国际结算chapter 2(2)-bill of exchange

1、1Chapter two Negotiable Instruments2Bill of exchange(Draft)1.What is a bill of exchange? A bill of exchange is an unconditional order in writing, addressed by one person (the Drawer) to another (the Drawee), signed by the person giving it, requiring the person to whom it is addressed (the Drawee, wh

2、o when he signs becomes the Acceptor) to pay on demand, or at a fixed or determinable future time, a sum certain in money, to or to the order of a specified person, or to bearer(the payee). -Bills of Exchange Act, 1882 of the United Kingdom3Bill of exchange1.What is a bill of exchange? A bill of exc

3、hange is a negotiable instrument, signed and issued by the drawer, who authorizes the drawee to pay unconditionally a sum certain in money to the payee or the holder at sight or on a specified date. -Law of the Peoples Republic of China on Negotiable Instruments ,19954Bill of exchange2.Essentials of

4、 a bill of exchange(1) the word “exchange”,“bill of exchange”，or “draft”：汇票字样(which is not a necessary item according to the law of England)(2) an unconditional order in writing(无条件支付命令)：qAn order, not a request accepted: “pay to ” unaccepted: “Would you please pay to ”；”I shall be pleased if you wo

5、uld pay ”5Bill of exchangeqUnconditionale.g. Pay to A Co. the sum of five thousand US dollars providing the goods they supply are complied with contract. Pay to A Co. out of the proceeds in our No.X account the sum of five thousand US dollars. Pay to C Co. or order the sum of one thousand US dollars

6、 and debit the same to No. x account of D Co. with you.(3) name and address of the drawee（付款人名称和地址）: “To:”(Notes: The address of the drawee is not a necessary item according to the law of China.)6Bill of exchange(4) drawers signature(s)（出票人签章）：an autograph, a seal or an autograph accompanied by a se

7、al(5) date and place of issue（出票日期和地点）; If the place of issue is not specified on a bill of exchange, the business premises, domicile or habitual residence of the drawer is the place of issue. -Law of the Peoples Republic of China on Negotiable Instruments , Article 23(6) name or business entity of

8、the payee（收款人名称，抬头）：7Bill of exchangev Restrictive order(限制性抬头限制性抬头)： Pay to C Co. only(仅付C公司) Pay to C Co. not transferable/negotiable（支付C公司，不可转让）v Demonstrative order(指示性抬头)： Pay to the order of C Co.（支付C公司的指定人） Pay to C Co. or order（支付C公司或其指定人） Pay to C Co.（支付C公司）v Pay to holder(来人抬头来人抬头)： Pay to

9、 bearer Pay to C Co. or bearer(Notes: The third one is unaccepted according to the law of China. )8Bill of exchange(7) tenor(付款日期)：time of payment, maturityqAt sight/On demand/On presentation:见票即付e.g. “At sight pay to the order of ”qAt a fixed period after date:出票后定期e.g. “At 30 days after date pay t

10、o ”qAt a fixed period after sight:见票后定期e.g. “At 60 days after sight to ”qAt a fixed date: 定日付款e.g. “On April 10th , 2007 fixed pay to ”(Notes:If the date of payment is not specified on a bill of exchange, the bill is payable at sight. )9Bill of exchangeDiscussion:Draft extract: “At 30 days after dat

11、e pay to ”The date of issue: March 21st, 2007Question: which day is the date of payment?How to determine?qAtafter：算尾不算头qcalendar month ：日历月e.g. “ at one month after 30th Jan. pay to”qMeeting legal festivals or holidays to postpone：节假日顺延10Bill of exchange(8) place of payment（付款地点） If the place of pay

12、ment is not specified on a bill of exchange, the business premises, domicile or habitual residence of the drawee is the place of payment. -Law of the Peoples Republic of China on Negotiable Instruments , Article 23(9) amount（确定的金额）：certain in money The sum on a negotiable instrument shall be specifi

13、ed in both capital Chinese characters and numerical figures, the two must be exactly the same. Otherwise, the instrument shall be null and void. -Law of the Peoples Republic of China on Negotiable Instruments , Article 811Sample of Bill of Exchange12Sample of Bill of Exchange13Drawn under THE HOKKAI

14、DO TAKUSHOKU BANK LTD TOKYOL/C NO. 264-510 Dated 1996 .11.30 payable with interest _% %_No. CS96-061 Exchange for Shanghai, China DEC.31,1999 At _Sight of this FIRST of Exchange (Second of Exchange being unpaid)Pay to the order of EVERBRIGHT BANK OF CHINA the sum of US DOLLARS EIGHT THOUSAND FIVE HU

15、NDRED Bill of ExchangeUSD8549.00FORTY NINE ONLYTo THE HOKKAIDO TAKUSHOKU BANK LTD TOKYO SHANGHAI GARMENTS CO. Signed 141516Bill of exchangeExercise I:Please draw a draft according to the following conditions:Date: Feb. 24th , 2007Amount:USD 4,242.00Tenor: on demandDrawer: Sherman Mortor Inc., New Yo

16、rkDrawee: The Chase Bank N.A., New YorkPayee: Sara Incorporations order17Bill of exchangeExercise :A draft for USD100,000.00 is drawn by the the American Exporter Co. Inc. American Exporter Co. Inc. Florida,U.S.AFlorida,U.S.A on The French Issuing The French Issuing Bank,Paris,FranceBank,Paris,Franc

17、e payable at 60 days after sight to the order of ABC Corporation dated 25 Feb.,2010. Please draw a draft as per above instruction.18l20072007年年8 8月月1010日，佳佳食品厂欲从沈阳嘉日，佳佳食品厂欲从沈阳嘉运粮油贸易公司购入大米运粮油贸易公司购入大米1000010000公斤，并公斤，并准备以银行汇票形式进行结算，财务科填准备以银行汇票形式进行结算，财务科填报报“银行汇票申请书银行汇票申请书”，申请开出面额为，申请开出面额为3000030000元的银行

18、汇票，元的银行汇票，8 8月月1515日，双方签订日，双方签订采购合同，大米每公斤采购合同，大米每公斤2.52.5元，增值税率元，增值税率17%17%，根据实际交易金额填制，根据实际交易金额填制“银行汇票银行汇票解讫通知书解讫通知书”，办理款项结算。，办理款项结算。佳佳食品厂开户行及账号：工行五一路支佳佳食品厂开户行及账号：工行五一路支行，行，125-830080573125-830080573沈阳嘉运粮油贸易公司开户行及账号：中沈阳嘉运粮油贸易公司开户行及账号：中国工商银行中山广场支行，账号：国工商银行中山广场支行，账号：33010034092640405330100340926404059

19、696192021Bill of exchange3.Acts of a bill of exchange(1)Issuance(出票出票):drawing and delivering(2)Endorsement（背书）（背书）:qThree prerequisites:should be normally effected on the back of a draft and signed by the endorser An endorsement shall be signed and the date of endorsement specified by the endorser.

20、 An endorsement without a specified date is deemed to be made prior to the date of maturity. 22Bill of exchangemust be made for the whole amount of the draft An endorsement which transfers a part of the sum payable by the bill of exchange or separately transfers the sum payable by the bill to two or

21、 more endorsees shall be void. (China)should be in succession（背书要连续）：in the course of negotiation of an instrument, the signature of each endorser negotiating the bill and that of the immediate prior endorsee acquiring the bill shall be the same persons. 23背书的连续性背书的连续性.CDFGEBAH第一背书人第一背书人收款人收款人第二背书人第

22、二背书人第一被背书人第一被背书人第三背书人第三背书人第二被背书人第二被背书人第四背书人第四背书人第三被背书人第三被背书人第五背书人第五背书人第四被背书人第四被背书人 第五被背书第五被背书人人24被背书人被背书人被背书人被背书人被背书人被背书人背书人签章背书人签章背书人签章背书人签章背书人签章背书人签章00年年1 月月1日日00年年2月月1日日00年年3月月1日日李四张 三李 四王 五赵六王五25Bill of exchangeqFour kinds of endorsements:Blank endorsement:空白背书，不记名背书e.g. on the face: Pay to the

23、order of John Smith on the back: For John Smith signature（notes: blank endorsement is unaccepted according to the law of China）Special endorsement: 特别背书e.g. on the face: Pay to the order of John Smith on the back:？26Bill of exchangeRestrictive endorsement：限制性背书e.g.： on the face: Pay to the order of

24、John Smith on the back:？Conditional endorsement: 有条件的背书e.g. ：on the face: Pay to the order of John Smith on the back: Pay to X Co. on delivery of B/L. on 17th May,2006 For John SmithNOTES:No condition may be attached to the endorsement. Any conditions attached to the endorsement shall have no effect

25、 of a bill. -Law of the Peoples Republic of China on Negotiable Instruments , Article 3327Bill of exchange(3) Presentment(提示提示):qPresentment for Acceptance: the act of a holder who presents the bill of exchange to the drawee and demands a promise of payment from the drawee Where a bill of exchange i

26、s drawn payable at a fixed date or at a fixed period after the date of issue, the holder shall present the bill to the drawee for acceptance before the date of maturity. Where a bill of exchange is drawn payable at a fixed period after sight, the holder thereof shall present the bill to the drawee f

27、or acceptance within one month after the date of issue. Where a bill of exchange is not presented for acceptance within the prescribed period, the holder thereof shall lose the right of recourse against his prior parties. 28Bill of exchangeqPresentment for PaymentTime limits of Presentment for Payme

28、nt: one month after the date of issue for a bill payable at sight to be presented to the drawee ten days after the date of maturity for a bill payable at fixed date, at a fixed period after the date of issue or at a fixed period after sight to be presented to the acceptor Where the holder fails to p

29、resent the bill for payment within the prescribed period, the acceptor or drawee shall remain liable for the payment of the bill after the holder explains the situation.29Bill of exchange(4) Acceptance:承兑承兑Valid acceptance requires:qThe word “accepted” must be written on the bill to be followed by t

30、he signature of the acceptor and the date of acceptance.A mere signature of the acceptor without additional words is also justifiedqWhen accepting a bill of exchange, the drawee may not attach any conditions thereto. An acceptance to which a condition is attached is deemed non - acceptance. 30.承兑的格式

31、承兑的格式北北京京A公公司司财务专用章 本汇票已经本单位承兑，到期日本汇票已经本单位承兑，到期日无条件支付票款。无条件支付票款。 此致此致 收款人收款人 付款人盖章付款人盖章 1998年6月8日王 五工工商商银银行行郑郑汇票专用章州州市市分分行行 本汇票经本行承兑，到期日由本本汇票经本行承兑，到期日由本行付款。行付款。 承兑银行盖章承兑银行盖章 2000年3月5日赵 六 ACCEPTED12th April,2001For Bank of Europe, London signed31Bill of exchangeExercise :Exchange for USD 5,000.00 New

32、 York,1 April,2009 At 60 days after sight pay to the order of Bank of Australia the sum of US dollars five thousand only.TO: The Importing Co., For: The exporting Co., Melbourne New York signature 32Bill of exchange(1)The payee wants to transfer the bill to Bank of New Zealand, Auckland. Please make

33、 a restrictive endorsement.(2) The payee wants to transfer the bill to Bank of New Zealand, Auckland. Please make a special endorsement.(3) Please make a blank endorsement.(4)The holder presented this bill for acceptance on 10 April,2009 . Please make an acceptance of such bill on that day, and indi

34、cate its maturity.33Bill of exchange(5)Payment:付款付款v Payment in due course Making payment on or after the date of maturity Paying to the holder in due course When paying a bill, the drawee or his agent shall examine the uninterruptedness of the series of endorsement and the lawful identity certifica

35、te or the valid certificate of the person presenting the bill -Law of the Peoples Republic of China on Negotiable Instruments , Article 57 Making payment in good faith The drawee or his agent who makes payment out of ill intention or with gross negligence shall bear liability on his own. -Law of the

36、 Peoples Republic of China on Negotiable Instruments , Article 5734Bill of exchange(6)Dishonor拒付拒付/退票退票：refusal to make acceptance or payment(7)Protest拒绝证书拒绝证书: a written statement signed by a Notary Public or other authorized person A holder who is unable to present proof of dishonor, a statement o

37、n reasons for dishonor or other lawful evidence within the prescribed period of time loses the right of recourse against his prior parties. However, the acceptor or the drawee shall remain liable to the holder. -Law of the Peoples Republic of China on Negotiable Instruments , Article 6535Bill of exc

38、hange(8)Notice of dishonor拒付通知拒付通知: a notice on which default of acceptance or of payment by the drawee or the acceptor is advised, to be given by holder to the drawer and all the endorsers the prescription of notice(发出拒付通知的时效限制) England: on the next day after receiving the protest for both, if not,

39、 the holder or the endorser loses the right of recourse Geneva:within four days after receiving the protest for the holder and two days after receiving the notice for the endorser 36Bill of exchange China: within three days for both, if not, the holder may still exercise the right of recourse. Where

40、 losses are caused to the prior parties or the drawee by delayed notice, the party to the bill of exchange failing to notify the relevant parties within the prescribed time limit shall be liable for compensation of the losses, but the damages shall be limited to the sum payable by the bill. 37Bill o

41、f exchange(9)Right of recourse:追索追索(10)Acceptance for honor supra protest:参加承兑e.g.:Accepted for honor (or Acceptance supra protest) Of the name of the person whose honor acceptance has been given （被参加承兑人名称） On the date of acceptance for honor（参加承兑日期） Signed by the signature of the acceptor for honor

42、Notes: Acceptance for honor supra protest is not accepted by the law of China.38Bill of exchange(11)Payment for honor supra protest:参加付款(12)Guarantee/Aval:保证保证e.g.: Guarantee For the name of the guarantee(被保证人名称) signature of the guarantor（保证人签名） Dated （日期）Particulars：the word guarantee”i.the name o

43、f the guarantee, if there is no this item, the acceptor is the guarantee for an accepted bill, and the drawer is the guarantee for a bill not yet accepted. 39Bill of exchangesignature of the guarantordate of guarantee, if there is no this item, the date of issue is the date of guarantee. No conditio

44、n may be attached to a guarantee. A guarantee with conditions attached shall not affect the liability of guarantor on the bill of exchange. (VS Conditional endorsement, Conditional Acceptance)(13)Discounting(贴现贴现):selling a time bill already accepted by the drawee but not yet fallen due to a financi

45、al institution at a price less than its face value40Bill of exchangee.g.:suppose an accepted bill for USD50,000 falls due on June 30 and the exporter takes it to a discounting bank on April 6. If the discount rate is 10%, the discount interest is: 50,000*10%*85/360=1,180The amount the exporter can g

46、et is: 50,000-1,180USD48,8204142Bill of exchange4.Classification of a bill of exchange汇票的分类汇票的分类According to the drawer Bankers draft or bank draft:drawn by a bank on another bank(银行汇票) Trade bill: drawn by a trader on another trader or on a bank（商业汇票）2) According to the acceptor Bankers acceptance

47、bill（银行承兑汇票） Traders acceptance bill（商业承兑汇票）43Bill of exchange3) According to the tenor Sight bill（即期汇票） Time bill or Usance bill（远期汇票）4) According to whether commercial documents are attached thereto Clean bill （光票汇票） Documentary bill（跟单汇票）5) According to the currency denominated Local currency bil

48、l （本币汇票） Foreign currency bill（外币汇票）44Bill of exchange6)According to the place of issue and place of payment Inland bill or domestic bill:国内汇票 Foreign bill：国际汇票45Bill of exchangeExercise：A bill for USD30,000.00 is drawn by Mistui Co. Ltd.,Osaka on China National Textiles Imp.&Exp. Corp., Tianjin

49、 Branch payable at six months after sight to the order of issuer and dated 4 July, 200X which needs an act of instrument guarantee in accordance with the following items:(1)The person guaranteed: drawee(2)Guarantor: Bank of China,Tianjin(3) Date:15 July,200XPlease draw such a bill, then make guarant

50、ee accordingly.46.思考思考下列票据的持票人是否享有票据下列票据的持票人是否享有票据权利？权利？被背书人被背书人被背书人被背书人被背书人被背书人背书人签章背书人签章背书人签章背书人签章背书人签章背书人签章00年年1 月月1日日00年年2月月1日日 年年 月月 日日郑州郑州B B公司公司张 三深圳深圳C C公司公司北北京京A公公司司财务专用章财务专用章郑郑州州B B公公司司公公 章章47被背书人被背书人被背书人被背书人被背书人被背书人背书人签章背书人签章背书人签章背书人签章背书人签章背书人签章00年年1 月月1日日00年年2月月1日日 年年 月月 日日北京北京B B银行银行张张

51、三三深圳深圳C C银行银行北北京京A公公司司财务专用章财务专用章北北京京B B银银行行汇票专用章汇票专用章质押王武王武48被背书人被背书人被背书人被背书人被背书人被背书人背书人签章背书人签章背书人签章背书人签章背书人签章背书人签章00年年1 月月1日日00年年2月月1日日 年年 月月 日日北京北京B B银行银行张张 三三深圳深圳C C银行银行北北京京A公公司司财务专用章财务专用章北北京京B B银银行行汇票专用章汇票专用章托收王武王武49Case StudyCase I: 1996: 1996年年3 3月月4 4日，某市吉诺电器日，某市吉诺电器( (集团集团) )公公司司( (以下简称电器公司以

52、下简称电器公司) )与该市对外贸易公司与该市对外贸易公司 ( (以下简称外贸公司以下简称外贸公司) )订立购销合同一份，合同订立购销合同一份，合同约定，由电器公司供给外贸公司各种规格的吉约定，由电器公司供给外贸公司各种规格的吉诺冰柜和空调，价值人民币诺冰柜和空调，价值人民币2828万元。次日，外万元。次日，外贸公司签发了一张以其开户银行为付款人、以贸公司签发了一张以其开户银行为付款人、以电器公司为收款人、票面金额为电器公司为收款人、票面金额为2828万元、见票万元、见票后后1 1个月付款的商业汇票，并将汇票交付电器公个月付款的商业汇票，并将汇票交付电器公司。司。3 3月月2727日，电器公司持该汇票向外贸公司的日，电器公司持该汇票向外贸公司的开户银行提示承兑，该银行经审查后同意承兑，开户银行提示承兑，该银行经审查后同意承兑，并在汇票上作了相应的记载后交还电器公司。并在汇票上作了相应的记载后交还电器公司。50 4 4月月6 6日，电器公司财务室被盗，由于当日日，电器公司财务室被盗，由于当日为周末，财务室无人值班，故直至为周末，财务室无人值班，故直至4 4月月8 8日财务日财务室工作人员上班时，才发现财务室被盗，并向室工作