Bill of Exchange 汇票

Definition

A bill of exchange is an unconditional order in writing. Addressed by one person (the drawer) to another (the drawee), signed by the person giving it, requiring the person to whom it is addressed (the drawee, who when he signs becomes the acceptor) 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 (the payee).

流程图

Acts of a bill of exchange (汇票行为)

1. Issuance (出票)
2. Endorsement (背书)
3. Presentment (提示)
4. Acceptance (承兑)
5. Payment (付款)
6. Dishonor (退票)
7. Notice of dishonor (退票通知)
8. Protest (作成拒绝证书)
   • 不获承兑而遭到退票
   • Right of recourse (追索权)
9. Acceptance for honor (参加承兑)
10. Payment for honor (参加付款)
11. Guarantee (保证)
12. Discounting (贴现)

流程图

Negotiation of a draft (instrument)

出票人-> 售票人（付款人）-> 收款人

• 远期
  • 见票即付 承兑
  • 非见票即付 承兑
• 非远期：即付

Endorsement (背书)

1. Blank endorsement
2. Special endorsement
3. Restrictive endorsement
4. Conditional endorsement

• Specimen
  • Jack Smith ①
  • Pay David Horn, Jack Smith ②
  • Pay David Horn, not transferable, Jack Smith ③-1
  • Pay ××× Bank for collection of the bill, ~~ ③-2
  • Pay David Horn after the goods arrive, Jack Smith ④

Dishonor (退票)

• notice of dishonor
• protest 拒绝证书
  PS:
• 公证机构 notary
• 录证 noting

Acceptance (承兑)

汇票承兑后，承兑人代替出票人成为主债务人

1. general acceptance 一般承兑
2. qualified acceptance 条件承兑
   • 有条件，可视为退票
   • local acceptance
   • acceptance as to time
   • partial acceptance
   • conditional acceptance

追索权：遭到拒绝承兑后，可向前手进行追索，前手向前前手追索（亦可一次性向所有前手进行追索，若此时跳过某一前手，而其应收未收，其可以免除自己的责任）
resource —— FaceValue + Interest + cost / expense

Example of general

• acceptance: Accepted (承兑字样)
• Jack Smith (承兑人签章)
• Sep. 20，2007 (承兑日期)

Example of qualified acceptance :

• Accepted to pay at ××× ／on ×××另行指定付款地点或时间
• Accepted to pay ×% of the face value 仅承兑部分付款
• Accepted to pay provided … … 有条件付款

Classification of foreign bill of exchange

1. According to drawer:
   • Banker’s draft / bank draft
   • Trader’s bill / trade bill
2. According to the acceptor: 区别于(1)
   • Trader’s acceptance bill
   • Banker’s acceptance bill
3. According to the tenor:
   • Sight bill
   • Term bill, time bill, tenor bill or usance bill
4. According to whether commercial documents are attached thereto:
   • Clean bill 光票
   • Documentary bill 跟单汇票