Chapter 4 Promissory note and cheques

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1 Chapter 4 Promissory note and cheques
4.1.1 Definition of a promissory note 4.1.2 Parties of promissory note 4.1.3 Contents of a promissory note 4.1.4 Classification of promissory note 3.4 Liabilities of the Parties 3.5 The difference between a bill and a note

2 4.1.1 Definition of a promissory note
UK Bills of Exchange Act of 1882, Article 83 A promissory note is an unconditional promise in writing 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. 本票是出票人做成的一项无条件的书面自我支付承诺

3 4.1.2 the Parties (1) Maker (2 ) Payee the principal debtor.
Engaging to pay the promissory note within the tenor. (2 ) Payee Note: A promissory note can be endorsed in the same way as a bill 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.

4 4.1.3 Contents of a promissory note
1.The word “promissory note” 2.An unconditional promise to pay 3.Payee or his order 4.Signature of the maker 5.Place and date of issue 6.Period of payment 7.A sum certain in money 8.Place of payment （6）我国票据法规定，本票自出票日起，付款期限最长不得超过2个月。

5 Case “Pay to the order of the Bank China the sum of thirty-five thousand US dollars.” is a valid Promissory note “Pay to the order of the Bank China the sum of thirty-five 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.” Are not valid promissory note.

6 图2-1的四方当事人的债权债务关系可以通过本票解决。美国公司A开立一张本票交给B，以此作为对B保证支付债务的债权凭证。
PROMISSORY NOTE FOR USD10,000.00 JULY 13, 2006 NEW YORK AT THIRTY DAYS AFTER SHIPMENT DATE (SHIPMENT DATE: JUL 10, 2006) WE PROMISE TO PAY B CO. OR ORDER THE SUM OF USD TEN THOUSAND ONLY FOR VALUE RECEIVED. FOR A COMPANY, NEW YORK (SIGNED) B将本票背书转让给C来履行其对C的债务。同样，C可将该本票背书转让给D来履行其对D的债务。

7 4.1.4 Classification of Promissory Note
According to the tenor Sight /Term promissory note According to the maker commercial /banker’s promissory note International Money Order （国际小额本票） 不超过USD Treasury Bill (国库券）P183 Traveler’s cheque (旅行支票）

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10 4.1.4 Differences between a bill and a note
Bills of exchange Promissory notes An order to pay. A promise to pay. A three-party instrument. A two-party instrument. Where payable after date, a bill is generally accepted. Never accepted.

11 ④Can be accepted for honor. ④Never accepted.
Bills of exchange Promissory notes ④Can be accepted for honor. ④Never accepted. ⑤Can be drawn in a set. ⑤One copy. ⑥Foreign bills need protesting on dishonor to retain the liability of prior parties. ⑥Protest is never needed.

12 案例分析： 2011年3月7日，甲商店同乙公司签订一份彩电购销合同。该合同规定：由乙公司在10日内向甲商店提供彩电100台，共计货款25万元。 双方约定以本票进行支付。3月15日，乙公司将100台彩电交付甲商店，甲遂向其开户银行A申请签发银行本票。3月20日，A银行遂发出了出票人、付款人为A银行，收款人为乙公司，票面金额25万元，付款期限为6个月的本票。但由于疏忽，银行工作人员未记载出票日期。甲商店将该本票

13 案例分析： 交付乙公司。后来，乙公司又将该本票背书转让给丙公司。2011年9月4日，丙公司持该本票向A银行提示见票，要求付款。A银行以甲商店存款不足支付为由拒绝付款。丙公司遂以其在约定的提示见票期限内提示见票，从而保证了追索权为由，向乙公司进行追索。 请问：（1）该本票是否为有效票据？ （2）甲本票上关于提示见票期限的约定是否 有效？ （3）丙公司能否对乙公司进行追索？

14 案例分析： （1）该本票为无效票据。 　　根据我国《票据法》第76条规定，本票出票时，必须记载出票日期，该记载事项为绝对必要记载事项，未记载时，本票无效。 因为此时，无法确定提示付款期限，也无法确定票据权利消灭时效期间。本案中，A银行出票时，由于疏忽未记载出票日期， 因此，该本票无效。

15 案例分析： （2）本票上关于提示见票期限的约定无效。
　　根据我国《票据法》第79条规定：“本票自出票日起，付款期限最长不得超过二个月。”当事人约定的提示见票期限超过二个月的， 该约定无效。本案中，本票上记载的提示见票期限为6个月，超过了法定的二个月，因此，该约定无效。提示见票期限仍应是二个月。

16 案例分析： （3）丙公司不能对乙公司进行追索。
　　根据《票据法》第80条规定：“本票的持票人未按照规定期限提示见票的，丧失对出票人以外的前手的追索权。” 本案中丙公司在约定的提示见票期限，即出票日起6个月内提示见票，因此，其主张追索权的依据和理由是正确的。 但由于该本票约定的提示见票期限不符合法律规定，所以，其提示见票超过了法定的期限，所以，丙丧失了对乙的追索权

17 4.2 Check 4.2.1 Definition of a Check 4.2.2 Contents of a Check
4.2.3 Parties to a check 4.2.4 Classification of Check 4.2.5 The process of check clearing 4.2.6 Dishonor of Checks 4.2.7 Difference between a Check and a Bill of Exchange

18 4.2.1 Definition of a check 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 bank 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.

19 Check for USD New York, May 1,2007 Pay 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

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23 4.2.2 Contents of a Check (1) The word “check” (2) Unconditional
(3) The name and address of the paying bank (4) Drawer’s Signature (5) Place and date of issue. (6) The word "at sight". (7) A certain sum of money. (8) Payee or his order.

24 4.2.3 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 to whom the order to pay is given. He is the banker with which the drawer maintains an account. (3) The collecting bank. The payee’s bank which collects/obtains payment for its customer from the paying bank—the drawer’s bank. (4) The paying bank where the drawer has an account (5) The payee

25 4.2.4 Classification of Check
1. Uncrossed Check 2. Crossed Check 3. Certified check

26 Uncrossed check & Crossed check
我国《票据法》中没有划线支票的分类，但有转账支票和现金支票的分类。 Uncrossed 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

27 Certified checks （保付支票）
A check is certified by the drawee bank. Once a check is certified by the drawee bank, all other obligors on the check will be discharged of the liability of the payment.

28 2.4.5 The process 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. Collecting bank Paying bank Process of Check Clearing

29 Process of Check Clearing
Payee Collecting Bank Paying Bank 1 4 3 2

30 4.2.6 Dishonor of Checks When there is not enough money deposited in the drawer’s account. When the check does no bear a date or is post-dated or out of date. When the signatures on the check is not in strict conformity with which kept in paying bank. When check is mutilated and torn.

31 4.2.6 Difference between a bill and a check
Cheques Bills of exchange The drawer is the customer of the drawee bank. No specific requirement, i.e. , the drawer can be a trader or a bank. The drawee must be the bank with which the drawer opens a checking account. No specific requirement, i.e. , the drawee can be a trader or a bank. A payment can be certified. Both a payment instrument and a credit instrument.

32 Cheques Bills of exchange
in the case of a certified cheque, the bank that has certified the cheque becomes the principal obligor and all other parties are discharged of liability. In the case of a sight bill, or a usance bill before acceptance, the drawer is the principal obligor; in the case of an accepted bill, the acceptor is the principal obligor.

33 Cheques Bills of exchange
A cheque can be certified. A bill can be accepted, guaranteed or accepted for honour. A cheque can be cancelled before payment. After acceptance, the payment is irrevocable. A cheque is payable on demand. A bill is payable on demand or at a determinable future time.

34 CASE: John Black steals Wolf Smith’s cheque book, forges Mr. Smith’s signature to a cheque USD and present it to the bank on which it is drawn and obtained payment. Question: Can the bank debit Mr. Smith account ?

35 如果有人伪造支票签名去银行提款， 银行没有发现，支付了款项。则银行 遭受损失，不能扣支票主人帐户的钱