Chapter 2 Credit Instruments(3)

2.3 Promissory Note 本票 2.3.1 Definition of promissory noteA promissory not is an unconditional promise ①in writing⑦ made by one person ( the maker) ② to another (the payee or the holder) ③signed by the maker ④engaging to pay⑤ on demand or at a fixed or determinable future time ⑧a sum certain in money⑥ to or to the order of a specified person or bearer. 本票是一人向另一人开立，由制票人签字，保证对某一特定的人或其指 定人或持票来人即期或在固定的、或在可以确定的某一日期支付一定货 币金额的书面的无条件的付款承诺。 Specimen :⑦ Promissory Note New York, April,2001 For⑥ USD99,999.00 On ⑧ the 20th June 2001 fixed by the promissory note ① we promise ⑤to pay ③ BA the sum of ⑥ ninety-nine thousand nine hundred and ninety-nine US Dollars only. For and on behalf of ②CD (Signed) ④

2.3.2 Characteristics of a promissory note 本票的特征Unconditional promise in writing 无条件的书面承诺 Basic parties: maker and payee 基本当事人是制票人和收款人 No need to accept a time promissory note 远期本票不需要承兑 In all cases the maker is the primarily liable party 任何情况下制票人都是最主要的债务人 Not very widely used in modern commercial transactions 在现代商业交易中，本票使用并不广泛

2.3.3 Essentials to a promissory note 本票的要素1. The words “ promissory note” 2. An unconditional promise to pay 3. Name of the payee or his order 4. Maker’s signature 5. Place and date of issue 6. Period of payment 7. A certain amount of money 8. Place of payment

2.3.4 Difference between a promissory note and a bill of exchange 汇票与本票的不同之处1. Promise v.s order 2. Two basic parties v.s three basic parties 3. Maker who is primarily liable v.s drawer who is primarily liable to a sight bill or to a time bill before acceptance and acceptor who is primarily liable to an accepted bill. 4. Original note v.s sole bill or a bill in one set

2.4 Check (Cheque)支票 支票 2.4.1 Definition of checkA check is an unconditional order① in writing② addressed by the customer (the Drawer) ③to a bank (the drawee) ⑤ signed by that customer④ authorizing the bank to pay on demand⑥ a specified sum of money⑦ to or to the order of a named Person or to bearer (the payee) ⑧. 支票是由银行的客户向银行开出的，由出票人签字，授权银行对某人或其指 定人或持票来人即期支付一定货币金额的书面的无条件支付命令。 Specimen:② Check for ⑦ USD10,000.00 Shanghai, May 4,2001 Pay to ① ⑥ ⑧ the order of John Smith the sum of ⑦ ten thousand US Dollars only To: ⑤ Bank of China, Shanghai, China

③ For China National Arts& CraftsImport & Export Corp (Signed) ④

2.4.2 Essentials to a check 支票的要素The word “check ” clearly indicated 清楚写明“支票”字样 An unconditional order in writing 无条件书

面支付命令 Name of the paying bank 付款银行的名称 Drawer’s signature 出票人的签字 Place and date of issue 出票地点和日期 Address of the paying bank 付款银行的地址 A sum certain in money 一笔确定的金额 Name of the payee 收款人名称

2.4.3 Features of a check 支票的特征Unconditional order支票必须是无条件付款 Drawn on a bank支票的付款人必须是银行 A sum certain in money must be written on a check支票上必须注 明确定的金额 The date of a check is not essential (Please note out of date, post dated, undated)支票的日期不是重要因素，所以支票注明的出 票日期可以比实际日期早、比实际日期晚或者是非营业日 The payee may be bearer, a specified person or his order收款人可 以是来人、一个特定的人或者是他的指定人

2.4.4 Parties to a check 支票的当事人(1)Drawer:The custom who writes the check (2)Drawee: The banker on whom the check is drawn and to whom the order to pay is given (3)Payee:The person to whom a check is stated to be payable.

2.4.5 A banker’s duty to honor checks 银行兑现 客户支票的责任只要客户在银行有足够的存款余额或透支额度，银行就有责任兑 现客户的支票。在以下情况下银行无义务支付支票： 由客户取消付款----即通常所说的“止付” 接到通知客户已经死亡或解散 接到通知客户破产或停业清算 接到对抗客户的指令 接到关于客户精神不正常的通知 接到针对客户账户的根据法院扣押令扣押债务人财产者的指 令 接到法院的关于冻结客户账户的指令

1. Countermand of payment 支票的止付(1) Cancellation by the customer (the drawer) of his mandate to the drawee bank or paying bank of the check, must be in written form. (2) The drawer is the only person who can instruct the drawee bank to stop Payment on a particular check

2. Wrongful dishonor of a check (支票的不正当退 支票的不正当退 票)If the drawee bank wrongfully dishonors a check, the customer (the drawer) can sue it for damage. The damages are not measured against the nominal amount of the check but against the injury to the drawer’s creditworthiness so as to get reasonably compensated. A check for USD20 drawn by a bookseller to pay his supplier is wrongfully dishonored by the drawee bank with the words “not sufficient” ,it is held that the words are libelous and so the bookseller obtain USD250 damage.

2.4.7 Types of Check 支票的分类1. Open Check 非划线支票、开放支票或普通支票 A check is called “open” when it is possible to get cash over the counter at the bank. 2. Crossed checks 划线支票 1) Meaning 含义 A crossing is in effect an instruction to the paying bank from the drawer or holder to pay the fund to a bank only. 支票的划线实际上是出票人或持票人指示付款银行只能将资金入 银行账户的指示。因此，划线支票

不能在付款银行取现，必须由 代收行向付款行提示付款。

2) Two kinds of crossing① General Crossing 普通划线 当一张支票的票面有以下的附加内容： 在两条平行线之间有“and company”字样，或它的缩写(如 & Co.),“not negotiable”字样可有可无； 只有两条平行线， “not negotiable”字样可有可无； 这些附加内容构成划线，这张支票被普通划线。 普通划线的作用是支票只能转帐付款给另一家银行(即将票 款存进银行帐号而不能支付现金)。A. _____________ ______________ C. _____________ Account payee B. ____________ Not negotiable D. _____________________ Not negotiable a/c payee

②Special crossing 特别划线 支票带有横过票面的两条平行线，中间有一家银行的名称，即为 特别划线。特别划线支票只能转帐付款给划线里面的那家银行。A ________ ABC Bank B ______________________ ABC Bank ICBC BANK for collection C __________ A/C Payee BOC BANK

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3. Bearer Check 不记名支票 A check which is payable to any person who presents it for payment at the bank counter. 4. Order Check 记名支票 A check which is payable to a particular person.

2.4.8 Difference between a check and a bill of exchange 支票与汇票的区别1. Drawee: a bank where the drawer open the account v.s any person 2. Tenor: at sight v.s at sight or at a determinable future time 3. Primarily liable party: drawer v.s drawer or acceptor 4. A drawer of a check is not discharged even though it has not been presented for payment within the stipulated time unless the delay in presentation incurs loses to the drawer. A bill must be presented for payment when due, or else the drawer will be discharged.

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