What is a Certificate of Deposit?

A certificate of deposit is a type of credit certificate that a bank uses to conduct savings business. It is generally used for one deposit, one deposit, one withdrawal, and two fixed deposits. After the bank issues certificates of deposit and passbooks, it bears financial responsibility for the deposits of depositors.

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The certificate of deposit (fold) is the evidence for the depositor to make deposits and withdrawals, so the depositor should keep it properly to avoid accidents and unnecessary losses, especially the frequent use of current accounts and zero-deposit passbooks, and more careful storage. In life, it is common for depositors to lose their deposit certificates (folders) and to steal their deposits. The main reason is that the deposit certificates (folders) are not well kept. Some savers keep the deposit slip (fold) at hand, tuck it in the cupboard, and put it in the book; some savers think that the deposit slip will take a long time to withdraw money before it is needed, and they are stuffed in the floor if they are afraid of losing it, or simply buried in it Underground, kept in this way for a long time, it is either forgotten or bitten by rats, worms, or mold. Other savers like to keep the deposit slip (fold) with them, which can easily be lost and stolen.

(1) Deposit certificates (folders) should not be placed on ID cards, work permits,

In general,

Legally speaking, a certificate of deposit is a contract document that proves the debt and debt relationship between a depositor and a financial institution. It reflects the following contract content:

(1) Both parties have a true intention to establish a deposit relationship.

(2) The deposit has been actually delivered to the financial institution. Legally, a deposit contract is a "practical contract", which means that a depositor must actually deposit the deposit with a financial institution before the deposit contract can be concluded.

(3) Terms such as deposit amount, deposit term, and interest rate are the contents of the contract, and both parties shall abide by them.

In addition to the contractor's contractual rights to withdraw a certain amount of money at a certain interest rate and within a certain period of time, their deposits are also directly protected by law. Article 13 (1) of the Chinese Constitution states that the state protects the citizens' legal income, savings, ownership of houses and other legal property. This legal principle of protecting depositors' savings is reflected in three aspects: the ownership of the deposit belongs to the deposit owner and no one can infringe it; the right to use the deposit belongs to the deposit owner; the right to dispose of the deposit belongs to the depositor, and the depositor has the right Gift and transfer of own deposits. "

Regarding the legal nature of certificates of deposit, there are no clear provisions in China's relevant laws and regulations. In the United States' Uniform Commercial Code, certificates of deposit are prescribed as a type of bill, and their legal nature is basically the same as that of bills of exchange, promissory notes, and checks; most of them consider certificates of deposit to be non-negotiable bills. However, in civil law systems, bills are generally limited to bills of exchange, promissory notes, and checks. According to China's "Bill Law", bills are limited to bills of exchange, promissory notes, and checks, but certificates of deposit and bills have many similar legal characteristics. In the following, the author will use a comparative method to analyze the legal nature of the certificate of deposit.

Certificate of deposit (fold) is a contract document used to prove that a bank must pay a certain amount to a customer unconditionally. It can be said that the certificate of deposit is a kind of marketable securities. The so-called securities refers to an instrument representing a certain kind of civil rights, which is closely combined with the rights they represent, and the exercise of rights is necessary to hold the corresponding instruments (see Wang Xiaoneng: A Course in Bill Law). There are many securities used in modern life, such as various bills, bills of lading, warehouse receipts, company stocks, bonds, transportation tickets and so on.

Different types of securities can be classified according to different standards. First, according to the degree of combination of rights and securities, securities can be classified into complete securities and incomplete securities. The existence, transfer and exercise of rights are necessary for the existence of securities, that is, the occurrence of rights is necessary to make securities, the transfer of rights is necessary to deliver securities, and the exercise of rights is necessary to produce securities. Such securities are complete Securities, bills in the Bills Law fall into this category, and certificates of deposit also fall into this category; where rights occur, it is not necessary to create securities, but only the transfer and exercise of rights must be delivered and presented, which is incomplete. Securities, such as company stocks and bonds.

Secondly, where property rights (including bonds and property rights) are the content of rights, property securities such as bills, certificates of deposit, bonds, bills of lading, etc .; If the company's shareholder rights are members 'rights, the company's stocks are members' rights securities.

Thirdly, according to the nature of the right, property securities can be further divided into monetary debt securities with claims for payment as the content of rights and article securities with both claims and property rights which have the contents of the request for delivery as the rights. Bills and various bonds, including certificates of deposit, such as bills of lading.

According to the above classification, the certificate of deposit is a complete marketable securities representing money claims, that is, the generation and exercise of the right of the certificate of deposit is necessary for the existence of the certificate of deposit, and the owner of the certificate of deposit can exercise the payment request right from the bank for the amount contained in the certificate of deposit and request payment It is a certain amount of money, not other items or services.

The certificate of deposit itself can also be classified. According to the way of recording to the right holder, the certificate of deposit can be divided into two types: registered and unregistered. Registered certificate of deposit refers to the recording of a specific person as the right holder, that is, the right can only be exercised based on the valid certificate of the registered person; anonymous certificate of deposit refers to the name of the holder of the right not being recorded on the certificate of deposit. Yes, whoever holds the certificate of deposit has the rights on the certificate of deposit. The distinction between registered and anonymous bills of deposit is of legal significance. The "Regulations on the Administration of Savings" stipulates that registered certificates of deposit can be reported, while unregistered certificates of deposit cannot be reported. In other words, if the holder of the registered certificate of deposit loses or loses possession of the certificate of deposit, he can report the loss to the savings institution. If the deposit has not been counterfeited, the bank is obliged to reissue the certificate of deposit to the depositor and invalidate the original certificate of deposit; If the right holder loses possession of the certificate of deposit, it also loses the right to request the bank to pay the deposit.

In general, a certificate of deposit is a reminder security. The holder of the certificate of deposit has the right to possess the certificate of deposit. It is necessary to possess the certificate of deposit. In order to prove the fact of possession, to exercise the right of the certificate of deposit, the certificate of deposit must be presented. If the depositor requests payment from the bank, the depositor must fill out a withdrawal receipt along with the certificate of deposit to the bank clerk. However, there are exceptions. When the deposit certificate is lost, the depositor can report the loss according to the laws and specific regulations of the bank or withdraw the deposit to protect the depositor from loss.

At the same time, the certificate of deposit is still the securities to be returned, and the depositor should return the original certificate of deposit to the bank after realizing his right to withdraw the deposit. If the depositor fails to pay the deposit certificate, the bank has the right to refuse to pay the deposit. If the bank does not recover the certificate of deposit after payment, the certificate of deposit holder may be maliciously transferred. Once the certificate of deposit falls into the hands of a malicious third party, the bank must pay the malicious holder again, causing losses to the bank.

Compared with the negotiable instrument, the scope of rights of the deposit certificate is narrow. Some comparative analysis in this regard will help to further understand the legal nature of certificates of deposit. Notes are negotiable securities and unsecured securities. Generally speaking, most of the property rights in civil and commercial law can be transferred. The negotiable nature of the negotiable instruments mainly means that their circulation methods are more flexible and convenient. As long as the negotiable instruments are endorsed or delivered, the debtor does not need to be notified. The bill can be circulated among many people. In the end, the holder and the invoicer may not know each other, and there is no relationship between them for any reason. The circulation of certificates of deposit is strictly restricted. China generally restricts the free circulation of certificates of deposit, with exceptions. For example, a large amount of negotiable certificates of deposit can be circulated to a certain extent. Moreover, the certificate of deposit can be pledged as a certificate of rights, which helps to develop the credit function of the certificate of deposit.

The negotiability of the bill is mainly established based on its non-causality. The so-called non-cause means that if the bill has the conditions on the bill, the rights of the bill will be established. As for the reasons for the behavior of the bill, we do not ask. In other words, the validity of the cause of the bill has nothing to do with the existence of the creditor's right to the bill (of course, among the parties directly, a defense can be made on the grounds that the cause is invalid). Whoever signs the instrument, for whatever reason, shall be responsible for the meaning of the document. The debtor of the instrument shall not use any defences against the holder on the basis of the defences existing between him and the invoicer or himself or the holder of the holder. However, in China's judicial practice, the causelessness of certificates of deposit has been completely ruled out. The Several Provisions on the Trial of Cases of Dispute Disputes formulated by the Supreme People's Court establishes the principle of double authenticity on the authenticity of certificates of deposit with the authenticity of the certificates of deposit and the authenticity of the deposit relationship as the content, not just the certificates Basis to avoid bias in the identification of evidence. However, this provision completely negates the non-causality of the certificate of deposit and does not recognize the legal nature of the negotiable nature of the certificate of deposit.