交大国际支付与结算讲义

1、Chapter Three Credit Instruments信用工具Some key points:1.The three important negotiable Instruments:bill of exchange,promissory note and check三种重要的流通工具：汇票、本票、支票2. The function of a negotiable Instruments流通工具的功能3.The characteristics of each Instrument每一种流通工具特征4. The essentials of each Instrument每一种流通工具的

2、要点A credit instrument is a written or printed paper by means of which funds are transferred from one person to another. Credit instrument most commonly used in international payments and settlements are bills of exchange, promissory note and checks. They are also known as negotiable instruments. 信用工

3、具是可凭以将资金从某人转移给其他人的一张书写的或印制好的凭证。Credit instruments may also take such forms as travelers cheques（旅行支票）, certificates of deposit（存款凭证）, treasury bills（国库券）, treasury bonds（国债）, etc.New words and expressions1.acceptance：接受，承兑 promise：妥协，折中3.countersign：复签4.dishonor：拒付5.endorsee：被背书人6.endorsement ：背书7.e

4、quity：公平，股本8.essential：实质，要点9.garnishee：第三债务人，扣押10.mandate：支付命令11.infirmity：缺陷12.prerequisite：先决条件13.insolvent：破产的14.protest：抗议，拒绝证书15.tenor：进程， 汇票的期限16.verify：核对，检验17.validity：合法性，有效性18.vindicate：辩护，维护，证明正确19.estop：禁止20.detriment：损害21.scrutinize：细察22.crossing：交叉，（支票）划线23.inventory：存货24.submission：屈

5、服，服从25.affix：使附于，粘贴26.bulky：体积大的27. Acceptance bill：承兑汇票28. Acceptance for honor supra protest：参加承兑29. Accepted bill：已承兑汇票30. Accepting bank：承兑银行31. Acceptor for honor ：参加承兑人32.after date：出票后33.after sight：见票后34.Ante-dated：提早，出票日期比实际日期早35.At a fixed period after date出票后固定日期36. At a fixed period afte

6、rsight见票后固定日期37.banks draft：银行汇票38.bearer bill：不记名汇票39.bill of exchange：汇票40.blank endorsement: general空白背书41.bona-fide holder：善意持票人42.checks serial number：支票序号43.chose in action：动产，无形资产（运转）44.claim compensation：要求赔偿45.clearing bank：清算行 mercial paper：商业票据47.conditional Acceptance：有条件承兑48. Conditiona

7、l endorsement：有条件背书49.countermand of payment:constructive countermand ：止付50.crossed check: general：划线支票51.date of presentation：提示日期52.discharged bill：已清偿汇票53. Discharged by payment：履行付款义务54.discount charges：贴现费用55.discounting bank：贴现银行 discount house :贴现行56.dishonored bill：被拒付的票据57.dividend warrant：

8、股息单，支付股息通知58.expiry date：到期日59.financial instrument：金融工具60.freeze the customers account冻结客户帐户61.ganishee order：向第三方债务人下达的扣押令62. Hold for value付对价持票人63.holder in due course：正当持票人，in due course及时的，适当的64.in good faith：善意65.initial signature：初签66.local clearing house：同城票据交换所67. negotiable instrument：流通票

9、据68.notary public：法定公证人69.notice of dishonor：拒付通知70.payable to bearer：付持票人71. payable to order：付指定人72.payment for honor supra protest：参加付款73. payment in due course：正当付款74. payment instrument：支付工具75. Post-date：填写日期迟于出票日期76.printed facsimile：刊印的签字样本77. promissory note ：本票78.right of recourse：追索权79.sol

10、e bill：单张汇票80.special crossed cheque：特别画线支票81.special endorsement：特别背书82.subsequent endorser：后手背书人83. subsequent holder：后手持票人84.usance bill:远期汇票3.1 Negotiable Instruments：流通票据3.1.1what is negotiable instrument?Bill of exchange, promissory note , checks, dividend warrants（股息单，股票）, bearer bonds, beare

11、r scrips(债务凭证), debentures（债券） payable to bearer, share warrants （认股权证）payable to bearer, certificates of deposit（定期存单）, treasury bills（美国财政部国库券） are all negotiable Instrument, providing they are in a deliverable state(交付), I.e, in favor of “the bearer”（持票人）.Richardson defines a negotiable instrumen

12、t as:A negotiable Instrument is a chose in action（动产）, the full and legal title to which is transferable by delivery of the instrument(possibly with the transferors endorsement)with the result that complete ownership of the instrument and all the property it represents passes freely from equities to

13、 the transferee,providing the latter takes the instrument in good faith and value.流通票据是一种法定的无形财产，这种财产的全部或法定的权益可以通过交付进行转让（凭转让方背书），其转让的结果是只要受让人是正当取得或者支付对价而取得该财产，该票据的全部所有权及其所代表的财产权益将转移给受让人。3.1.2 The function of a negotiable instrument:流通工具的功能(1)as a means of payment:支付工具(2) as a credit instrument:信用工具(

14、3) as a transferable instrument:转让工具3.1.3 Parties to a negotiable instrument(1)Drawer: a drawer is the person who draws a bill of exchange or a check upon the drawee for the payment of a certain amount of money.出票人：出票人签发一张汇票或支票给受票人去支付一定数额款项。(2) drawee :a drawee is the person upon whom a bill of exch

15、ange or a check is drawn. He is also known as the addressee of a draft.受票人：受票人是一张汇票或支票被签发对象，他的地址也要在汇票上著名。(3)Payee: a payee is the person to whose order the drawee is to make payment or to whom the money is to be paid.被付款人：被付款人就是命令受票人付款的人。(4)Acceptor: if and when the drawee agrees and assents to the

16、order in writing addressed to him on a bill of exchange by signing his name on its face,indicating that he will pay on due date,the drawee will e an acceptor.承兑人：当受票人同意在汇票上签字意味着承诺在到期日付款，受票人成为承兑人。(5)Endorser: when a payee or a holder signs his name on the back of an instrument for the purpose of tran

17、sferring it to another person,he is called an endorser.he is liable to his subsequent endorser,his endorsee or any subsequent holder of the instrument.背书人：当被付款人或持有人在汇票上签字把它转让给其他人时就称为背书人。他是被背书人或后面持有人的债务人。(6) Endorsee: a endorsee is the person to whom an instrument is endorsed. He is the holder of an

18、instrument, which has transferred by the endorser.被背书人：被背书人是流通工具的背书对象，他通过背书持有流通工具。(7) Acceptor for honor: the person who himself is not a party liable on a bill of exchange but with the consent of the holder may intervene and accept the bill supra protest.参加承兑人：他并不是汇票的主债务人，但是承诺参与承兑。(8)Guarantor:a gu

19、arantor is the person who guarantees the acceptance and payment of a bill of exchange ,though he is not a party liable thereto.The obligations of the guarantor are the same as those of the guaranteed.保证人：担保承兑或付款的人，尽管他不是主债务人。(9)Holder:a holder is the possessor of an instrument, namely the payee, the

20、endorsee or bearer.He may sue, if needed, on the instrument in his own name.持票人：是经过背书拥有流通工具的人，可以是正当持票人，票据上著名他的名字。(10) Holder for value: a holder for value is the person who possesses an instrument for which value has been given by himself or by some other person.付对价持票人: 通过支付对价获得流通工具的人。(11) holder in

21、 due course：正当持票人:持有流通工具的人。 the person who is in possession an instrument that is:Complete and regular on its face;Taken before maturity without notice of its previous dishonor;持有直到到期前不通知前手Taken in goods faith and for value and;Taken without notice of any infirmity in the instrument or defect in the

22、 title of the person negotiating it. He is also called a bona fide holder(善意持票人), who may claim payment from all parties liable on the instrument.（可以向所有前手要求权利）3.1.4 Essential of a a negotiable instrument:流通票据的要素(1)an unconditioanl order or promise in writing to pay a sum certain in money;无条件的书面支付命令(

23、2)addressed by one person to another;一人签发给另一人(3)payable to bearer or to order;付款给持票人(4)payable on demand or at a definite future time.在确定的时间付款3.2 Bill of exchange3.2.1 what is bill of exchange?(1) A bill of exchange is an unconditioanl order :支付命令(2) addressed by one person (the drawer)：出票人(3) to an

24、other(the drawee)：受票人(4) signed by the person giving it：出票人签字(5) requiring the person to whom it is addressed(the drawee, who when he signs es the acceptor)：受票人（承兑人）(6) in writing ：书面 (7) to pay on demand,or at a fixed or determinable future time：即期或远期汇票(8) a sum certain in money:大写金额(9) to or to th

25、e order of a specified person,or to bearer(to payee：被付款人bills of exchange act,1882 of the United Kingdom汇票是一人开给另一人的无条件书面命令，由发出命令的人签名，要求接受命令的人立即或者可以在确定的将来时间把一定金额的货币支付给一个特定的人，或他的指定人，或持票人。(6) exchange for (8)US$25000 shanghai,march 19th 2001(7)at sight (1)pay to the order of (9)the Bank of ChinaThe sum

26、 of (8)twenty-five thousand US dollars only.Value received.To :(3)(5)The City bank for (2)China national chemicals import&export corporation,S.BNew York,N.Y.U.S.A. (4)SIGNED3.2.2The essentials of a bill of exchange 汇票的要素In conformity with（一致） the bill of exchange act 1882 of the United Kingdom and u

27、niform law on bill of exchange and promissory notes 1930of Geneva（日内瓦）, a bill of exchange must fulfill the following requirements（满足下列要求）(1)the word “exchange”（汇票）(2) an unconditioanl order in writing （书面无条件支付命令）(3)name and address of the drawee（受票人名称、地址）(4)drawers signature(s)（出票人签名）(5)date and pl

28、ace of issue（出票的日期和地点）(6)name or business entity of the payee（付款人名称和经营地址）(7)tenor（进程）(8)place of payment（付款地点）(9)amount（金额）3.2.3 acts of a bill of exchange票据行为（1）Issuance:出票to issue a draft comprises two acts to be performed by the drawer. 签发一张汇票对受票人承诺履行两件事。One is to draw and sign a draft; the other

29、 is to deliver it to the payee. 一是填写汇票并签名；二是把它交付给被付款人。(2) Endorsement:背书it is an act of negotiation. Prerequisites for a vilid endorsement:有效背书是票据被议付（转让）先决条件。First: Should be normally effected on the back of draft and signed by the endorser;背书人必须在票据背面签字才有效Second: Must be made for the whole amount of

30、 the draft.必须是针对票据的全部金额背书。Four kinds of endorsement:四种类型背书第一.blank endorsement:空白背书第二.special endorsement:特别背书第三. Restrictive endorsement:限制性背书第四. Conditional endorsement:有条件背书第一.blank endorsement:空白背书A endorsement in blank is one that shows an endorsers signature only and specifies no endorsee. It

31、is also called a general endorsement. A draft is so endorsed es payable to bearer.空白背书意味着只有背书人签名而没有被背书人签名，又称为一般背书。一张空白背书的汇票直接向持票人付款。第二.special endorsement:特别背书A special endorsement is one that specifies an endorsee to whom or to whose order the draft is to be paid, in order to be paid, in addition t

32、o the signature of an endorser.特别背书是指除了背书人签名，还要指定被背书人或者根据他的命令付款。For example: pay John Smiths，付款给John SmithsFor example: pay to the order of John Smiths，付款给John Smiths 指定的人。第三. Restrictive endorsement:限制性背书An endorsement is restrictive when it prohibits further transfer of draft.限制背书就是禁止票据流通转让。For ex

33、ample: pay John Smiths only，仅付款给John Smiths。第四. Conditional endorsement:有条件背书A Conditional endorsement is a special endorsement adding some words thereto that create a Condition bound to be met before the special endorsee is entitled to receive payment. The endorser is liable only if the Condition i

34、s fulfilled.有条件背书是在特别背书的基础上加上背书取得付款的一些特殊条件的词语，只有符合这些条件背书人才有义务付款。For example: pay John Smiths upon his delivery of warehouse receipt of 100 cases .当 John Smiths 将100箱玉米运到仓库时付款。（3）presentment提示A draft must be duly presented for payment if it is a sight bill or duly presented for acceptance first and t

35、hen presented for payment at maturity if it is a time bill.一张即期汇票必须适时提示付款，一张远期汇票必须首先适时提示承兑，然后在到期日提示付款。（4）Acceptance承兑Acceptance of a draft is a signification(含义) by the drawee of his assent（同意） to the order given by the drawer.He engages, by signing his name across the face of the bill that he will

36、pay when it falls due（到期权利）. So presentment for acceptance is legally necessary to fix the maturity date of a draft payable after sight. Vilid acceptance requires:The word “accepted”must be written on the bill of the acceptor without additional words is also justified.It ought not be expressed that

37、the drawee will carry out his promise by any other means than the payment of money.除了付款没有其他条件(5)payment 付款Act of payment is performed when a bill of exchange is paid. A bill of discharged by payment in due course(适时付款过程) only when such payment is made by or on behalf of drawee or the acceptor.(6)dis

38、honor拒付Act of dishonor is a failure or refusal to make acceptance on or payment of a draft when presented.（提示时没有被付款或承兑）(7) notice of dishonor拒付通知A notice on which default of acceptance or of payment by the drawee or the acceptor is advised(考虑过), to be given by holder of a draft（持票人） to the drawer an

39、d all the endorsers whom he seeks to hold liable for payment. A notice of dishonor must be given by or on behalf of the holder or an endorsee on the next business day （下一个工作日）after the dishonor of the draft.(8)protest拒绝证书A written statement under seal drawn up and signed by a Notary Public（公证人） or o

40、ther authorized person for the purpose of giving evidence that a bill of exchange has been presented by him for acceptance or for payment but dishonored. (拒绝证书是法定公证人或其它有权出具证书者出具并签署的加封书面声明，以证明汇票经其提示承兑或提示付款但被退票)(9)Right of recourse追索权In the event of a draft being dishonored, the holder has a right of

41、recourse against the order parties thereto, that is, a right to claim compensation from the drawer or any endorse.持票人有权向出票人或任何背书人要求赔偿。（10）Acceptance for honor supra protest参与承兑Acceptance for honor supra protest is an act performed by the acceptor for honor, who accepts the bill supra protest , for t

42、he honor of any party liable thereon or for the honor of the person for whose account the bill is drawn. A bill may be accepted for honor for only a part of the sum drawn payable.参加承兑是由参加承兑人完成的一种票据行为，即参加承兑人承兑汇票是为了顾全对汇票负有责任的任何当事人的信誉或顾全为他开立汇票的那个当事人的信誉。汇票参加承兑可能是汇票金额一部分。（11） payment for honor supra prot

43、est参与付款payment for honor supra protest is an act similar to Acceptance for honor supra protest in the sense that it vindicates the honor of a party liable on a bill of exchange.(12)Guarantee担保、保证Act of guarantee is performed by a third party called guarantor, who engages that the bill will be paid o

44、n presentation if it is a sight bill or accepted on presentation and paid at maturity if it is a time bill.(13)Discounting 贴现Discounting a bill of exchange is to sell a time bill already accepted by the drawee but not yet fallen due to a financial institution at a price less than its face value.Illu

45、stration of procedure1. To issue a bill , present it for acceptance(提示承兑); 2.To accept it（被承兑）;3. To sell it to the discounting house（卖给贴现行）;4. To pay the amount(I.e. less than the face value（支付贴现金额）5. To present it for payment at maturity（到期提示付款）;6. To pay the face value（支付面值）.For example,suppose a

46、n accepted bill for USD50,000 falls due on June 30 and the exporter takes it to a discount bank on April 6. If the discount rate is 10%, the discount interest is calculated as follows:D=V*T*R/360500008510%/360=1180The amount the exporter can get is:50000-1180=USD48820D: discount interest 贴现利息V: face

47、 value of the bill 面值T: tenor(day) 距离到期日天数R: discount rate贴现率drawerdraweediscount house1234563.2.4 Classification of a bill of exchange汇票的分类1.According to the drawer 根据出票人（1）bankers draft or bank draft:it is draft drawn by a bank on another bank.银行汇票，它是一个银行签发给另一个银行的。No:Date:Exchange for: (小写) At sig

48、ht of this first of Exchange, second of the same tenor and date unpaid, pay to the order of_ the sum of （大写）_ drawn under (出票原因)_ To: （drawee） （drawer）china construction bank for and on behalf ofHongkong branch china construction bank signature(2)trade bill:it is issued by a trader on another trader

49、 or on a bank.Bill of exchangeDraft No: place and date:Drawn under(出票原因) _L/C NO _ dated_Exchange for: (小写) _ place dateAt_sight of this second of exchange(first of exchange being unpaid)pay to the order of （payees name） The sum of （mount in words 大写） value received to (drawee) authorized signature:

50、drawer2. According to the acceptor：根据承兑人（1） trades acceptance bill:商业承兑汇票 it is a time bill drawn on a trader and has been accepted and signed by him for payment at maturity.一张远期汇票已经被公司承兑签字承诺到期付款。(2)banks acceptance bill: 银行承兑汇票it is a time bill drawn on a bank and accepted and signed by this bank f

51、or payment at maturity. This kind of bill is more preferable and negotiable than the trades acceptance bill and more acceptable in the discount market.一张远期汇票已经被某一银行承兑签字承诺到期付款，这种汇票更受欢迎，因为更容易转让，也更容易去贴现。3. According to the tenor：根据期限（1）sight bill: 即期汇票it is payable on demand or at sight or on presentat

52、ion.提示后见票即付。(2)time bill or usance bill：期票It is a bill payable at a fixed or determinable future time.在一个固定日期或未来约定时间付款。USD34266.60 NEW YORK October11th,2003At sight pay to the order of Intercoastal Ltd. 36 West. 57 street, NEW YORK, N.Y.10081 thirty four thousand two hundred sixty-six and 60/100US D

53、ollarsTo:Manufacturers Hanover Trust Co.NEW YORK Intercoastal Ltd .Inc No our ref.c-115（发票号码） AA WilliamsUSD182400.00 NEW YORK October11th,2003At 180 days sight pay to the order of Derkshire industries Inc, 102 Madison Ave, NEW YORK, N.Y.10081 One hundred eight-two thousand and four hundred DollarsT

54、o:Manufacturers Hanover Trust Co.NEW YORK Derkshire industries Inc No our ref.c-113（发票号码） AA Williams4. According to whether commercial documents are attached thereto:根据是否附有商业单据（1）clean bill: it is a bill without shipping documents attached thereto.(2) documentary bill: it is a bill with shipping do

55、cuments attached thereto.5. According to the currency denominated:票面货币(1)local currency bill:本币汇票 it is a bill which the amount is denominated in local currency .(2) foreign currency bill: 外币汇票it is a bill which the amount is denominated in foreign currency .6. According to the place of acceptance a

56、nd place of payment：根据承兑和付款地点(1) direct bill：直接汇票It is a bill on which the place of acceptance is the same one as the place of payment.(2) indirect bill：间接汇票It is a bill on which the place of acceptance is not the same one as the place of payment.7. According to the place of issue and place of payme

57、nt根据发行和付款地点(1) inland bill or domestic bill：国内汇票It is a bill drawn and payable in the same country.(2) foreign bill：外国汇票It is a bill drawn in one country and payable in another country.3.3 Promissory note 本票3.3.1 what is a Promissory note ?什么是本票？A Promissory note is an unconditional promise in writi

58、ng made by one person(the maker) to another(the payee or the holder) signed by the maker engaging 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 bearer.本票是一人向另一人开出，由出票人签字，保证对某一特定的人或其指定人或持票来人即期或在固定、或在可以确定的某一日期支付一定货币金额的书面的无

59、条件的付款承诺。Promissory note NEW YORK ，April1,2003 For USD99999.00On the 20th June 2001 fixed by the Promissory note we promise to pay BA the sum of ninety-nine thousand nine hundred and ninety-nine US Dollars only. for and on behalf of CD signed3.3.2 Characteristics of a Promissory note 本票的特征(1)It is an

60、 unconditional promise in writing .(2)The basic parties to a Promissory note are the maker and the payee.The maker corresponds to the drawer as well as the drawee of a bill of exchange.(3)There is no need to accept the instrument if it is payable at a fixed or determinable future time. In all cases