Lecture 4 Negotiable Instruments (3).ppt

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1、Lecture Note 4Chapter 2 Negotiable Instruments（3/3）StructurenGeneral IntroductionnBill of ExchangenPromissory Note nChecknCertificate of DepositnSummary22.3 Promissory NotesnDefinitionnTypesnSpecimennItemsnDifference between a bill and a note32.3.1 Definition（1/3)A Promissory note is“an unconditiona

2、l 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)4Definition(2/3)n本票是出票人签发的，承诺自己本票是出票人签发的，承诺自己在见票时在见票时无条件支付确定金额给收款人或者

3、持票人无条件支付确定金额给收款人或者持票人的票据。的票据。（中国票据法第73条）n日内瓦统一法未对本票做定义。5Definition（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&Payee6Types1.Bankers/Traders Note;2.Time&Demand Note;中国票据法中国票据法所指本票是指所指本票是指银行本票；即期本票日内瓦统一法日

4、内瓦统一法：本票可以为即期和远期，出票人：本票可以为即期和远期，出票人未限定为银行，这与未限定为银行，这与BEA（1882）同。）同。3.Joint Note&joint and several Note(P72)72.3.2 Specimen(1/6)London,15th Sep.2010Promissory Note for GBP 1,000.00 At 60 days after date we promise to pay BeijingArts and Crafts Corp.or order the sum of one thousand pounds.For Bank of

5、Europe,London.signature8Specimen(2/6)MakerPayeePROMISSORY NOTE9Specimen(3/6)XYZ INTERNATIONAL BANK,LTD.18 Park Street,SingaporeCASHIERS ORDER(p75)Singapore,AUG.8,2008Pay to the order of ABC CO.LTD.The sum of HK DOLLARS EIGHTY THOUSAND AND EIGHT HUNDRED ONLY.For XYZ International Bank,Ltd.Manager sig

6、natureHKD 80,800.0010Specimen(4/6)200 Birmingham,1 Jan 2009 I promise to pay to the order of John Davis on demand the sum of two hundred pounds George Hallam John Douglas Charles Harrison 11Specimen(5/6)1,000 Derby 1 Jan 1983 Six months after date we jointly and severally promise to pay the bearer t

7、he sum of one thousand pounds.Frank Scott Leslie White 12Specimen(6/6)700 Leicester 1 Jan 2009Ninety days after date we promise to pay William Smith or order the sum of seven hundred pounds.James Harrison John Martin Florence Brown 132.3.3 Items（1/2）Absolutely Required ItemsnThe word“Promissory Note

8、”;nAn unconditional promise to pay;nA sum certain in money;nName of payee;nDate of issue;nMakers 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）14Items（2/2）Relatively Required Items nPlace of IssuenPlace of PaymentnDue Date:No longer than 2 months after date of issue(中国票据法第76、78条）15

9、2.3.4 Promissory Vs.Bill of Exchange:Difference(see P74)nNature:(unconditional)Promise Vs.Order nNumber of Basic Players:Two Vs.ThreenAcceptance:No(visa)Vs.YesnPrimary Debtor:Always Maker Vs.Drawer(pre-acceptance)or Acceptor(post-acceptance)nProtest:Not Required Vs.RequirednCopies:One Vs.One Set(two

10、 or more)nProtest:Never needed vs.Foreign bills neednMore than one obligors:liable jointly or jointly and severally according to the terms of note Vs.always jointly liable162.4 ChecksnDefinitionnSpecimennItemsnDifference from Draft nTypesnPayment and Dishonor172.4.1 Definition（1/2）nA check is“a bill

11、 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。以银行为付款人的见票即付汇票。”18Definition（2/2）n“支票是出票人签发的，委托办理支票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票时无条件支付确定的金额给收款人或持票人的票据持票人的票据”（中国（中国票据法票据法第第81条）条）支票的付款人：出票人存款银行支票的付款人：出票人存

12、款银行支票的付款期限：即期支票的付款期限：即期192.4.2 Specimen(1/3)2.4.2 Specimen(1/3)20Specimen(2/3)Bank of LondonPay Buyer Ltd or bearer the sum of 10,000 dollars exactlySigned ABC Limited21Specimen(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

13、thousand three hundred and sixty only.To:National Westminster Bank Ltd.London For London Export Co.London Signature222.4.3 Items（1/5）Absolutely Required Items（中国中国票据法票据法第第84条）条）nThe word“check”nUnconditional entrust to paynSum certain in money（可以补记）nName of payer/draweenDate of issuenDrawers signatu

14、re支票上未记载上述事项之一的，支票无效。23Items（2/5）Relatively Required Items（中国票据法第85、86、87、90、91条）nPlace of issuenPlace of paymentnName 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)nKite check prohibited(禁止签发空头支票)nTime for payment:on demand24Items（3/5）nTime for presentation:n日内瓦统一法日内瓦统一法：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

15、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。25Items（4/5）n中国票据法中国票据法:同城市，出票日起10日内;异地，“人行”另有规定。n英国票据法英国票据法：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）26Items（5/5）释例：释例：出票人在某银行有存款余额出票人在某银行有存款余额1000元，另有未付支元，另有未付支票票400元；元；若持票人及

16、早提示，出票人存款实为若持票人及早提示，出票人存款实为600元；若此元；若此期间该银行倒闭，经破产清理后，对债务作破期间该银行倒闭，经破产清理后，对债务作破产清偿，比例为产清偿，比例为50，出票人受偿，出票人受偿300元，损失元，损失300元；元；若持票人延迟提示，则出票人破产债权为若持票人延迟提示，则出票人破产债权为1000元，元，受偿受偿500元，损失元，损失500元，多损失的元，多损失的200元是由元是由持票人延迟提示所致；持票人延迟提示所致；此时，出票人对持票人的此时，出票人对持票人的400元的支票，只付元的支票，只付200元即告解除责任，即多损失的元即告解除责任，即多损失的200元由

17、持票人承元由持票人承担。担。272.4.4 Difference:Check Vs.Draft(See P79)nDrawernDrawee/PayernFunctionnPrincipal ObligornCertification or AcceptancenRevocable or notnPayment time 282.4.5 Types(see P76-79)n支票的付款方式（中国）：n现金支票：印有“现金”字样，只能支取现金n转帐支票：印有“转帐”字样，只能用于转帐n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n国际惯例：nCrossed Check只能通过

18、银行入帐:whether a collecting bank is specified：general Vs.special;nUncrossed Check：持票人可支取现金292.4.6 Payment/Dishonor/Countermand(1/2)nPayment is immediate.Bank withdraws money from drawers account to make payment to payee.nDishonored by Bank if there are insufficient funds.Payee has no recourse right ag

19、ainst the Bank.Recovery is only against the Drawer or Endorser(if it is an order check).30Payment/Dishonor/Countermand(2/2)nCountermand may occur under the following circumstances:nDrawers Order for Transaction Reasons:“Orders Not to Pay”大陆法：支票有效期满后才可止付nPayers Receipt of Notice of Death or Bankruptc

20、y of the Drawer 大陆法：出票人死亡不影响其生前所签发的支票.nKite Check：Drawers Deposit is not sufficient:“Refer to Drawer”（为何拒付请问出票人）312.5 Certificates of Deposit(CD)(1/3)A two-party negotiable instrument that is a special form of note created when a depositor deposits money at a financial institution in exchange for th

21、e 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.32Certificates of Deposit（2/3)nCertificate of deposit an instrument containing:nAn acknowledgment by a bank that it has received a dep

22、osit of money;andnA promise by the bank to repay the sum of money.33Certificates of Deposit(3/3)34Brief Summary(1/2)nDefinitions:Negotiable InstrumentBill of ExchangePromissory NoteCheckHolder in Due Course/holder for valueEndorsementAcceptanceDishonorRecourse35Brief Summary(2/2)nFacts:Main Characte

23、ristics of Negotiable Instruments;Absolutely required items in a draft,a note and a check;Requisites conditions for recourse;Types of Endorsements and Acceptance;Expressing ways of Payee in a draft;Methods of stipulating tenor of a draft;Comparisons of draft,note and check.nPractices:Know how to identify,make,and use a real draft/note/check appropriately;Simple case analysis;Game Rules36