Chapter2 Instruments of international settlement.docx

Chapter2 Instruments of international settlement.docx

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Chapter2Instrumentsofinternationalsettlement

Chapter2Instrumentsofinternationalsettlement

2.1AnOverviewofNegotiableInstruments

2.1.1Definitionofnegotiableinstruments

1.InterpretationofNegotiation议付p25

（1）Theprocessoftalkingaboutbusinessbetweenthesellersandthebuyers.买卖双方的协商过程

（2）Thepurchasebyabankofbillsofexchangefromanexporterinacollection,oramethodofpaymentorsettlementbybillsofexchangeinadocumentaryL/Ctransaction.在托收结算中，银行从出口商处买入汇票；或在跟单信用证结算中，利用汇票结算的一种结算方式

（3）Thetransferofanegotiableinstrumenttoanotherparty.议付工具转手至另一方的转换过程

★2.Definitionofanegotiableinstrument

anegotiableinstrumentisanunconditionalpromiseorordertopayanamountofmoneythatiseasilytransferablefromonepersontoanother.议付工具是一种便于把确定金额的货币从一方转至另一方的无条件的支付承诺或命令

（1）fullandlegaltitlepassesondelivery

（2）notnecessarytogivenoticeoftransfertotheliableparty债务人

（3）freefromequitiesordefectsintitleofanypreviousholder

（4）goodfaith善意

（5）forvalue对价

★2.1.2ChiefFeaturesofnegotiableinstruments

1.Negotiability议付性/流通转让性p26

（1）negotiationcanbeeffectedonlybydelivery转让orendorsement背书anddelivery.议付性体现在票据转让或背书的过程中

（2）negotiationgivesthetransferee（接受人）arightofactioninhisownnameagainsttheoriginalpromissororacceptorRequisiteinform权利的让渡

（3）thetransfereeingoodfaithandforvaluecanacquireabettertitlethanthatheldbyallhispriorparties.善意持票人应得到完整的票据权利

2.Non-causative无因性

票据一旦作成，票据权利和义务的执行就与票据原因相分离。

如：

票据的转让过程中，不需要调查票据原因是否合理、合法。

3.Requisiteinform要式性

票据的形式必须符合法律规定，票据上的记载项目必须齐全并符合规定。

只有形式和内容都符合法律规定的票据，才是合格的票据。

4.Literallydeterminedcontent文义性

票据上权利的内容，完全依据票据上所记载的内容确定，不能进行任意解释或根据票据以外的其他文件来确定。

5.Presentingforpayment提示性

票据上的债权人请求债务人履行票据义务时，必须向付款人提示票据，才能请求付给票款。

持票人不提示票据，付款人不必履行付款义务。

★2.1.3Partiestoanegotiableinstrumentp27（HW）

1.出票人drawer

2.付款人payer/（受票人）drawee

3.收款人payee

4.承兑人acceptor

5.参加承兑人acceptorforhonor

6.背书人endorser

以转让为目的在汇票背面签章并交受让人的人

7.被背书人endorsee

背书的受让人

8.保证人guarantor

9.持票人holder

可能是收款人或最后的被背书人

10.holderinduecourse/bonafideholder正当持票人/善意的持票人

Theinstrumentshouldbecompleteandregularonitsface;

Theinstrumentisbeforematurityandtheholderdidnotnoticeitspreviousdishonor,ifany;

Theholdertookitingoodfaithandforvalue;

Theholderdidnotnoticeanyinfirmityintheinstrumentordefectinthetitleofthepersonnegotiatingit

11.holderforvalue付对价持票人

apersonwhopossessesaninstrumentforwhichvaluehasbeengivenbyhimselforbysomeotherpersonpriortohiminformsofmoney,goods,orservices.

2.1.4Negotiableinstrumentlaws

Britishlaw  UKBillsofExchangeActof1882

USUniformCommercialCodeof1962,Article3

FrenchandGermanlaw

UniformlawforBillsofExchangeandPromissoryNotesofGenevaof1930

ConventionProvidingaUniformLawforInternational BillsofExchangeandInternationalPromissoryNotesandConventionProvidingaUniformlawforInternationalChecks    UnitedNations1988

NegotiableInstrumentLawofPeople’sRepublicofChina

2.2Billofexchange

 2.2.1★Definitionofabillofexchange

section3.billofexchangeact.1882.UK

ABillofexchangeisanunconditionalorderinwriting,addressedbyoneperson（drawer）toanother（drawee）,signedbythepersongivingit,requiringthepersontowhomitisaddressedtopayondemandoratafixedordeterminablefuturetimeasumcertaininmoneytoortheorderofaspecifiedpersonortobearer.

汇票的定义：

汇票是由一人向另一人签发的，要求立即或定期或在可以确定的将来时间对某人或他指定之人或持票人支付一定金额的书面无条件支付命令。

（英国票据法）

汇票是出票人签发的，委托付款人在见票时或在指定日期无条件支付确定金额给收款人或持票人的票据。

（我国票据法）

2.2.2★Contentsofabillofexchange

1.Requisiteitems必须记载项目

Requisiteitems

（一）

①Theword“exchange”

②Anunconditionalordertopay

“PaytotheorderoftheBankChinathesumofthirty-fivethousandUSdollars.”isavalidbillofexchange.

“PaytotheorderoftheBankChinathesumofthirty-fivethousandUSdollarswhentheship‘Dongfeng’reachestheportofNewYork.”

“WewouldbedelightedifyouwouldpaytotheorderoftheBankChinathesumofthirty-fivethousandUSdollars.”

 Requisiteitems

（二）

③Afixedamountofmoney

1）Payableatafixedamount

2）Payablewithinterest

interestrateshouldbespecifiedtomaketheamount certain.

e.g.“payableatUSDthreehundredplusinterestat5%p.a.”

 Requisiteitems

（二）

3）Payablebyinstallments

installmentmustbeclearlystated

e.g.“Atonemonthafterdatepaytotheorderof***thesumoftwothousandUSdollarsbytenequalconsecutivemonthlyinstallments” 

4）Payableaccordingtoanindicatedrateofexchange

rateofexchangemustbeindicated

5）Inmoney注明货币名称和金额，一般金额保留两位小数

 Requisiteitems（三）

④Nameofthepayee收款人名称（汇票的抬头）

1）RestrictedOrder限制性抬头（不可转让）

abillpayabletoaspecifiedpersononlyortoaspecifiedpersonnotnegotiable/transferable

e.g.“payto***only”;“nottransferable”

2）DemonstrativeOrder/indicativeorder指示性抬头（A为第一背书人）

abillpayabletoaspecifiedpersonorsomeotherpersondesignatedbyhim

e.g.“paytotheorderofA”;“paytoA（ororder）”

3）Bearerorder来人抬头

anypersonholdingabearerordercanrequestpayment

e.g.“paytobearer”;notsafe

《日》&我国不允许以此种抬头开立汇票

⑤Dateofissue

todeterminetheexpirydateandpayingdate;

makesurewhetherthedrawerhasdisposingcapacity

⑥Nameofdrawee      

⑦Thesignatureofthedrawer

withoutthesignatureofthedrawerorforgedsignaturemakesaninstrumentinvalid.

ifanindividualissigningforhiscompany,thesewords“For”,“Onbehalfof”,“Forandonbehalfof”and“Perpro”shouldprefixthenameofthecompany

 e.g. ForABCCO.,London

                   （Signature）

              JohnSmith,Manager

2.Relativelynecessaryitems非必须项目

⑧Placeofissue

⑨Placeofpayment

⑩Tenor付款期限

thetimetoeffectpayment;theduedateormaturitydate

indicatedas“ondemandoratafixedordeterminablefuturetime”

3.Itemsatwill可选项目

利息、利率及汇率（interest，interestandexchangerate）

提示期限（Limitoftimeforpresentation）

出票依据（DrawnClause）

免作退票通知或放弃拒绝证书（NoticeofDishonorExcusedorProtestWaived）

付一不付二

预备付款人（Refereeincaseofneed）

①BILLOFEXCHANGE

Exchangefor③USD15,277.00⑧Shanghai ⑤MARCH12005（Date）

⑩At Sight ofthisFIRSTofExchange（SecondofExchangebeingunpaid）②Payto④theorderof           BANKOFCHINA          thesumof③USDOLLARSFIFTEENTHOUSANDTWOHUNDREDANDSEVENTYSEVENONLY.

Valuereceived

⑥To:

 HABIBBANKLIMITED

       P.O.BOX888，         .

⑨DUBAI,U.A.E                            

SHANGHAITEXTILES

COMPANYLIMITED                                                                                                       

                                                      方 之⑦

                                           （AuthorizedSignature）

 2.2.3Partiestoabillofexchangep34

（1）Thedrawer

（2）Thedrawee

（3）Thepayee

（4）Acceptor

（5）Endorser

（6）Endorsee

（7）Holder

（8）Discounter

（9）Guarantor

Holder

Holderforvalueistheholderofabillforwhichvaluehasbeengiveneitherbyhimselforbyhispriorparties;enjoysthesamerightsbutissubjecttothesamedefectsintitle,ifany,ofthetransferor.

Holderinduecoursereferstoapersonwhoobtainstheinstrumentthroughgivingthevaluebyhimself;hisrightsoverthebillwillnotbeaffectedbythetitledefectsofhisdirectpriorparty.  

2.2.4Classificationofabillofexchange

1.Accordingtothetenor

Demanddraft/sightdraft

Time/usancedraft

Payableatafixedtimeaftersight（theacceptingdate） 

Payableatafixedtimeafterdate（theissuingdate）

Payableatafixedfuturedate/deferredpaymentbill

e.g.“atafixedtimeafteraB/Ldate”

2.Accordingtowhethercommercialdocumentsareattachedthereto

cleandraft

documentarydraft

3.Accordingtothedrawer

Banker’sdraft

trader’sdraft

4.Accordingtotheacceptor

Banker’sacceptance

trader’sacceptance

5.Accommodation（Finance）billofexchange融资汇票

abillofexchangethatissignedbysomeone（theaccommodationparty）whopromisestopayittohelpanotherpersontoraisemoney

usedforstraightborrowing/financingtransactionsinwhichtherearenorelatedtransactions 

2.2.5Actsrelatingto abillofexchange

Issue

Comprises:

 1）todrawandsignabill; 

          2）todeliverittothepayee

 Accordingtothenegotiableinstrumentlaw：

Thebillshouldbecompleteinformstipulatedbythenegotiableinstrumentlawintheplaceofissue；

Bydrawingabill,thedrawerengagesthatonduepresentmentthebillwillbeacceptedandpaidandthat,ifdishonored,hewillcompensatetheholder。

Endorsement

Thepayeeorholdersignsonthebackofthebillanddeliversittotheendorsee

Avalidendorsementshouldbeanendorsementoftheentirebill;

Byendorsinganinstrument,theendorserguaranteethatonduepresentmentthebillshallbeacceptedandpaidasspecified.

Types：

Specialendorsement 记名背书/特别背书/正式背书/完全背书

  PaytotheorderofECo.,NewYork（theendorsee）

   ForABCCo.,NewYork          （theendorser）

Signature                      （oftheendorser）

2）Blankendorsement 空白背书

3）Restrictiveendorsement限制性背书

   PaytoAonly/nottransferable/notnegotiable/paytoAbankforaccountofBCo.

4）Endorsementforcollection委托取款背书（托收背书）

5）Endorsementforpledge质押背书

Presentation

Types

presentationforacceptance:

ausancedraft

presentationforpayment:

asight/usancedraft

Occasionsonwhichbillsmustbepresentedforacceptance

Timebillaftersight

Timebillafterdate

Atimebillstipulatesthatitmustbepresentedforacceptance

Atimebill,payableataplaceotherthanthatofthedrawee

Presentationmustbemadewithinthereasonabletime.

Thedraweesignonthefaceofbill,anddeliverittothepersonpresentingforaccep