An acceptance bill is a more modern form of the bill of exchange in financing international trade.
Or, the holder may simultaneously notify in writing all persons liable for the bill of exchange.
Article60 After the drawee pays the bill in full according to law, all persons liable for the bill of exchange are discharged from liabilities.
Article32 Where a bill of exchange is negotiated by endorsement, the subsequent party shall be liable for the authenticity of the endorsement of his immediate prior party.
Article 27 A holder may transfer his rights on the bill of exchange to another person or authorize another to exercise certain part of the rights on the bill.
Article47 Where the guarantor fails to specify Item(3) of the preceding Article on the bill of exchange or on the allonge, the acceptor is the guarantee for an accepted bill, and the drawer is the guarantee for a bill not yet accepted.
"An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange."
"The presenting bank is responsible for seeing that the form of the acceptance of a bill of exchange appears to be complete and correct, but is not responsible for the genuineness of any signature or for the authority of any signatory to sign the acceptance."
discharge of liability on a bill of exchange
Article38" Acceptance" is the act of a drawee of a bill of exchange who promises to pay the sum on the bill at the maturity of the bill.
The contents of a bill of exchange must be in conformity with that of the relative contract.
Article39 Where a bill of exchange is drawn payable at a fixed date or at a fixed period after the date of issue, the holder shall present the bill to the drawee for acceptance before the date of maturity.
Another was to use foreign currency: the bank could lend, or accept a bill of exchange, in one currency and collect its debt in another, building a hidden rate of interest into the exchange rate.
When the person against whom the right of recourse is exercised settles the liabilities, the holder shall surrender the bill of exchange together with the relevant evidence of dishonor and issue a receipt of interest and expenses paid.
"Where, in a bill, drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note. "
A bill of exchange is a legally recognized document.
To pass(a bill of exchange, such as a check)through a clearing - house.
The draft, also called a bill of exchange, is the document normally used to effect payment in international transactions.
A person who acquires a bill of exchange by lawful means other than endorsement shall provide evidence according to law to prove his rights thereon.
Article 76 Where a bill of exchange, cheque, promissory note, bond, certificate of deposit, warehouse receipt or bill of lading is pledged, the document of title shall be delivered to the pledgee within the time limit specified in the pledge contract.
prime liability on bill of exchange
Article45 The liability on a bill of exchange may be guaranteed by a guarantor.
Where a bill of exchange is not presented for acceptance within the prescribed period, the holder thereof shall lose the right of recourse against his prior parties.
On the other hand, if the exporter does not want to wait for payment of an accepted bill of exchange, he can discount (sell) it at a discount house.
One who signs a time draft or bill of exchange.
A formal indication by a debtor of willingness to pay a time draft or bill of exchange.
Article 30 The name of endorsee shall be specified when a bill of exchange is endorsed to negotiate or when the exercise of certain part of the rights thereon is endorsed to another.
The bankers acceptance bill is a trade bill by the special classification to the bill of exchange in our country.
Article 40 Where a bill of exchange is drawn payable at a fixed period after sight, the holder thereof shall present the bill to the drawee for acceptance within one month after the date of issue.
reissue of bill of exchange
Article 43 When accepting a bill of exchange, the drawee may not attach any conditions thereto. An acceptance to which a condition is attached is deemed non - acceptance.
If the bill holder after the due date or maturity, absolute and unconditional right to give up its right acceptor, bill of exchange liability to be lifted.
Would you accept bill of exchange as the term of payment?
Purchase of a post-dated bill of exchange or promissory note by a Bank by means of deducting non-accrued interest in advance shall be called a discount.
Article58 Where the drawee makes payment before the date of maturity for a bill of exchange payable at a fixed date, at a fixed period after the date of issue, or at a fixed period after sight, the drawee shall bear the liability deriving therefrom on his own.
Article19 A bill of exchange is a negotiable instrument, signed and issued by the drawer, who authorizes the drawee to pay unconditionally a sum certain in money to the payee or the holder at sight or on a specified date.
國文精選館
