Lecture 4 Negotiable Instruments (3).ppt

1、Lecture Note 4,Chapter 2 Negotiable Instruments（3/3）,2,Structure,General Introduction Bill of Exchange Promissory Note Check Certificate of Deposit Summary,3,2.3 Promissory Notes,Definition Types Specimen Items Difference between a bill and a note,4,2.3.1 Definition （1/3),A Promissory note is “an un

2、conditional 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 to the order of, a specified person or to bearer ” (BEA1882, Art. 83),5,Definition (2/3),本票是出票人签发的，承诺自己在见票时无条件支付确定金额给收

3、款人或者持票人的票据。（中国票据法第73条） 日内瓦统一法未对本票做定义。,6,Definition （3/3),A two-party negotiable instrument that is an unconditional written promise by one party to pay money to another party. Basic players: Maker 2. Time 中国票据法所指本票是指 银行本票； 即期本票 日内瓦统一法：本票可以为即期和远期，出票人未限定为银行，这与BEA（1882）同。 3. Joint Note An unconditional

4、 promise to pay; A sum certain in money; Name of payee; Date of issue; Makers signature (may be more than one). 本票上未记载上述规定事项之一的，本票无效。 （中国票据法第75条）,15,Items （2/2）,Relatively Required Items Place of Issue Place of Payment Due Date: No longer than 2 months after date of issue (中国票据法第76、78条）,16,2.3.4 Pro

5、missory Vs. Bill of Exchange: Difference (see P74),Nature: (unconditional) Promise Vs. Order Number of Basic Players: Two Vs. Three Acceptance: No (visa) Vs. Yes Primary Debtor: Always Maker Vs. Drawer (pre-acceptance) or Acceptor (post-acceptance) Protest: Not Required Vs. Required Copies: One Vs.

6、One Set (two or more) Protest: Never needed vs. Foreign bills need More than one obligors: liable jointly or jointly and severally according to the terms of note Vs. always jointly liable,17,2.4 Checks,Definition Specimen Items Difference from Draft Types Payment and Dishonor,18,2.4.1 Definition （1/

7、2）,A check is “a bill of exchange drawn on a banker payable on demand.” (BEA, 1957 supplementary version) (see P76) “以银行为付款人的见票即付汇票。”,19,Definition （2/2）,“支票是出票人签发的，委托办理支票存款业务的银行或者其他金融机构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” （中国票据法第81条） 支票的付款人：出票人存款银行 支票的付款期限：即期,20,2.4.2 Specimen (1/3),21,Specimen (2/3),Bank of

8、 London Pay Buyer Ltd or bearer the sum of 10,000 dollars exactly Signed ABC Limited,22,Specimen (3/3),London, 12th Sep., 2008 Check for US$ 1,360.00 Pay to the order of China National Textile Corp. The sum of US Dollars one thousand three hundred and sixty only. To: National Westminster Bank Ltd. L

9、ondon For London Export Co. London Signature,23,2.4.3 Items （1/5）,Absolutely Required Items（中国票据法第84条） The word “check” Unconditional entrust to pay Sum certain in money （可以补记） Name of payer/drawee Date of issue Drawers signature 支票上未记载上述事项之一的，支票无效。,24,Items （2/5）,Relatively Required Items （中国票据法第85

10、、86、87、90、91条） Place of issue Place of payment Name of payee (可以补记，补记前为空白支票，不得转让；可以是出票人自己) Kite check prohibited (禁止签发空头支票) Time for payment: on demand,25,Items （3/5）,Time for presentation: 日内瓦统一法： 1、出票地和付款地在同一国家，出票日起8日内提示； 2、出票地和付款地不在同一国家但在同一洲，出票日起20日内提示； 3、出票地和付款地不在同一国家也不在同一洲，出票日起70日内提示。,26,Items

11、（4/5）,中国票据法: 同城市，出票日起10日内;异地，“人行”另有规定。 英国票据法： 合理时间内提示，英国银行公会为6个月。 否则，受票银行在持票人延迟提示期间宣告倒闭而使出票人蒙受损失，出票人对持票人所承担的支票金额中相对于损失的部分即告解除。（英国票据法74节与美国UCC3502条）；大陆法对此没有规定）,27,Items （5/5）,释例： 出票人在某银行有存款余额1000元，另有未付支票400元； 若持票人及早提示，出票人存款实为600元；若此期间该银行倒闭，经破产清理后，对债务作破产清偿，比例为50，出票人受偿300元，损失300元； 若持票人延迟提示，则出票人破产债权为100

12、0元，受偿500元，损失500元，多损失的200元是由持票人延迟提示所致； 此时，出票人对持票人的400元的支票，只付200元即告解除责任，即多损失的200元由持票人承担。,28,2.4.4 Difference: Check Vs. Draft (See P79),Drawer Drawee/Payer Function Principal Obligor Certification or Acceptance Revocable or not Payment time,29,2.4.5 Types (see P76-79),支票的付款方式（中国）： 现金支票：印有“现金”字样，只能支取现金

13、 转帐支票：印有“转帐”字样，只能用于转帐 普通支票：两者皆可；左上角划两条平行线的，为划线支票，只能用于转帐 国际惯例： Crossed Check只能通过银行入帐:whether a collecting bank is specified：general Vs. special; Uncrossed Check：持票人可支取现金,30,2.4.6 Payment /Dishonor/ Countermand (1/2),Payment is immediate. Bank withdraws money from drawers account to make payment to pa

14、yee. Dishonored by Bank if there are insufficient funds. Payee has no recourse right against the Bank. Recovery is only against the Drawer or Endorser (if it is an order check).,31,Payment /Dishonor/ Countermand (2/2),Countermand may occur under the following circumstances: Drawers Order for Transac

15、tion Reasons: “Orders Not to Pay” 大陆法：支票有效期满后才可止付 Payers Receipt of Notice of Death or Bankruptcy of the Drawer 大陆法：出票人死亡不影响其生前所签发的支票. Kite Check：Drawers Deposit is not sufficient: “Refer to Drawer” （为何拒付请问出票人）,32,2.5 Certificates of Deposit (CD)(1/3),A two-party negotiable instrument that is a spec

16、ial form of note created when a depositor deposits money at a financial institution in exchange for the institutions promise to pay back the amount of the deposit plus an agreed-upon rate of interest upon the expiration of a set time period agreed upon by the parties.,33,Certificates of Deposit （2/3

17、),Certificate of deposit an instrument containing: An acknowledgment by a bank that it has received a deposit of money; and A promise by the bank to repay the sum of money.,34,Certificates of Deposit (3/3),35,Brief Summary (1/2),Definitions: Negotiable Instrument Bill of Exchange Promissory Note Check Holder in Due Course/holder for value Endorsement Acceptance Dishonor Recourse,36,Brief Summary(2/2),Facts: Main Characteristics of Negotiable Instruments; Absolutely required items in a draft, a note and a check; Requisites conditions for rec