1、Chapter2 Negotiable instruments,General introduction Bills of exchange Promissory notes Cheques,1,General introduction,The concept of instrument Three manners of transferring the instruments ownership Negotiable instrument laws Characteristics of negotiable instruments Parties to a negotiable instru

2、ment,2,The concept of instrument,In a broad sense, it refers to any commercial title of ownership and may take the forms of valuable securities and evidences. In a narrow sense, a negotiable instrument is a written document that contains an unconditional promise by the drawer to pay the payee or an

3、unconditional order by the drawer to the drawee to pay the payee a fixed amount of money at a definite time.,3,The manners (形式）of transferring the instruments ownership,Assignment （過(guò)戶轉(zhuǎn)讓或者通知轉(zhuǎn)讓?zhuān)?Transfer （交付轉(zhuǎn)讓?zhuān)?Negotiation （流通轉(zhuǎn)讓?zhuān)?The document of title is transferable by completion of a separate docume

4、nt evidencing the transfer and by giving notice to the party liable. But the transferees title would be affected by the transferors defective title.,The document is freely transferable by pure delivery or indorsement and delivery without notice to the party liable. But the transferees title would be

5、 affected by the transferors defective title.,The document is freely transferable by pure delivery or indorsement in a manner as to constitute the transferee the holder in due course.,4,1. Assignment：,過(guò)戶轉(zhuǎn)讓?zhuān)ˋssignment）或通知轉(zhuǎn)讓必須： 1.寫(xiě)出轉(zhuǎn)讓書(shū)的書(shū)面形式，表示轉(zhuǎn)讓行為并由轉(zhuǎn)讓人簽名。 2.在債務(wù)人那里登記過(guò)戶，或書(shū)面通知原債務(wù)人，不因債權(quán)人更換而解除其債務(wù)。 3.受讓人獲得權(quán)

6、利要受到轉(zhuǎn)讓人權(quán)利缺陷的影響。 4.在三個(gè)當(dāng)事人之間，即債權(quán)轉(zhuǎn)讓人、債權(quán)受讓人以及原債務(wù)人之間完成轉(zhuǎn)讓行為。 采用過(guò)戶轉(zhuǎn)讓的票據(jù)有股票、人壽保險(xiǎn)單、政府證券、債券等，它們不是完全可流通的證券。,5,2. Transfer：交付轉(zhuǎn)讓,交付轉(zhuǎn)讓?zhuān)═ransfer）可以： 1.通過(guò)單純交付或背書(shū)交付而轉(zhuǎn)讓票據(jù)，不必通知原債務(wù)人。 2.受讓人取得它的全部權(quán)利，他可以用自己的名義對(duì)票據(jù)上的所有當(dāng)事人起訴。 3.受讓人獲得票據(jù)權(quán)利并不優(yōu)于前手，而是繼承前手權(quán)利，還要受到前手權(quán)利缺陷的影響。 4.是在兩個(gè)當(dāng)事人即轉(zhuǎn)讓人和受讓人之間的雙邊轉(zhuǎn)讓。,6,采用交付轉(zhuǎn)讓的票據(jù)有提單（B/L）、倉(cāng)單（Warehouse

7、 Receipt）、棧單（Dock Warrants）、寫(xiě)明“不可流通”字樣的劃線支票或即期銀行匯票（Not Negotiable Crossed Cheque or Demand Draft）等，它們是準(zhǔn)流通證券（Quasi-negotiable Instruments）或半流通證券（Semi-negotiable Instruments）。,7,Negotiation：流通轉(zhuǎn)讓,流通轉(zhuǎn)讓?zhuān)∟egotiation）可以是： 1.轉(zhuǎn)讓人經(jīng)過(guò)單純交付或背書(shū)交付票據(jù)給受讓人，受讓人善意地支付對(duì)價(jià)取得票據(jù)，不必通知原債務(wù)人。 2.受讓人取得票據(jù)，即取得它的全部權(quán)利，他可以用自己的名義對(duì)票據(jù)上的所有當(dāng)

8、事人起訴。 3.受讓人獲得票據(jù)權(quán)利優(yōu)于其前手權(quán)利，即受讓人的權(quán)利不受轉(zhuǎn)讓人權(quán)利缺陷的影響。 4.它是在兩個(gè)當(dāng)事人即轉(zhuǎn)讓人和受讓人之間的雙邊轉(zhuǎn)讓。,8,采用流通轉(zhuǎn)讓的票據(jù)有匯票、本票、支票、國(guó)庫(kù)券、大額定期存單（Certificate of Deposit）、不記名債券（Bearer Securities）等，它們是完全可流通證券（Negotiable Instruments）。,9,Negotiable instrument laws,In a broad sense, negotiable instrument laws refer to all the laws relating to n

9、egotiable instruments. In a narrow sense, negotiable instrument laws refer to the laws directly dealing with negotiable instruments.,10,Negotiable instrument laws,1. The UK Bills of Exchange Act (BEA) of 1882 ( on behalf of British and USA legal system) 2. The Uniform Law for Bills of Exchange and P

10、romissory Notes of Geneva of 1930 ( on behalf of Continental legal system),11,票據(jù)的法律系統(tǒng),（一）英美法系： 英國(guó)于1882年頒布施行的票據(jù)法（Bills of Exchange Act），由習(xí)慣法、特別法以及許多判例而編成的。該法共計(jì)97條。 美國(guó)于1896年制定統(tǒng)一流通票據(jù)法（Uniform Negotiable Instruments Law）。1952年制定、1962年修訂的統(tǒng)一商法典（Uniform Commercial Code）的第三章商業(yè)票據(jù)（Commercial Paper）中，對(duì)匯票、本票、支票

11、和大額定期存單作了詳細(xì)的規(guī)定。美國(guó)的票據(jù)法律是在英國(guó)票據(jù)法的基礎(chǔ)上發(fā)展而成的。,12,（二）大陸法系 奧地利、比利時(shí)、丹麥、芬蘭、法國(guó)、德國(guó)、希臘、匈牙利、意大利、盧森堡、摩納哥、荷蘭、挪威、波蘭、蘇聯(lián)、瑞典、瑞士、巴西、日本于1930年批準(zhǔn)了所謂的1930年日內(nèi)瓦公約（Geneva Conventions of 1930），包括以下三部公約：規(guī)定了匯票和本票統(tǒng)一法的公約（Uniform Law for Bills of Exchange and Promissory Notes）、某些與匯票和本票相關(guān)的法律沖突的公約，以及有關(guān)匯票和本票印花稅法的公約。,13,（三）英美法系和大陸法系票據(jù)法的

12、差異 1. 偽造背書(shū)以后的匯票擁有人，大陸法系認(rèn)為可以成為持票人，英國(guó)票據(jù)法認(rèn)為不能成為持票人。這就引起了付款問(wèn)題、付款人或承兌人責(zé)任問(wèn)題、行使追索權(quán)問(wèn)題的差異。 2.“保證”的票據(jù)行為，大陸法系有著完整的規(guī)定，而英國(guó)票據(jù)法僅有近似規(guī)定。 3. 票據(jù)的對(duì)價(jià)觀點(diǎn)，大陸法系沒(méi)有規(guī)定，而英國(guó)票據(jù)法有著明確規(guī)定，還進(jìn)一步規(guī)定了付對(duì)價(jià)持票人和正當(dāng)持票人，保護(hù)票據(jù)流通轉(zhuǎn)讓。,14,（四）票據(jù)法的統(tǒng)一 聯(lián)合國(guó)國(guó)際貿(mào)易法委員會(huì)(United Nations Commission on International Trade Law, UNICITRAL)于1971年成立國(guó)際流通票據(jù)工作組，1973年擬訂了國(guó)際

13、匯票與國(guó)際本票公約草案和國(guó)際支票公約草案，經(jīng)過(guò)十余年的討論修訂，于1988年12月9日舉行的聯(lián)合國(guó)第43屆全體大會(huì)一致通過(guò)，定名為國(guó)際匯票和國(guó)際本票公約、國(guó)際支票公約。公約要求各國(guó)于1990年6月30日前簽署，只有在10個(gè)國(guó)家簽署后，公約才能生效。迄今為止，公約尚未生效。,Characteristics of negotiable instruments,1. Negotiability BEA: A negotiable bill may be payable to the order of a specified person; A negotiable bill may be payab

14、le to bearer; A bill on which the only or last is an endorsement in blank may be negotiable; A bill payable to a specified person.,16,流通性（Negotiability） 英國(guó)票據(jù)法第8條規(guī)定：除非票據(jù)上寫(xiě)出“禁止轉(zhuǎn)讓”字樣，或是表示它是不可轉(zhuǎn)讓的意旨以外，一切票據(jù)不論它是采用任何形式支付票款給持票人，該持票人都有權(quán)把它流通轉(zhuǎn)讓給別人。,票據(jù)付款給持票人的形式有下列幾種: 1.支付給一個(gè)特定人的指定人（Payable to the order of a spec

15、ified person）。 2.支付給來(lái)人（Payable to Bearer）。 3.票據(jù)上僅有的或最后的背書(shū)是空白背書(shū)（An endorsement in blank）。 4.支付給一個(gè)特定人（Payable to a specified person）。,Definition of the Bills of Exchange Act 1882,Section 3(1) of the Bills of Exchange Act 1882, defines a Bill of Exchange as follows: A bill of exchange is an uncondition

16、al order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed 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.,19,2. Unconditional promise

17、or order to pay,A bill of exchange is an unconditional order in writing,20,3. Requisite in form,A negotiable instrument must be in the form of a document containing required items.,21,要式性（Requisite in Form） 票據(jù)的作成，從形式上看必要項(xiàng)目記載必須齊全，各個(gè)必要項(xiàng)目又必須符合規(guī)定，方可使票據(jù)產(chǎn)生法律效力。 票據(jù)的要式性，有時(shí)也可說(shuō)成票據(jù)是書(shū)面形式要件，指票據(jù)從書(shū)面形式上包含的必要條件符合票據(jù)法

18、規(guī)定的，就是有效的票據(jù)。它的權(quán)利、義務(wù)全憑票據(jù)上的文義來(lái)確定。,23,No. Exchange for-Date: Place: At-sightofthis FirstofExchange (Secondof thesametenoranddateunpaid). paytotheOrderof-thesumof - Drawnunder- L/CNO: DATEOF ISSUE: To: (Signature),24,4. Non-causative nature,A negotiable instrument exists independent of the commercial re

19、lations from which it originated or which occasioned its transfer. (funds relationship and value relationship),25,無(wú)因性（Non-causative Nature） 從事實(shí)上看，任何票據(jù)關(guān)系的產(chǎn)生都有一定的原因。但是，票據(jù)是否成立不受票據(jù)原因的影響，票據(jù)當(dāng)事人的權(quán)利與義務(wù)也不受票據(jù)原因的影響。對(duì)于票據(jù)受讓人來(lái)說(shuō)，他無(wú)須調(diào)查這些原因，只要票據(jù)記載合格，他就取得票據(jù)文義載明的權(quán)利。票據(jù)的這種特性就稱(chēng)為無(wú)因性，這種無(wú)因性使票據(jù)得以流通。,Characteristics of negoti

20、able instruments,Presentment(提示性） Returnability （返還性）,27,提示性（Presentment） 票據(jù)上的債權(quán)人（持票人）請(qǐng)求債務(wù)人（付款人）履行票據(jù)義務(wù)時(shí)，必須向付款人提示票據(jù)，始得請(qǐng)求付給票款。如果持票人不提示票據(jù)，付款人就沒(méi)有履行付款的義務(wù)，因此票據(jù)法需要規(guī)定票據(jù)的提示期限，超過(guò)期限，付款人的責(zé)任即被解除。 票據(jù)付款不同于信匯方式。采用信匯委托書(shū)付款時(shí)，委托書(shū)由匯出行寄給解付行，委托它解付匯款給收款人，解付行須通知收款人前來(lái)領(lǐng)取匯款。,返還性（Returnability） 票據(jù)的持票人收到支付的票款時(shí)，應(yīng)將簽收的票據(jù)交還付款人。票據(jù)經(jīng)正當(dāng)

21、付款即被解除責(zé)任并歸還至付款人的檔案。由于票據(jù)的返還性，它不能無(wú)限期地流通，在到期日被付款后其流通結(jié)束。這也說(shuō)明票據(jù)模仿貨幣的功能仍有其自身的局限性，一經(jīng)付款，票據(jù)就不能流通了。,A (Drawer),B (Payee) (Endorser),C (Endorsee) (Endorser),D (Endorsee) (Holder),F (Drawee),E (Cs Guarantor),Sight bill,30,A (Drawer),B (Payee) (Endorser),C (Endorsee) (Endorser),D (Endorsee) (Holder),F (Drawee) (

22、Acceptor),E (Cs Guarantor),Usance bill,G (Acceptance for Honour),31,A (Maker),B (Payee) (Endorser),C (Endorsee) (Endorser),D (Endorsee) (Holder),A (Drawee),E (Cs Guarantor),Promissory note,32,A (Drawer),B (Payee) (Endorser),C (Endorsee) (Endorser),D (Endorsee) (Holder),F (Drawee Bank),E (Cs Guaranto

23、r),Cheque,33,Holder,Holder for value: a person who possesses an instrument for which value has been given by himself or by some other person prior to him.,Holder in due course (Bona-fide holder): refers to an individual who acquires a negotiable instrument in good faith. A holder in due course shoul

24、d meet the certain requirements : The instrument should be complete and regular on its face; The instrument is before maturity; The instrument has uninterrupted series of real endorsement; The holder did not notice its previous dishonour, if any; The holder took it in good faith and for value; The h

25、older did not notice any infirmity in the instrument or defect in the title of the person negotiating it.,34,Bills of exchange,Essential items required in a bill of exchange Another items in a bill of exchange The relative parties of the bills and their rights and liabilities Acts relating to a bill

26、 of exchange,35,The parties,1 .Drawer 出票人 2. Drawee 受票人 3 .Payee 收款人 4. Acceptor 承兌人 5. Endorser 背書(shū)人 6 .Endorsee 被背書(shū)人,36,37,38,Essential items in a bill of exchange,1. The word “Exchange” 2. An unconditional order to pay a fixed amount of money 3. Date and place of issue 4. Tenor 5. A fixed amount o

27、f money 6. Name and address of the drawee 7. Name of the payee 8. The signature of the drawer,39,1. The word “Exchange”,Bill of exchange/Exchange/Draft The Uniform Law for Bills of Exchange and Promissory Notes of Geneva of 1930 : the term “Bill of Exchange” should be inserted in the body of a bill

28、and expressed in the language employed in drawing up the bill. The UK Bills of Exchange Act of 1882 has no specific requirement for it.,40,匯票的定義,英國(guó)票據(jù)法關(guān)于匯票的定義是：匯票是由一人開(kāi)致另一人的書(shū)面的無(wú)條件命令，由發(fā)出命令的人簽名，要求接受命令的人在要求付款時(shí)立即，或在固定時(shí)間，或在可以確定的將來(lái)時(shí)間，把一定金額的貨幣支付給一個(gè)特定的人，或他的指定人，或來(lái)人。 A bill of exchange is an unconditional order

29、 in writing , addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed 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.,匯票的必要項(xiàng)目,匯票要式中所包含的必要項(xiàng)目是指匯票的形式要項(xiàng)，亦即從形

30、式上應(yīng)具備必要項(xiàng)目。 匯票的必要項(xiàng)目包括： （1）寫(xiě)明“匯票”字樣。 （2）無(wú)條件的支付命令。 （3）出票地點(diǎn)和日期。 （4）付款時(shí)間。 （5）一定金額的貨幣。 （6）付款人名稱(chēng)和付款地點(diǎn)。 （7）收款人名稱(chēng)。 （8）出票人名稱(chēng)和簽字。 見(jiàn)匯票式樣,匯票式樣,2. An unconditional order to pay a fixed amount of money,A bill of exchange should contain an unconditional order to pay a certain sum of money, otherwise it will be inva

31、lid.,44,無(wú)條件的支付命令,1.必須用英語(yǔ)的祈使句，以動(dòng)詞開(kāi)頭，命令式語(yǔ)句。 2.支付命令必須是無(wú)條件的，附帶條件的支付命令將使匯票無(wú)效。 3.使用一種特殊資金去支付的命令，仍是帶有條件的支付命令，不能接受。 4.支付命令連接著付款人可以借記某賬戶的表示，則是無(wú)條件的、可以接受的。 5.支付命令連接著發(fā)生匯票交易的陳述也是無(wú)條件的、可以接受的。 6.匯票大寫(xiě)金額后面是否寫(xiě)上“對(duì)價(jià)已收”（for value received）都不影響匯票的有效性。,Samples,(1) Pay to ABC Co. or order the sum of one thousand US dollars.

32、 (2) Pay to ABC Co. providing the goods they supply are complied with contract the sum of ten thousand US dollars. (invalid bill) (3) Pay to ABC Co. out of the proceeds in our No. 1 account the sum of one thousand US dollars. (invalid bill), why?,46,Samples,(4) Pay to ABC Bank or order the sum of te

33、n thousand US dollars and charge/debit same to applicants account maintained with you. (acceptable) (5) Pay to ABC Bank or order the sum of ten thousand US dollars. Drawn under LC No. 12345 issued by XYZ Bank, New York dated on 15th August, 2013. (acceptable),47,3. The importance of the date of issu

34、e,It can be used to determine the expiry date. It is used to calculate the paying date when a bill is payable at a fixed time after date. It can be used to judge if the drawer got the qualifications to draw a bill when he issued the bill.,48,出票地點(diǎn)和日期,1、 出票地點(diǎn)： 出票地點(diǎn)應(yīng)該與出票人的地址相同。 英國(guó)票據(jù)法認(rèn)為，匯票未注明出票地點(diǎn)也可成立，此時(shí)

35、就以出票人的地址作為出票地點(diǎn)，或者將匯票交付給收款人由收款人加列出票地點(diǎn)。 國(guó)際匯票注明出票地點(diǎn)，就應(yīng)按照出票地點(diǎn)的國(guó)家法律來(lái)確定必要項(xiàng)目是否齊全，匯票是否成立和有效。 各國(guó)采用行為地法律原則，即出票行為在某地發(fā)生，就以該地國(guó)家的法律為依據(jù)。,出票時(shí)間 出票日期可起三個(gè)作用： 1.決定匯票提示期限是否已超過(guò)日內(nèi)瓦統(tǒng)一票據(jù)法第23條、第34條分別規(guī)定的見(jiàn)票后一固定時(shí)期付款匯票，或見(jiàn)票即期付款匯票必須在出票日以后一年內(nèi)提示要求承兌或提示要求付款。 2.決定到期日。付款時(shí)間是出票日以后若干天（月）付款的匯票，從出票日起算，決定其付款到期日。 3.決定出票人的行為能力。若出票時(shí)法人已宣告破產(chǎn)或清理，喪

36、失行為能力，則匯票不能成立。,出票時(shí)未注明出票日期的，當(dāng)匯票交付給收款人時(shí)，收款人必須補(bǔ)加出票日期，否則將被認(rèn)為是必要項(xiàng)目不全的不符點(diǎn)。 出票日期的形式有兩種寫(xiě)法： （見(jiàn)國(guó)際商會(huì)出版物第565號(hào)R210） （1）歐洲式DD/MM/YY （2）美國(guó)式MM/DD/YY 當(dāng)日、月、年全部用兩位數(shù)碼字表示時(shí)，若數(shù)碼字是0112時(shí)，DD與MM容易混淆，分辨費(fèi)時(shí)。按照ISBP 19段的建議，月份要用各月名稱(chēng)即簡(jiǎn)寫(xiě)的JAN，F(xiàn)EB，NOV，DEC或全稱(chēng)的January，F(xiàn)ebruary，November，December。,4. Place of issue,For an international bil

37、l, whether the bill is valid or not depends on the local law of the issuing place.,52,5. Tenor/Time of Payment,Sight bills Interest ;charges for notice of dishonor and protest.匯票金額，利息，做退票通知，拒絕證書(shū)和其他必要費(fèi)用。 行使追索權(quán)的三個(gè)條件： A. 必須在法定期限內(nèi)提示匯票 B. 必須在法定期限內(nèi)發(fā)出退票通知 C.外國(guó)匯票遭退票，必須在法定期限內(nèi)作成拒絕證書(shū),105,行使追索權(quán)的時(shí)限： Limited peri

38、od: (According to ULB) The holder may recourse from his prior endorser or drawer within 1 year, and the prior endorser shall do so within 6 months. 日內(nèi)瓦票據(jù)法規(guī)定，持票人對(duì)前一背書(shū)人或出票人行使追索權(quán)的期限為1年，背書(shū)人對(duì)其前手背書(shū)人則為6個(gè)月。 According to the British Bills of Exchange Act, the recourse time is six years. 英國(guó)票據(jù)法規(guī)定，保留追索權(quán)的期限為6年。,

39、106,9. Acceptance for honor supra protest(參加承兌） Definition: 當(dāng)匯票遭到拒絕承兌被退票時(shí)，非債務(wù)人在得到持票人同意的情況下，參加承兌此匯票的行為。這種行為很少發(fā)生。 10. Payment for honor supra protest (參加付款） Definition: 當(dāng)匯票被拒絕付款并退票而且已經(jīng)作成拒絕證書(shū)的情況下，非債務(wù)人可以參加支付匯票票款。這種行為很少發(fā)生。 11. Guarantee (保證） Definition: 非債務(wù)人作為保證人，對(duì)匯票金額全部付款加以保證。 可在匯票上做出，也可在粘單上做出。保證人可向被保證人

40、收取一定的押金或擔(dān)保品。,107,In international market, after the acceptance of the time bill if the bearer or the holder wants to get cash before the bill is mature, he can come to the bank or discount house which are prepared to discount the bill by paying immediate cash for the bill at a little less than its f

41、ace value,(票面價(jià)值) i.e., after deducting charges and interest based on the current rate of discount(貼現(xiàn)率), and then, will collect the full amount from the acceptor when the bill becomes due.,Discounting of bills of exchange,貼現(xiàn)業(yè)務(wù)既是票據(jù)買(mǎi)賣(mài)業(yè)務(wù)，也是資金融通業(yè)務(wù),108,12.Discounting of a bill of exchange The process of d

42、iscounting a bill of exchange is as follows:,Issue a bill, present it for acceptance,accept it,discount it,present it for payment at maturity,pay the amount,pay the face value,109,How to calculate the net proceeds(凈收入）? Suppose an accepted bill for USD10000 falls due on Sep.18,2011.the exporter take

43、s it to a discount bank on Jun.30. The discount rate is 10%. D = (V x t x d)/360 D = discount interest V = face value of the bill (USD10000.00) t = tenor (time) (80days) d = discount rate (10%) D = (10000 x80 x10%)/360=USD222.22 Net proceeds = USD(10000-222.22) = USD9777.78 英鎊按一年365天作為基本天數(shù)，美元、歐元?jiǎng)t按36

44、0天作為基本天數(shù)。,110,Case study 1,Facts: SW Legal turned his car over to a buyer who presented what appeared to be a valid cashiers check but, ten days later, turned out to be counterfeit. The police could not locate the car, but SW Legal located it two years later. The car had been resold to Roberts by th

45、e passer of the bad check. SW Legal sued Roberts to recover the car under UCC 4-405. The trial court held that 4-405 does not apply to situations like this. Instead the court applied UCC 2-403. Roberts, as a good faith purchaser for value, could retain ownership of the car. SW Legal appealed.,111,Ca

46、se study 1,Decision: Roberts, as a good faith purchaser for value, obtained good title to the car under 2-403. A good faith purchase from a dishonest non-merchant seller can occur. SW Legal voluntarily parted with the car as a result of a criminal act. But Roberts was a bona fide purchaser who obtai

47、ned good title. One of two innocent parties must suffer because of the wrongdoing of a third person. The loss must fall on the party who by his conduct created the circumstances which enabled the third party to perpetuate the wrong. SW Legal failed to confirm the validity of the check before releasing the