Chapter 3 Instruments objectives: · Parties involved · Acts of instrument · Instrument laws Three main instruments and their comparison 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © Chapter 3 Instruments objectives: • Parties involved • Acts of instrument • Instrument laws • Three main instruments and their comparison
1 Negotiable Instruments 1.1 Definition Is a chose in action, (法律上的产权) the full and legal title to which is transferable by delivery of the instrument (possibly with the transferor,s endorsement) with the result that complete ownership of the instrument and all the property it represents passes freely from equities to the transferee, providing the latter takes the instrument in good faith and for value 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © 1 Negotiable Instruments 1.1 Definition: Is a chose in action,(法律上的产权） the full and legal title to which is transferable by delivery of the instrument (possibly with the transferor’s endorsement) with the result that complete ownership of the instrument and all the property it represents passes freely from equities to the transferee, providing the latter takes the instrument in good faith and for value
definition (广义)指商业上的权利单据 ( Document of title),作为某人的,不 在他实所占有下的金钱或商品的所有 权的证据。其权利可以转让 (狭义)是以支付金钱为目的的证券 由出票人签名于票据上,无条件地约 定由自己或另一人支付一定金额,可 以流通转让 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © definition (广义）指商业上的权利单据 （Document of Title), 作为某人的，不 在他实际占有下的金钱或商品的所有 权的证据。其权利可以转让。 （狭义）是以支付金钱为目的的证券， 由出票人签名于票据上，无条件地约 定由自己或另一人支付一定金额，可 以流通转让
1.2 Functions As a means of payment As a means of credit As means of negotiation 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © 1.2 Functions As a means of payment As a means of credit As means of negotiation
1.3 Characteristics Negotiability(流通转让性) Non- causative nature(无因性) Requisite in Form(要式性) Presentment(提示性) Returnability(返还性) 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © 1.3 Characteristics Negotiability（流通转让性） Non-causative Nature（无因性） Requisite in Form（要式性） Presentment（提示性） Returnability (返还性）
2 Parties to a negotiable instrument Drawer: the person who draws a bill of exchange or a check upon the drawee for the payment of a certain amount of money Status? Debtor or creditor? 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © 2 Parties to a negotiable instrument Drawer: the person who draws a bill of exchange or a check upon the drawee for the payment of a certain amount of money. Status? Debtor or creditor?
Answer Main debtor before acceptance while the secondary debtor after acceptance. He Will be responsible to ?? Or ?? 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © Answer Main debtor before acceptance while the secondary debtor after acceptance . He will be responsible to ?? Or ???
answer2 Holder or any endorsers 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © answer2 Holder or any endorsers
Drawee othe person upon whom a bill of exchange or a check is drawn. He is also known as the addressee of a draft Is the drawee the main debtor? 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © Drawee lthe person upon whom a bill of exchange or a check is drawn. He is also known as the addressee of a draft. Is the drawee the main debtor?
answer No, cause he didn't sign in the bill. He doesn' t take the liability that the bill will must be honoured 经贸学国贸系 王学意⊙
经贸学院国贸系 王学惠 © answer No, cause he didn’t sign in the bill. He doesn’t take the liability that the bill will must be honoured