第二章 国际结算中的票据

1、Chapter two Negotiable instruments,1 General introduction 2 Bill of Exchange/Draft 3 Promissory Note 4 Check,1.1 What is a negotiable instrument? 1.2 Forms of circulation 1.3 Characteristics of negotiable instruments 1.4 Functions of negotiable instruments 1.5 Parties to a negotiable instrument 1.6

2、Title to a negotiable instrument 1.7 Negotiable instrument laws,1 General introduction,1.1 The meaning of negotiable instrument in a broad sense, a negotiable instrument refers to any commercial title ownership. in a restricted sense, a negotiable instrument is a written document that contains an un

3、conditional promise by the drawer to pay the payee or an unconditional order by the drawer to the drawee to pay the payee a fixed amount of money at a definite time.,1 General introduction,1.2 forms of circulation 过户转让（assignment）,-In written form -Give notice of transfer to original obligor -Affect

4、ed by the defects of the title of the transferor,Involved parties：transferor、 transferee、 original obligor Including :share certificate, life policies, etc,1 General introduction,交付转让(transfer) 准流通或半流通,Involved parties：transferor、 transferee 流通转让(negotiation) 完全流通 transferabl by delivery and /or end

5、orsement -holder in due course is unaffected by any defects of the title of the transferor or any other prior parties.,Negotiating by delivery or endorsement and delivery; No need to give notice Affected by the defects of the title of the transferor,举例说明： 甲欠乙100元而出具以乙为债权人的字据给乙，让其凭字据找丙去取，同时乙原来曾欠丙30元未

6、还，随后乙将此字据又转让给丁。问丁能否从丙处获得全额款项？ 如是字据，按民法原则，丙可采取将其对乙的30元债权转让给丁的办法来冲抵而只需付70。 如是票据，按票据法原则，必须全额付款，而不能用乙的权利缺陷来对抗丁的正当票据权利。,1.3 characteristics Negotiability Non-causative Requisite in form Literally determined content Presenting for payment,1 General introduction,transferable by delivery and/or endorsement;

7、 protect the holder for value who has good faith,案例,1997年8月，某市A公司与新加坡B商签订了一份进口胶合板的合同。合同总金额为700万美元，支付方式为付款交单，允许分批装运。第一批价值为60万美元的胶合板准时到货。就在第二批交货期来临之际，B商向A公司提出：鉴于贵公司资金周转困难，为了帮助贵方，我方允许贵公司采取远期付款。 贵公司作为买方，可以给我方开出一张见票后一年付款700万美元的汇票，请中国人民建设银行某市分行承兑。承兑后，我方保证将700万美元的胶合板在一年内交货。贵方全部收货后，再付给我方700万美元的货款。A公司以为现在不付款

8、，只开张远期票据就可得到货物在国内市场销售，于是欣然接受了B商的建议，给B商签发了一张见票后一年付款700万美元的汇票。,但A公司始料不及的是，B商将这张承兑了的远期票据在新加坡的美国银行贴现600万美元。从此却一张胶合板都不交给A公司。 一年后，新加坡的美国银行持这张承兑了的远期票据请建行某市分行付款。尽管B商没有交货，某市分行却不得以此为理由拒绝向善意持票人美国银行支付票据金额。最后，由于本案金额巨大，报请国务院批准，由建行某市分行付给美国银行600万美元而结案。,对于这张远期票据，A公司为出票人，B商为收款人，建行某市分行为付款人。A公司与B商之间的胶合板买卖合同是该票据的原因关系，使得

9、A公司愿意向B商开立这张汇票。A公司曾经向建行某市分行提供了资金，它们之间的这种资金关系使得建行某市分行愿意向A公司提供信用，承兑了这张远期汇票。美国银行与B商之间有对价关系，美国银行善意地付了600万美元的对价而受让，从而成为这张汇票的善意持票人。,但票据的最大特点就是，票据法律关系一经形成，即与基础关系相分离。票据基础关系的存在和有效与否并不对善意持票人的票据权利而产生影响。所以，B商实际上没有交货，或者A公司并没有足够的美元存在建行，都不影响美国银行对承兑人的付款请求权。对美国银行来说，这张票据上并没有写胶合板，只有一句话：“见票后一年付700万美元”。票据法律关系应依票据法的规定加以解

10、决，票据基础关系则应以民法规定加以解决。B商正是利用了票据的特性才行骗得逞的。,举例： 甲交给乙一张经付款银行承兑的期票，作为向乙订货的预付款，乙在票据上背书后转让给丙以偿还原欠丙的借款，丙于到期日向承兑银行提示取款，恰遇当地法院公告该行于当天起进行破产清理，因而被退票。丙随即向甲追索，甲以乙所交货物质次为由予以拒绝，并称已于10天前通知银行止付，止付通知及止付理由也已通知了乙。在此情况下丙再向乙追索。乙以票据系甲开立为由推诿不理。丙遂向法院起诉，被告为甲、乙与银行三方。 你认为法院将如何判决？ 甲、乙的拒付理由不成立，银行已破产清理，只需向甲、乙追索即可。,1.4 functions pay

11、ment instrument transferable instrument credit instrument financing instrument,1 General introduction,1.5 parties involved 出票人 drawer 付款人 payer/drawee 收款人 payee 背书人 endorser 承兑人 acceptor 持票人 holder,1 General introduction,1.6 Titles related Claim for payment Recourse Only when the claim of holder for

12、 payment cant be satisfied, can recourse right be effected.,1 General introduction,1.7 Legal system concerning negotiable instruments British and USA legal system British law UK Bills of Exchange Act of 1882 US Uniform Commercial Code of 1962, Article 3 Continental legal system French and German law

13、 Uniform law for Bills of Exchange and Promissory Notes of Geneva of 1930 United Nations 1988 Convention Providing a Uniform Law for International Bills of Exchange and International Promissory Notes and Convention Providing a Uniform law for International Checks Negotiable Instrument Law of Peoples

14、 Republic of China,2.1 Concept 2.2 Essential items required in a bill of exchange 2.3 Acts relating to a bill of exchange 2.4 Classification of bills of exchange 2.5 Practice of bills of exchange,2 Bill of exchange,2.1 definition section 3, bill of exchange act, 1882,UK A Bill of exchange is an unco

15、nditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed (drawee) to pay on demand or at a fixed or determinable future time a sum certain in money to or the order of a specified person or to bearer.,2 Bill of exchan

16、ge,汇票是由一个人（drawer） 向另一个人签发的(drawee)/受票人 无条件的 unconditonal 书面命令order in writing 要求其在见票时或在未来某一规定的或可以确定的时间(tenor) 将一定金额的款项支付给某一特定的人或指定的人，或持票人(payee),Here the bill of exchange is an unconditional order in writing addressed by _1_to _2_signed by _ giving it requiring _ to whom it is addressed to pay _ th

17、e sum of _to _. The holder of this bill is _ who firstly present it to _ for acceptance. At maturity the holder must present it again for payment.,Exchange for GBP 1,250.00 Beijing,1st.April 2004 At 90 days after sight pay to the order of DEF co.the sum of Pounds one thousand two hundred and fifty o

18、nly To XYZ bank London Drawn under L/C NO.4321 For ABC co. ,Beijing authorized signature,All contents of a draft drawn under an L/C are as follows: a draft for 1 is drawn by 2 on 3 payable at 4 to 5 dated 6 marked 7,2.2 Essential items required Absolutely necessary items Relatively necessary items I

19、tems at will,2 Bill of exchange,2.3 Acts relating to a bill of exchange 出票（Issue） 背书（Endorsement） 提示（Presentation） 承兑（Acceptance） 保证（Guarantee or Aval） 付款（Payment） 拒付（Dishonor） 追索（Recourse） 参加承兑和参加付款（Acceptance/Payment for honor),According to the drawer: -Bankers draft -Traders draft According to th

20、e acceptor: -Bankers acceptance -Traders acceptance,2.2.4 Classification of bills of exchange,According to the tenor -Demand draft/sight draft -Time/usance draft According to whether commercial documents are attached thereto -Clean draft -Documentary draft,Discounting of a bill of exchange Accommoda

21、tion bill,2.2.5 Practice of bills of exchange,Discounting 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. Important points: a. Time bill b. Already accepted c. Not fallen due d. Less than face value,Discount

22、ing of bills of exchange, Calculating formula： D:discount interest V:face value T:tenor d:discounting rate(n% p.a.) N:net proceeds,V t d D = 360/365,The quality of a bill It is depend on the persons signature (include drawer and acceptor)，judge from two facts: drawer and acceptors credit standing. d

23、rawn clause (the nature of the transaction against which the bill is drawn) Expense of discount acceptance commission stamp duty discount rate,被融通人开出融通汇票，没有付给对价，要求融通人 （高资信的非债务人）承兑汇票（提高汇票的信用身价以便 贴现），再交给贴现人予以贴现，获得票款；等到汇票到期 日前，被融通人应把足额票款交给承兑人，此时贴现人向承 兑人提示要求付款，承兑人使用被融通人交来资金付款给贴 现人，结清这笔融资业务。,Accommodatio

24、n bill,Issuing date：Mar.20, 2005 Amount ：6000 Maturity ：90 days after issuing date,伦敦出口公司,伦敦出口公司,伦敦出口公司,威凯银行,墨尔本,Issuing date： Mar. 20, 2005 Amount ： 6600 Maturity ：60 days after issuing date,威凯银行,示例：伦敦出口公司向墨尔本一家公司出口货款为6600英镑，由出口商开出远期汇票，出票后60天付款。威凯银行为伦敦某承兑公司。,2.3.1 What is a promissory note 2.3.2 Es

25、sential items of a promissory note 2.3.3 The difference between a bill and a note 2.3.4 Types of notes,2.3 Promissory note,UK 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 dema

26、nd 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. 本票是出票人签发的，承诺自己在见票时无条件支付确定的金额给收款人或持票人的票据。 Uniform Law for Bills of Exchange and Promissory notes of Geneva of 1930,2.3.1 Meaning of Promissory note,The word “promissory note” An

27、unconditional promise to pay Name of the payee Signature of the maker Place and date of issue Tenor A sum certain in money Place of payment,2.3.2 Essential items of a promissory note,2.3.3 difference between a bill and a note,Traders notes Bankers notes International Money Order Travelers Cheque Cen

28、tral Bankers Notes Negotiable certificates of deposit Various bonds,2.3.4 Types,2.4.1 Concept and essential items 2.4.2 Types 2.4.3 Difference between a bill and a cheque,2.4 Cheques,A check is a bill of exchange drawn on a bank payable on demand; A check is an unconditional order in writing, signed

29、 by the person giving it, requiring the bank to whom it is addressed to pay on demand a sum certain in money to, or to the order of , a specified person or to bearer.,2.4.1 Concept and essential items,出票人签发的，委托办理支票存款业务的银行或其他金融机构在见票时无条件支付确定金额给持票人或收款人的票据。,Drawer/Depositor,Drawee/Paying bank,payee,1,2,

30、3,. . . BANK LIMITED CH. NO. 123456 4 May 1993 Pay David Chan * * * * or bearer HK $ 1,000.00 The sum of Hong Kong Dollars one thousand only. Peter Li A/C No. 834-0-000111-8,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

31、instead of over the counter of the paying bank. (2) order ; (3) in writing A fixed amount of money “Certain” means everybody could calculate. Both in words and in figures,Absolutely necessary items,Name of the payee 1) Restricted Order 不能流通转让,只有汇票上指定的收款人才能接受票款 e.g. pay to *only; not transferrable 2)

32、 Demonstrative Order 可经背书转让 pay to the order of */ pay to * (or order) 3) pay to bearer （我国不允许）,Date of issue to determine the expiry date and paying date; make sure whether the drawer has disposing capacity The validity of the bill is normally judged in conformity with the law of the place of issue

33、. Name of drawee,The signature of the drawer without the signature of the drawer or forged signature makes the bill invalid. When a person signs the bill as agent of his principal what word should prefix to the name of principal? (for; on behalf of; for and on behalf of; per pro/ p.p.),Place of issu

34、e Place of payment Tenor pay on demand/at sight Pay at a future time 出票后定期 certain days after date 见票后定期 certain days after sight 定日付款 fixed date 提单日后定日付款 certain days after B/L,Relatively necessary items,The computation of the time of payment As regards about above ,the following basic points shoul

35、d be kept in mind . If the date of payment falls on a non-business day, the bill shall be payable on the succeeding business day. The time of payment is calculated by counting in the date of payment but counting out the accepting date or the issuing date or the date of the happening of a specified e

36、vent., BILL OF EXCHANGE Exchange for USD15,277.00 Shanghai MARCH 1 2005 (Date) At Sight of this FIRST of Exchange (Second of Exchange being unpaid) Pay to the order of BANK OF CHINA the sum of US DOLLARS FIFTEEN THOUSAND TWO HUNDRED AND SEVENTY SEVEN ONLY Value received To: HABIB BANK LIMITED P.O.BO

37、X 888， . DUBAI, U.A.E SHANGHAI TEXTILES COMPANY LIMITED 方 之 (Authorized Signature),利息、利率及汇率（interest ，interest and exchange rate） 提示期限（Limit of time for presentation） 出票依据（Drawn Clause） 免作退票通知或放弃拒绝证书（Notice of Dishonor Excused or Protest Waived） 付一不付二 预备付款人（Referee in case of need）,Items at will,Acc

38、ording to the negotiable instrument law： the bill should be complete in form stipulated by the negotiable instrument law in the place of issue； the drawer engages that on due presentment the bill will be accepted and paid and that, if dishonored, he will compensate the holder.,Issue,payee,payer,draw

39、er,Comprises : 1）to draw and sign a bill; 2）to deliver it to the payee.,The payee or holder signs on the back of the bill and delivers it to the endorsee,Endorsement,Notes:,A valid endorsement should be an endorsement of the entire bill and unconditional; By endorsing an instrument,the endorser guar

40、antee that on due presentment the bill shall be accepted and paid as specified.,Types ： Special endorsement Pay to the order of ABC Co., signed 2) Blank endorsement 空白背书 P52 3) Restrictive endorsement 限制性背书 Pay to A only/not transferable/not negotiable/pay to A bank for account of B Co. 4) Endorseme

41、nt for collection 委托取款背书（托收背书） 5) Endorsement for pledge 质押背书,Exchange for GBP5,000.00 London, 1 April,200 x At 60 days after sight pay to Bank of Australia the sum of pounds five thousand only. To The Importing Co., Melbourne for The Exporting Co., London 1 the payees London office wishes to transf

42、er the bill to bank of New Zealand, Auckland, please make a restrictive endorsement. 2 please make a blank endorsement. 3 having made an endorsement in blank, the holder send the bill to bank of New Zealand, Auckland who wishes to convert this blank endorsement into a special endorsement to themselv

43、es. Please make the special endorsement.,The drawee sign on the face of bill, and deliver it to the person presenting for acceptance, by which the drawee shows his assent to the order of drawer Forms ： the word “accepted”; date; signature of the drawee,Acceptance,Types ： General acceptance: without

44、any qualification Qualified acceptance: 1)a conditional acceptance (refuse to accept) e.g.: accepted payable providing goods in order; 2)accepted payable at some place (local acceptance); 3)payable at a longer time after date;,4)partial acceptance three different law systems -be seen as a refusal to

45、 accept (C,B,U) -acknowledged with the assent of the holder; -acknowledged (Geneva).,performed by a third party called guarantor, who engages to pay on presentment, the guarantor stands surely for a debtor such as the drawer, endorser or acceptor and assumes his indebtness to the holder.,Guarantee,N

46、otes:,1）the guarantor stands for a debtor such as drawer, endorser,or acceptor and assumes his indebtedness to the holder 2）when the guarantor is compelled to pay, his right of recourse arises against the guaranteed and all the prior parties of the guaranteed.,In the event of a draft being dishonore

47、d, the holder in due course can sue every person who signed the draft prior to him. Qualifications to exert and preserve the right of recourse: Completeness in form of the draft Presenting for acceptance and payment on the due time,Recourse,Notice of dishonor When dishonored by non-payment or non-ac

48、ceptance, the holder must give notice to all the parties who remain liable that the draft has been dishonored to preserve their liabilities on the draft. Protest A written statement certified by a notary public or other authorized person for the purpose of giving evidence that a bill has been presen

49、ted for acceptance or for payment but dishonored. 图示,Certificate of Protest：是在拒付地点证明拒付事实的要式公证书。 我国则是规定拒绝证明及其等效形式有： 承兑人或付款人出具的拒绝承兑书、拒绝付款书及退票理由书； 承兑人、付款人或代理付款银行直接在汇票上记载提示日期、拒绝事由及拒绝日期并盖章； 承兑人或付款人死亡、逃匿的有关证明（如死亡证明、失踪证明等）； 人民法院的有关司法文书（如破产裁定书）；有关行政主管部门的处罚决定。,Protest,Acceptance for honor When a draft has be

50、en protested for non-acceptance, any person not being a party already liable on the draft may,with the consent of the holder, by writing on the bill, accept the bill for the honor of any party to the draft. Payment for honor When a draft has been protested for non-payment, a party not liable on the

51、draft may intervene and pay it for the honor of a party liable on the draft or even the drawer. any person can act as a payer for honor without the consent of the holder.,Acceptance/payment for honor,Holder in due course/bona fide holder： The instrument should be complete and regular on its face; Th

52、e instrument is before maturity and the holder did not notice its previous dishonor, if any; The holder took it in good faith and for value; The holder did not notice any infirmity in the instrument or defect in the title of the person negotiating it Holder for value : a person who possesses an inst

53、rument for which value has been given by himself or by some other person prior to him in forms of money, goods,or services.,A,C,D,E,B,Drew a draft on B,Endorsed and lost it,Picked it up and transferred it to E for value,Accepted the draft,F,Gave it as a present,Exchange forUSD100,000.00 Tempa, 15 Ma

54、y,2006 At 60 days after sight pay to the order of Ourselves the sum of US dollars one hundred thousand only. “Drawn under The French Issuing Bank, Paris, France L/C No.12345 dated 25 Feb., 2006” To The French Issuing Bank. For The American Exporter Co., Paris Ltd , Tempa signature 2. When ISBP does not put into force, the maturity falls on 20 May,2006 when ISBP puts into force, the maturity falls on 21May,2006 Discount amount:1250060/365 9/100=184.93 Net Proceeds=12500-184.93,3.A draft is partly shown as follows: exchange for GBP12,500.00 New York, 23 M