国际结算CH2Instrum.ppt

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1、Chapter two Instruments of international settlement,2.1 An Overview of Negotiable Instruments2.2 Bill of Exchange/Draft2.3 Promissory Note2.4 Check,2.1.1 What is a negotiable instrument?2.1.2 Chief features of negotiable instruments2.1.3 Parties to a negotiable instrument,2.1 An Overview of Negotiab

2、le Instruments,a negotiable instrument is a an unconditional promise or order to pay an amount of money that is easily transferable from one person to another.,2.1.1 Definition of negotiable instruments,Negotiability 1)negotiation can be effected only by delivery or endorsement and delivery.2)negoti

3、ation gives the transferee a right of action in his own name against the original promisor or acceptor Requisite in form 3)the transferee in good faith and for value can acquire a better title than that held by all his prior parties.Non-causativeRequisite in form,2.1.2 Features of negotiable instrum

4、ents,Functions of negotiable instruments,Seller,Buyer,as a means of payment,Buyer,Seller,as a credit instrument,Seller,Buyer,Local bank,Foreign bank,as negotiable instrument,1)出票人drawer 2)付款人payer/drawee 3)收款人payee4)承兑人acceptor 5)背书人endorser6)被背书人 endorsee 7)参加承兑人acceptor for honor8)保证人guarantor9)持票

5、人holder,2.1.3 Parties to a negotiable instrument,10)正当持票人/善意的持票人holder in due course/bona fide holder：The instrument should be complete and regular on its face;The instrument is before maturity and the holder did not notice its previous dishonor,if any;The holder took it in good faith and for value;

6、The holder did not notice any infirmity in the instrument or defect in the title of the person negotiating it11)付对价持票人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 in forms of money,goods,or services.,Holder for v

7、alue,drawer,payee,friend,holder,drawee,As long as the draft is drawn for value the parties after payee are all holders in value,Acceptor for honour,drawer,payee,holder,holder,drawee,Acceptor forhonour,He might be payees creditor or parent company and wants to protect payees credit standing.,drawer,p

8、ayee,endorsee/endorser,holder,drawee,Guarantor,Guarantee can take place on each party during the flow of draftand takes the guarantor same responsibility as the guaranteed.,British law UK Bills of Exchange Act of 1882 US Uniform Commercial Code of 1952 French and German lawUniform law for Bills of E

9、xchange and Promissory Notes of Geneva of 1930 Uniform law for International Checks of 1931Negotiable Instrument Law of Peoples Republic of China,Negotiable instrument laws,2.2.1 Definition of a bill of exchange 2.2.2 Contents of a bill of exchange2.2.3 Parties to a bill of exchange2.2.4 Classificat

10、ion of bills of exchange 2.2.5 Acts relating to a bill of exchange 2.2.6 The Roles and Advantages of a Bill of Exchange,2.2 Bill of exchange,section 3,bill of exchange act,1882,UK A Bill of exchange is an unconditional order in writing,addressed by one person to another,signed by the person giving i

11、t,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 the order of a specified person or to bearer.,2.2.1 Definition,Requisite itemsRelatively necessary itemsItems at will,2.2.2 Contents of a bill of exchange,2.2.3 Part

12、ies to a bill of exchange,(1)The drawer(2)The drawee(3)The payee(4)Acceptor(5)Endorser(6)Endorsee(7)Holder(8)Discounter(9)Guarantor,Holder for value is the holder of a bill for which value has been given either by himself or by his prior parties;enjoys the same rights but is subject to the same defe

13、cts in title,if any,of the transferor.Holder in due course refers to a person who obtains the instrument through giving the value by himself;his rights over the bill will not be affected by the title defects of his direct prior party.,Holder,A,C,D,E,B,Drew a draft on B,Endorsed and lost it,Picked it

14、 up and transferred it to E for value,Accepted the draft,F,Gave it as a present,According to the tenor Demand draft/sight draft Time/usance draftPayable at a fixed time after sight(the accepting date)Payable at a fixed time after date(the issuing date)Payable at a fixed future date/deferred payment

15、bill e.g.“at a fixed time after a B/L date”How to calculate the due date,2.2.4 Classification of a bill of exchange,2.2.4 Classification of a bill of exchange,According to whether commercial documents are attached thereto clean draft;documentary draftAccording to the drawer Bankers draft;traders dra

16、ftAccording to the acceptor:Bankers acceptance;traders acceptance,2.2.4 Classification of a bill of exchange,Accommodation(Finance)bill of exchange a bill of exchange that is signed by someone(the accommodation party)who promises to pay it to help another person to raise money,i.e.,the accommodation

17、 party lends his name(by accepting the draft)to somebody else(the drawer of an accommodation draft)for the latter to raise money;used for straight borrowing/financing transactions in which there are no related transactions,出票（Issue）背书（Endorsement）提示（Presentation）承兑（Acceptance）付款（Payment）保证（Guarantee

18、 or Aval）拒付（Dishonor）追索（Recourse）贴现（Discounting),2.2.5 Acts relating to a bill of exchange,1.The issue of a draft A draft for USD 100,000.00 is drawn by The American Exporter Co.,Ltd,Tampa,Florida,U.S.A on the French Issuing Bank,Paris,France payable at 60 days after sight to the order of ourselves

19、dated 15 May.,2006 marked“Drawn under The French Issuing Bank,Paris,France L/C No.12345 dated 25 Feb.,2006.”2.A draft indicates that“at 10 days from 11 may,2006 pay to the order of A company”,the maturity of the draft falls on _amount and net proceeds.,Exercises,3.A draft is partly shown as follows:

20、exchange for GBP12,500.00 New York,23 May 2006 at 60 days after B/L date 23/May/2006 pay to the order of ourselves the sum of US dollars one thousand only.Suppose the accepted draft was discounted on 23 may,2006 by the collecting bank,Bank of Asia,London at the rate of 9%per annum.Please calculate d

21、iscount,Exchange forUSD100,000.00 Tempa,15 May,2006 At 60 days after sight pay to the order of Ourselves the sum of US dollars one hundred thousand only.“Drawn under The French Issuing Bank,Paris,France L/C No.12345 dated 25 Feb.,2006”To The French Issuing Bank.For The American Exporter Co.,Paris Lt

22、d,Tempa signature 2.When ISBP does not put into force,the maturity falls on 20 May,2006 when ISBP puts into force,the maturity falls on 21May,2006Discount amount:1250060/365 9/100=184.93 Net Proceeds=12500-184.93,2.3 Promissory note,2.3.1 Definition of a promissory note2.3.2 Characteristics of a pro

23、missory note2.3.3 Contents of a promissory note2.3.4 Classification of promissory note2.3.5 Liabilities of the Parties 2.3.6 The difference between a bill and a note,2.3.1 Definition of a promissory note,UK Bills of Exchange Act of 1882,Article 83 A promissory note is an unconditional promise in wri

24、ting 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.,2.3.2 Characteristics of a promissory note,(1)It is an unconditional promise in writing(2)The basic

25、 parties to a promissory note are the maker and the payee(3)There is no need to accept the instrument if it is payable at a fixed or determinable future time(4)Promissory notes can be made by commercial firms or bankers(5)Promissory notes other than those issued by bankers are not very widely used i

26、n modern commercial transactions,2.3.3 Contents of a promissory note,The word“promissory note”An unconditional promise to payStatus of the payeeSignature of the makerPlace and date of issueTenorA sum certain in moneyPlace of payment,2.3.4 Classification of Promissory Note,According to the tenorSight

27、/Term promissory noteAccording to the makercommercial/bankers promissory note International Money OrderTreasury Bill,2.3.5 Liabilities of the Parties,(1)Makerthe principal debtor.Engaging to pay the promissory note within the tenor.(2)EndorserA promissory note can be endorsed in the same way as a bi

28、ll of exchange or check.The endorser is liable to pay the promissory note or compensate the holder for non-payment provided that the necessary proceedings in dishonor have been taken.,2.3.6 Differences between a bill and a note,2.4 Check,2.4.1 Definition of a Check2.4.2 Contents of a Check2.4.3 Feat

29、ures of a check2.4.4 Parties to a check2.4.5 Classification of Check2.4.6 Check Clearing2.4.7 A Bankers Duty to Honor Checks2.4.8 Dishonor of Checks2.4.9 Difference between a Check and a Bill of Exchange,出票人签发的，委托办理支票存款业务的银行或其他金融机构在见票时无条件支付确定金额给持票人或收款人的票据。A check is a bill of exchange drawn on a ban

30、k payable on demand;A check is an unconditional order in writing,signed by the person giving it,requiring the bank to whom it is addressed to pay on demand a sum certain in money to,or to the order of,a specified person or to bearer.,2.4.1 Definition of a check,Check for USD16000.0 New York,May 1,20

31、07Pay to the order of John Smith the sum of sixteen thousand US Dollars only.To:Bank of China,Beijing China For China National Art&Craft Import&Export Corp.Signature,2.4.2 Contents of a Check,(1)The word“check”(2)Unconditional(3)In writing(4)Drawers Signature(5)Place and date of issue.(6)Address of

32、the paying bank.(7)A certain sum of money.(8)The name of the payer.,2.4.3 Features of a check,(1)A check must be unconditional.(2)A check must be drawn on a bank.(3)A sum certain in money must be written on a check,which should be signed by the drawer.(4)The date of a check is not essential in that

33、it can be antedated,post-dated or dated on a non-business day.(5)The payee may be bearer,a specified person or his order.,2.4.4 Parties to a check,(1)The drawer.The person who makes out the check and keeps an account current in the paying bank.(2)The drawee.The banker on whom the check is drawn and

34、to whom the order to pay is given.He is the banker with which the drawer maintains an account.(3)The collecting bank.The payees bank which collects/obtains payment for its customer from the paying bankthe drawers bank.(4)The paying bank where the drawer has an account,2.4.5 Classification of Check,U

35、ncrossed check&Crossed check a crossing is in effect an instruction by the drawer or holder to the paying bank to pay the fund to bank only instead of over the counter of the paying bank,Travelers CheckCertified checksA check is certified by the drawee bank.Once a check is certified by the drawee ba

36、nk,all other obligors on the check will be discharged of the liability of the payment.,2.4.6 Check Clearing,-The payee should deposit the check into his bank before he can obtain payments expressed in the check.This process from depositing a check to obtaining payments is known as check clearing.Col

37、lecting bank Paying bankProcess of Check Clearing,Process of Check Clearing,2.4.7 A Bankers Duty to Honor Checks,The bankers duty to honor the check ends:(1)On countermanding of payment by the customer(2)On receiving notice that the customer has died or dissolved;(3)On receiving notice of bankruptcy

38、 or liquidation of the customer;(4)On receiving order that is made against the customer;(5)On receiving notice of mental disorder of the customer;(6)On receiving a garnishee order against the customers account;(7)On receiving a court order freezing the customers account.,2.4.8 Dishonor of Checks,(1)

39、When there is not enough money deposited in the drawers account.(2)When the check does not bear a date.A check without a date is valid all right,but the paying bank may return it unpaid by marking it with“Date Required”.(3)When the check is post-dated.Banks will not pay any post-dated check before t

40、he due date because it is against the customers instruction if they do so.(4)When the check is out of date.(5)When the check bears alterations.If a check bears some material alterations without being accompanied by the drawers initials or his signatures,this check will be dishonored by the bank.(6)W

41、hen check is mutilated and torn.,2.4.9 Difference between a Check and a Bill of Exchange,The word“exchange”An unconditional order to pay“Pay to the order of the Bank China the sum of thirty-five thousand US dollars.”is a valid bill of exchange.“Pay to the order of the Bank China the sum of thirty-fi

42、ve thousand US dollars when the ship Dongfeng reaches the port of New York.”“We would be delighted if you would pay to the order of the Bank China the sum of thirty-five thousand US dollars.”,Requisite items(一),A fixed amount of moneyPayable at a fixed amount Payable with interest interest rate shou

43、ld be specified to make the amount certain.e.g.“payable at USD three hundred plus interest at 5%p.a.”Payable by installments installment must be clearly stated e.g.“At one month after date pay to the order of*the sum of two thousand US dollars by ten equal consecutive monthly installments”Payable ac

44、cording to an indicated rate of exchange rate of exchange must be indicated 5)In money,Requisite items(二),Name of the payee 1)Restricted Order a bill payable to a specified person only or to a specified person not negotiable/transferable e.g.“pay to*only”;“not transferable”2)Demonstrative Order/indi

45、cative order a bill payable to a specified person or some other person designated by him e.g.“pay to the order of*”;“pay to*(or order)”3)Bearer order any person holding a bearer order can request payment e.g.“pay to bearer”;not safe,Requisite items(三),Date of issue to determine the expiry date and p

46、aying date;make sure whether the drawer has disposing capacity Name of drawee The signature of the drawer without the signature of the drawer or forged signature makes an instrument invalid.if an individual is signing for his company,these words“For”,“On behalf of”,“For and on behalf of”and“Per pro”

47、should prefix the name of the company e.g.For ABC CO.,London(Signature)John Smith,Manager,Requisite items(四),Place of issue Place of payment Tenor the time to effect payment;the due date or maturity dateindicated as“on demand or at a fixed or determinable future time”,Relatively necessary items,BILL

48、 OF EXCHANGE Exchange for USD15,277.00 Shanghai MARCH 1 2005(Date)At Sight of this FIRST of Exchange(Second of Exchange being unpaid)Pay to the order of BANK OF CHINA the sum of US DOLLARS FIFTEEN THOUSAND TWO HUNDRED AND SEVENTY SEVEN ONLY Value received To:HABIB BANK LIMITED P.O.BOX 888，.SHANGHAI

49、TEXTILES COMPANY LIMITED 方 之(Authorized Signature),利息、利率及汇率（interest，interest and exchange rate）提示期限（Limit of time for presentation）出票依据（Drawn Clause）免作退票通知或放弃拒绝证书（Notice of Dishonor Excused or Protest Waived）付一不付二预备付款人（Referee in case of need）,Items at will,Comprises:1）to draw and sign a bill;2）to

50、deliver it to the payee According to the negotiable instrument law：The bill should be complete in form stipulated by the negotiable instrument law in the place of issue；By drawing a bill,the drawer engages that on due presentment the bill will be accepted and paid and that,if dishonored,he will comp