浙江财经沈莉国际结算第三章

ChapterThreeCreditInstrumentsMaincontents1.Introductiontoinstruments2.Billofexchange3.Promissorynote4.Check5.ComparisonDefinitionofnegotiableinstrumentAnegotiableinstrumentisachoseinaction,thefullandlegaltitletowhichistransferablebydeliveryoftheinstrument(possiblywiththetransferor’sendorse-ment)withtheresultthatcompleteownershipoftheinstrumentandallthepropertyitrepresentspassesfreelyfromequitiestothetransferee,providingthelattertakestheinstrumentingoodsfaithandforvalue.StatutorypropertyhandinsignatureonthebackofinstrumentequityholderpersontransferredwithouthostilitypayforIntroductiontoinstruments(广义）指商业上的权利单据（DocumentofTitle),作为某人的，不在他实际占有下的金钱或商品的所有权的证据。其权利可以转让。（狭义）是以支付金钱为目的的证券，由出票人签名于票据上，无条件地约定由自己或另一人支付一定金额，可以流通转让。Creditinstruments★Creditinstruments=awritten/printedpaperagainstwhichtopay,includingFinancialinstrumentsBillofExchangePromissoryNote,etc.ChequeSecuritiesSharecertificateDebenturesetc.LifePolicyCommercialdocumentsB/LWarehousereceipts,etc.TreasuryBill/note/bondnegotiableassignmentTransfer=Semi-negotiablecharacteristics

1.无因性（Non-causativenature）：·

2.要式性（Requisiteinform）：3.流通性（Negotiability）：票据的流通性表现在以下三个方面：·

要式不要因；·

双边对价转让；·

受让人不受前手票据权利缺陷的影响。

（受让人：善意的、支付了对价的受让人）票据在模拟货币流通中带有的限制性：·

票据有有效期，到期要兑付为货币；·

票据要记名；·

背书后构成转让。4.提示（Presentment）：5.返还性（Returnability）：持票人在票据到期日收到付款人支付的票款后，应将票据交还付款人，以结束其流通。

6.设权性（Establishmentofrightsandresponsibilities）

FunctionsofnegotiableinstrumentsSellerdrawadraftandaskbuyertopayagainstitBuyerasameansofpaymentBuyerMakeatenornotetoSellerasacreditinstrumentSellerBuyerSellgoodsanddrawabillaskingtopaypayeeofbillisseller’screditorLocalbankendorseandtransfer(sell)thebilltoForeignbankpresentforpaymentasnegotiableinstrumentPartiestoanegotiableinstruments★negotiable=transferable=discountableExporterdrawerdrawadraftanddeliverittopayee/creditorofexporterendorseendorsee/endorserendorseholderpresentitforpaymentdrawee/payer2Partiestoanegotiableinstrument

Drawer:thepersonwhodrawsabillofexchangeoracheckuponthedraweeforthepaymentofacertainamountofmoney.Status?Debtororcreditor?

Answer

Maindebtor

beforeacceptancewhilethesecondarydebtor

afteracceptance.

Draweelthepersonuponwhomabillofexchangeoracheckisdrawn.Heisalsoknownastheaddresseeofadraft.Isthedraweethemaindebtor?answerNo,causehedidn’tsigninthebill.Hedoesn’ttaketheliabilitythatthebillwillmustbehonoured.Payee

thepersontowhoseorderthedraweeistomakepaymentortowhomthemoneyistobepaid.

What’shisstatus?Debtororcreditor?

answer

Creditorandthefirstholderaswell.Hehastherighttocollectmoneybypresentingthebillortotransferittoanotherparty.

Endorser

Whenapayeeoraholdersignshisnameonthebackofaninstrumentforthepurposeoftransferringittoanotherperson,heiscalledanendorser.Heisliabletohissubsequentendorser,hisendorseeoranysubsequentholderoftheinstrument.Creditorordebtor?answerDebtorcauseheisliabletohissubsequentendorseri.etheendorsee.

Endorsee

l

Anendorseeisthepersontowhomaninstrumentisendorsed.Heistheholderofaninstrument,whichhasbeentransferredbytheendorser.

Holder

l

Aholderisthepossessor

ofaninstrument,namelythepayee,theendorseeorbearer.Hemaysue,ifneeded,ontheinstrumentinhisownname.

Holderforvalue

thepersonwhopossessesaninstrumentforwhichvaluehasbeengivenbyhimselforbysomeotherpersons.

Holderinduecourse

thepersonwhoisinpossessionofaninstrumentthatis①complete

andregularonitsface,②takenbeforematuritywithoutnoticeofitspreviousdishonor,③takeningoodfaith

andforvalueand

④takenwithoutnoticeofanyinfirmityintheinstrumentofdefectinthetitleofthepersonnegotiatingit.Heisalsocalledabonafideholder,whomayclaimpaymentfromallpartiesliableontheinstrument.

Acceptor

l

Ifandwhenthedraweeagreesandassentstotheorderinwritingaddressedtohimonabillofexchangebysigninghisnameonitsface,indicatingthathewillpayonduedate,thedraweewillbecomeanacceptor.Maindebtor

Guarantor

thepersonwhoguaranteestheacceptanceandpaymentofabillofexchange,thoughheisnotapartyliablethereto.Theobligationsoftheguarantorarethesameasthoseoftheguranteed

Acceptorforhonor

l

thepersonwhohimselfisnotapartyliableonabillofexchangebutwiththeconsentoftheholdermayinterveneandacceptthebillsupraprostest.3ActsofinstrumentToissue:twoactsA.todrawandsignadraftB.todeliverittothepayee.

Usually

afterissuance,thedrawerbecomesthe

maindebtorofaninstrumentandthelastonetobeclaimedagainstwhentheinstrumentisdishonored.

EndorsementItisanactofnegotiation.Prerequisites(先决条件）foravalidendorsement.l

Shouldbenormallyeffectedonthebackofadraftandsignedbytheendorser;Mustbemadeforthewholeamountofthedraft.

Fourkindsofendorsement

Blankendorsement:showsanendorser’ssignatureonlyandspecifiesnoendorsee.Itisalsocalledageneralendorsement.

Specialendorsement

specifiesanendorsee

towhomortowhoseorderthedraftistobepaid,inadditiontothesignatureofanendorser.

Specimen

ExchangeforGBP500.00London,10Nov.AtsightpaytotheorderofCCo.,thesumofPoundsfivehundredonlyToBBank,ForACompany,LondonLondonSignature

SpecialendorsementPaytotheorderofBCo.,LondonForACo.,London

Signature

Blank(general)endorsement

isonethatshowsanendorser’ssignatureonlyandspecifiesnoendorsee.

ForACo.,London

Signature

Restrictiveendorsement

l

itisrestrictivewhenitprohibitsfurthertransferofthedraft.Eg.PaytoABankonlyPaytoABankforaccountofBCo.,PaytoABanknotnegotiablePaytoABanknottoorder

Conditionalendorsement

aspecialendorsementaddingsomewordstheretothatcreateaconditionboundtobemetbeforethespecialendorseeisentitledtoreceivepayment.Theendorserisliableonlyiftheconditionisfulfilled.

examplePaytotheorderofBCo.OndeliveryofB/LNo.123ForACo.,LondonSignature

开出的汇票必须是无条件的支付命令，作成背书却是可以带有条件的，附带条件仅对背书人和被背书人有约束作用，与付款人、出票人无关。

Presentment

Adraftmustbedulypresentedforpayment

ifitisasight

billordulypresentedforacceptance

firstandthenpresentedforpaymentatmaturityifitisatime

bill.

Acceptance

isasignificationbythedraweeofhisassenttotheordergivenbythedrawer.Heengages,bysigninghisnameacrossthefaceofthebillthathewillpaywhenitfallsdue.

Sopresentmentforacceptanceislegallynecessarytofixthematuritydateofadraftpayableaftersight.Validacceptancerequires:

conditions①theword“accepted”mustbewrittenonthebilltobefollowedbythesignatureoftheacceptorandthedateofacceptance.Ameresignatureoftheacceptorwithoutadditionalwordsisalsojustified.

②Itoughtnotbeexpressedthatthedraweewillcarryouthispromisebyanyothermeansthanthepaymentofmoney.

TypesofacceptancelGeneralacceptancewithoutanyrestrictionswhileconfirmingacceptancelQualifiedacceptance

Conditionalacceptance

ACCEPTED1June,2004PayableondeliveryofBillsofLadingForABCBankLtd.,LondonSignature

PartialAcceptance

forexample,supposingtheamountisGBP1000.00ACCEPTED3June,2004PayableforamountofGBP800.00onlyForABCBankLtd.,LondonSignature

LocalAcceptance

ACCEPTED5June,2004PayableatTheHambrosBankandthereonlyForABCBankLtd.,LondonSignature

QualifiedAcceptanceastotime

(

supposingthetenoris3monthsafterdate(ofissue)ACCEPTED5June,2004Payableat6monthsafterdateForABCBankLtd,,LondonSignature

Payment

Actofpaymentisperformedwhenadraftispaid.Abillisdischargedbypaymentinduecourseonlywhensuchpaymentismadebyoronbehalfofthedraweeortheacceptor

Dishonor

Actofdishonorisafailureorrefusaltomakeacceptanceonorpaymentofadraftwhenpresented

l

Dishonourbynon-acceptancel

Dishonourbynon-paymentPaymentisimpossiblebecauseofthepayer’sbankruptcy,deathorhisevading.

Noticeofdishonor

Anoticeonwhichdefault(不履约/违约））

ofacceptance

orofpaymentbythe

drawee

ortheacceptor

isadvised,tobegivenbyholderofadrafttothedrawerandalltheendorserswhomheseekstoholdliableforpayment.Anoticeofdishonormustbegivenbyoronbehalfoftheholderoranendorseeonthenextworkingdayafterthedishonorofthedraft.

Protest

Awrittenstatementundersealdrawnupandsignedbyanotarypublicorotherauthorizedpersonforthepurposeofgivingevidencethatadrafthasbeenpresentedbyhimforacceptanceorforpaymentbutdishonored.Ifthereisnonotarypublic

intheplaceofdishonour,theprotestcanbemadebyalocalFamousMan

before

twoWitnesses.Thechargesinvolvedisbornebytheholder.

Rightofrecourse

Intheeventofadraftbeingdishonored,theholderhasarightofrecourseagainsttheotherpartiesthereto,thatis,arighttoclaimcompensationfromthedraweroranyendorser.

Recourse:Therighttoclaimarefundfromanotherparty.

Threeconditions

l

（1）Presentwithinalegaltimelimitl

（2）Notice

withinspecifiedtime(thefollowingdayafterdishonourasperBillsofExchangeAct1882)l

（3）Dishonour

mustbewithinspecifiedtime(withinoneworkingdayafterdishonourandmaketheprotestbyanotarypublicasperBillsofExchangeAct1882)

TimelimitBillsofExchangeAct:6

yearstoretaintherightofrecourse

Genevaconventionsof1930:1year

fora

holder

tohispre-endorser,6months

foranendorser

tohispre-endorser.

Acceptanceforhonorsupraprotest

Acceptanceforhonorsupraprotestisanactperformedbytheacceptorforhonor,whoacceptsthebillsupraprotest,forthehonorofanypartyliablethereonorforthehonorofthepersonforwhoseaccountthebillisdrawn.Abillmaybeacceptedforhonorforonlyapartofthesumdrawnpayable.

Paymentforhonorsupraprotest

Paymentforhonorsupraprotestisanactsimilartoacceptanceforhonorsupraprotestinthesensethatitvindicatesthehonorofapartyliableonabill.

Guarantee

Actofguaranteeisperformedbyathirdpartycalledguarantor,whoengagesthatthebillwillbepaidonpresentationifitisasightbilloracceptedonpresentationandpaidatmaturityifitisatimebill.

Actofbills

TheFrenchActs

TheGermanActs

BillofExchangeAct1882UniformLaw

GenevaUniformLaw2.BillofExchange(Draft)

Definition:isanunconditionalorder

in

writing,addressed

by

oneperson

to

another,signedbythepersongivingit,requiringthepersontowhomitisaddressedtopayondemand

oratafixedordeterminable

futuretime

asumcertain

in

money

toortotheorderofaspecifiedperson,ortobearer.MainItemsTheword“Exchange”l

Anunconditionalorderinwritingl

Timeandplaceofissuel

Tenor(timeofpayment)l

Amountinwordsandfiguresl

Nameandaddressofthedraweel

Drawer’ssignaturel

NameofthepayeeEXPRESSIONSOFDECIMALAsperXXX.60,thereareseveraldifferentexpressionsforyrreference:

SAYxxxANDPOINTSIXTYONLY

SAYXXXANDPOINTSIXZEROONLY

SAYXXXANDCENTSIXTYONLY

SAYXXXAND60/100ONLYOtheritemsNumbersandcopiesofabillofexchange(AsetofBill)lPlaceofpayment(theplacebesidesthepayer’snameisregardedastheplaceofpaymentunlessotherwisestipulated)LInterestanditsRatePayableinothercurrency(rateofforeignexchangeshouldbeshownon.Whichcannotconflictwiththelocallawintheplacewherepaymentmade)

Types

l

Cleanbillanddocumentarybilll

Banker’sdraftandcommercial(trader’s)draftAbilliscalledabanker’sdraftwhentheissuerandthepayerarebothabank.Abilliscalledacommercialdraftwhentheissuerandthepayerarebothatrader.lBanker’sacceptancebillandcommercial(trader’s)acceptancebill

lOrderbillorbearerbillorstraightbill

DiscountingWhereapayeeofatermbillrequirespaymentimmediately,abankmaydiscountthebill,i.e.makeimmediatepaymentdeductinganamountforinterestoverthetermofthebill.3.PromissoryNote

Definition

Apromissorynoteisanunconditionalpromiseinwritingmadebyonepersontoanothersignedbythemaker,engagingtopay,ondemandoratafixedordeterminablefuturetime,asumcertaininmoneyto,ortotheorder,ofaspecifiedpersonorbearer.

SpecimenPartiesinvolved

lDrawerPayee

MainItems

l

Thewords“promissorynote”l

Anunconditionalpromisetopayl

Nameofthepayeeorhisorderl

Drawer’ssignaturel

Placeanddateofissuel

Tenorl

AcertainsumofmoneyinwordsandfiguresPlaceofpayment(Itwillberegardedastheplaceofpaymentifnotshown)

Types

Trader’sNotesItisbarelyusedbecauseoftheunknownstandingoftheissuerorheisinanywayfinanciallysuspect.

Banker’snotesTheyarewidelyusedinbankingandissuedbycommercialbankspayabletospecifiedpersonortobearer.Theissuanceofbanker’snotespayabletobearerisprohibitedbygovernmentwhileitisallowedtoissuebanker’snotespayabletospecifiedperson

Traveler’sCheck

Theagentthatissuesthetraveler’schecksisthepayer.In