付款地Address of the paying bank. 5.出票日期与出票地Place and date of issue. 6.出票人签章Drawers signature. Features of a check(1)A check must be unconditional.(2) A check must be drawn on a bank.(3) A sum certain in money must be written on a check, which s

27、hould be signed by the drawer.(4) The date of payment of a check is not essential in that it can be antedated, post-dated or dated on a non-business day.(5) The payee may be bearer, a specified person or his order.Parties to a check(1) The drawer. The person who makes out the check and keeps an acco

28、unt current in the paying bank. (2) The drawee. The banker on whom the check is drawn and to whom the order to pay is given. He is the banker with which the drawer maintains an account.(3) The collecting bank. The payees bank which collects/obtains payment for its customer from the paying bankthe dr

29、awers bank.(4) The paying bank where the drawer has an account.Classification of Checkv Uncrossed check & Crossed check a crossing is in effect an instruction by the drawer or holder to the paying bank to pay the fund to bank only instead of over the counter of the paying bank v Travelers Check旅

30、行支票v Certified checks 保付支票 A check is certified by the drawee bank. Once a check is certified by the drawee bank, all other obligors on the check will be discharged of the liability of the payment. 思考题及作业1.The issue of a draft A draft for USD 100,000.00 is drawn by The American Exporter Co.,Ltd, Tam

31、pa, Florida, U.S.A on the French Issuing Bank, Paris, France payable at 60 days after sight to the order of ourselves dated 15 May., 2006 marked “Drawn under The French Issuing Bank,Paris, France L/C No.12345 dated 25 Feb., 2006.”2.A draft indicates that “at 10 days from 11 may, 2006 pay to the order of A company”, the maturity of the draft falls on _3. Amount and net proceeds. A draft is partly shown as follows: Exchange for USD1,000.00 New York, 23 May 2006 At 60 days after B/L date 23/ May/2006 pay to the order of ourselves the sum of US dollars one thousand only. Su