What Is a Personal Money Order?

Money Order is one of the most common types of bills. Article 19 of China's "Bill Law" states: "Bills are issued by the issuer, and the entrusted payer will be confirmed at the sight of the bill or unconditionally on a specified date. Of the amount given to the payee or bearer. "A bill of exchange is one of the most widely used credit instruments in international settlement. It is an entrusted security with at least three people in its basic legal relationship: the drawer, the drawee, and the payee.

[huì piào]
Money Order is one of the most common types of bills. Article 19 of China's "Bill Law" states: "Bills are issued by the issuer, and the entrusted payer will be confirmed at the sight of the bill or unconditionally on a specified date. Of the amount given to the payee or bearer. "A bill of exchange is one of the most widely used credit instruments in international settlement. It is an entrusted security with at least three people in its basic legal relationship: the drawer, the drawee, and the payee.
On December 1, 2017, the "English Translation and Writing Specifications for the Public Service Sector" was formally implemented, and the standard English for drafts was Money Order. [1]
Chinese name
draft
Foreign name
Money Order
Use range
Off-site settlement
Expiration date
Bank draft for 1 month, commercial draft for 6 months
Payment method
Receipt

Money order background

A bill of exchange is a commission for unconditional payment, with three parties: the drawer, the drawee, and the payee.
1. Drawer: A legal person, other organization, or individual that issues notes and delivers them to others. The drawer bears the guarantee responsibility to the bearer and the legitimate bearer that the bill must be paid or accepted when prompting payment or acceptance. The beneficiary and the legitimate holder are usually the exporter, because the exporter pays this import order to the importer at the same time or later to export the goods or services, and orders the latter to pay.
2. Drawee / Payer: Also called "payer", it refers to the person entrusted by the drawer to pay the amount of the bill, and the person who accepts the payment order. In the import and export business, it is usually the importer or bank. Under the collection payment method, it is usually the buyer or the debtor; under the letter of credit payment method, it is usually the issuing bank or its designated bank.
3. Payee: A person who requests payment from a payer on the basis of a bill of exchange. A creditor of a bill of exchange, usually a seller, is a person who collects money.
International trade settlement is basically non-cash settlement, and a bill of exchange is a commonly used payment tool in international commerce. In domestic trade, the seller usually delivers the goods without clearing the account, and the commercial invoice indicating the payment amount and payment method follows, and the buyer can usually obtain the goods without signing any formal documents that acknowledge his obligations. In contrast, in international trade, due to a lack of trust, the buyer must pay the purchase price or make a commitment to pay before obtaining the goods. The use of bills of credit for the purpose of payment of money and negotiable transfers is the main settlement instrument. In accordance with international practice, people use bills of exchange to settle transactions. It is an order issued by an exporter that requires an importer or its agent to pay a specific amount at a specific time.
English definition:
A bill of exchange or draft is an unconditional order in writing prepared by one party (drawer) and addressed to another (drawee) directing the drawee to pay a specified sum of money to the order of a third person (the payee), or to the bearer, on demand or at a fixed and determinable future time.
Money order functions:
Payment function; exchange function; credit function; settlement function; financing function.
Bills of exchange were created with the development of international trade. Buyers and sellers in international trade are far apart, and the currencies they use are different, so they cannot be settled as easily as domestic trade. There is a long process between shipping the goods from the exporter to receiving the goods from the importer. During this time, one must provide credit to the other, either the importer provides payment or the exporter sells the goods on credit. Without a strong intermediary guarantee, the importer is afraid that the payment will not be received and the exporter is afraid that the payment will not be received, and this international trade will be difficult to proceed smoothly. Later, the bank participated in international trade. As an intermediary between the import and export sides, the importer issued a letter of credit to the exporter through the issuing bank to guarantee the exporter: After the goods are shipped, as long as the exporter submits a full set of letters of credit to the negotiating bank on time The document can receive the payment; the negotiating bank issues the bill of exchange payer to the issuing bank, and the issuing bank guarantees to pay after seeing the negotiating bank draft and a full set of letters of credit, and at the same time guarantees to the importer , Can receive the goods documents they imported in time to pick up at the port.

Bill of exchange legislation

Countries have legislated bills. China passed the Bill Law of the People's Republic of China on May 10, 1995, and came into effect on January 1, 1996. Bills can be divided into bills of exchange, promissory notes, and checks. In international trade settlement, the use of bills of exchange is predominant.

Money Order Type

Bill of Exchange

Money orders can be divided into the following types:
Money order process (4 photos)
1. According to the payer-bank draft, commercial draft.
A banker's draft is a bank draft whose issuer is the bank and whose payer is another bank.
A commercial draft is a bill of exchange issued by a firm or individual and the payer is another firm, individual, or bank.
2. According to whether there are auxiliary documents-light draft, documentary draft.
Clean bills are not accompanied by shipping documents, and bank drafts are mostly clear bills.
Documentary bills (also known as credit bills, bills of exchange) are bills of exchange that require bills of lading, warehouse receipts, insurance policies, packing slips, commercial invoices and other documents to be paid. Commercial drafts are mostly documentary drafts.
3. According to the payment time-spot draft and forward draft.
Sight draft (sight bill, demand bill, sight draft) refers to the draft that the holder pays immediately after the holder presents it to the payer.
A time bill (us bill) is a bill that is paid after a certain period of time or on a specific date. In forward bills, a certain date is recorded as the due date. Payments made on the due date are regular bills of exchange. Payments recorded in a certain period of time after the date of issue are bills of draft. , Is a draft of draft; if the face value is divided into several, and the maturity date is designated separately, it is a draft of draft.
Forward bills are divided into acceptors-commercial acceptance bills, bank acceptance bills.
A commercial acceptance bill is a forward bill made by any firm or individual other than a bank as the acceptor.
Banker's acceptance bill is the bank's forward bill.
4, according to the circulation area-domestic bills, international bills of exchange.

Bank draft

There are many types of bank drafts. There are two common types of bank drafts. Bank drafts and banker's acceptance bills are more commonly used by enterprises. The former requires a company to have a full payment in the bank before applying for a corresponding amount That is, if you want to open a bank draft of 1 million yuan at the bank, you must have a deposit of more than 1 million yuan in the bank account. The latter depends on the credit line of the bank to the enterprise. The bank pays a part of the deposit, and the balance can be secured by collateral (such as issuing a bank acceptance bill of 1 million, the company pays 30% of the bank's deposit of 300,000, and the other 700,000 enterprises can use land, factory buildings, warehouse receipts, etc., if the corporate reputation is good , Or you can pay the full amount as long as you pay part of the margin)
If you are the payee, if you receive a bank draft from someone else, you can prompt the bank to pay immediately, and the bank will transfer the corresponding amount to your account.
If you receive a banker's acceptance bill, you can prompt the bank to pay at the above deadline, you can also apply to the bank for a discount before the deadline (the bank will deduct the corresponding interest), or you can pay the ticket to your next house. [2]

Bill of exchange

Various acts in the use of bills are regulated by the bill law. There are mainly ticketing, prompting, acceptance and payment. If transfer is required, endorsement is usually required. If a bill of exchange is refused, a certificate of rejection and recourse must be made. The sketch of the bill's bill behavior is shown in the figure:

Bill of exchange

(Draw / Issue). The issuer issues the bill of exchange and delivers it to the payee. After the ticket is issued, the drawer is responsible for ensuring that the bill is accepted and paid. If the bill of exchange is refused to be paid, the drawer shall accept the recourse of the holder to settle the amount of draft, interest and related expenses.
There are three ways to stipulate the payee when issuing a ticket:
1. Restrictive payee. This kind of money order is usually marked "pay ABC Co. Ltd. only" or "pay ABC Co. Ltd., not negotiable". Such bills are not transferable.
2. The indicative order (To order) is usually marked with "pay ABC Co. Ltd. or Order" or "pay to the order of ABC Co. Ltd.". This bill can be transferred to a third party by endorsement.
3. The bearer or to bearer is often marked with "pay to bearer" or "pay to ABC Co. Ltd. or bearer". Such bills can be transferred without endorsement by the holder.

Bill of Exchange Tips

Presentation is the act of the holder to submit the bill of exchange to the payer for acceptance or payment, and it is the necessary procedure for the holder to obtain the right to the bill. Prompts are divided into payment prompts and acceptance prompts.

Draft acceptance

Acceptance refers to the act of the payer signing the bill of exchange when the holder presents it to the forward draft, promising to pay when the bill of exchange is due. The specific method is that the payer writes "Accepted" on the front of the bill of exchange, indicates the date of acceptance, and returns it to the holder after signing. As soon as the payer accepts the bill, it becomes the acceptor to assume the legal liability of paying the bill when it is due.

Bill of exchange

Payment. On the due date of the bill, the payer pays the full amount to the legal holder who presented the bill. The holder will write off the draft to the payer as proof of receipt. The debt-debt relationship represented by the bill was terminated.

Endorsement

Endorsement. Bills include drafts that are negotiable securities. According to China's "Bill Law", unless the drawer states "not transferable" on the bill, the payee of the bill can transfer the right of the bill by endorsement. That is, sign your name on the back of the bill of exchange, record the name of the endorsed person, and then hand the bill to the endeemed person, the assignee, who becomes the holder and the creditor of the bill. The assignee has the right to reassign the bill by endorsement. When the bill of exchange has been transferred more than once, the endorsement must be continuous, that is, the endorsed and endorsed names are consistent. For the assignee, all previous endorsers and drawers are his priorparties. For the endorser, all his assignees after his transfer are his "backhands". Hand-to-hand takes responsibility for the acceptance and payment of the bill of exchange. In the financial market, the most common endorsement transfer is the discount of a bill of exchange, that is, the forward bill has not yet expired after acceptance, and the bank or discount company acts as the assignee after the bearer endorses. After deducting the discounted interest settled from the face value, the balance is paid to the holder. The formula for calculating the balance after discounting is: balance after discounting = par value-(par value X discount rate X days / 360)-related expenses

Bill of exchange discount

Discounting refers to the behavior of a holder of a bill of exchange after the acceptance of the forward bill in the discount market before the bill has expired, and the transferee pays the bill to the person after deducting the discount interest. Or the bank's purchase of unexpired bills.
Generally speaking, bill discounting can be divided into three types: discounting, re-discounting and rediscounting.
Discounting: Refers to the bill holder's acceptance of the bank's acceptance bill in order to obtain funds before the due date of the bill, and the transfer of the bill's rights to the bank's bills is a way for the holder to transfer funds to the bank.
Rediscount: refers to a commercial bank that, when the funds are temporarily inadequate, gives the bills that have been discounted but have not yet expired to other commercial banks or discount institutions for discounting in order to obtain financing.
Rediscount: Refers to the act of the central bank to provide commercial banks with financing support by buying discounted but not yet expired commercial bills held by commercial banks.

Draft Chargeback and Recourse

(Dishonour & Recourse). The bearer reminds the payer that the payer refuses to pay or refuses to accept it, which is said to refuse to pay. In addition, the payer flees, dies, or declares bankruptcy, so that the holder cannot realize the reminder, which is also called chargeback. In the event of a chargeback, the holder has recourse. That is, the right to demand payment of the amount of drafts, interest and other expenses from its former (endorser, drawer). Before recourse, a refusal certificate and a notice of refusal must be made in accordance with the regulations. Reject certificate. It is used to prove that the ticket holder has been presented but no result was obtained. The notary institution at the place of payment may also issue the reason for the refund, or the relevant judicial documents. Chargeback notice. It is used to inform the predecessor of the fact of the refusal to make it ready for repayment and recourse.

Draft Features

1. From the perspective of the parties, when a bill is issued, there are three basic parties: the drawer, the payer, and the payee. The issuer is the person who issues the bill, the payer is the person entrusted by the drawer to pay the bill amount, and the payee is the person who requested the payer to pay the bill amount by virtue of the bill.
Second, a bill of exchange is a commissioned security, which is a payment order. Therefore, the issuer and the payer of the bill of exchange must have a true entrusted payment relationship and a reliable source of funds to pay the amount of the bill of exchange.
3. Forward bills are subject to acceptance. Acceptance is a legal act unique to bills of exchange. It refers to a bill behavior in which the payer promises to pay the amount of the bill of exchange on the due date of the bill of exchange. Once the bill is accepted, the payer replaces the drawer and becomes the main debtor of the bill.
Fourth, payment days are diversified. In addition to bills payable upon sight, there are also situations such as scheduled payments, regular payments after the issuance of bills, and regular payments after the sight of the bill. [3]

Draft difference

Links to cashier's checks and checks
Of the same nature
(1) All securities with rights. That is to say, the holder of the bill proves the rights of the bill to obtain property by virtue of the rights recorded in the bill.
(2) All are format securities. The format of the bill (its form and recorded matters) are strictly regulated by the law (the bill law), and non-compliance with the format has a certain effect on the effectiveness of the bill.
(3) All are written securities. The content of the rights of the bill and all matters related to the bill are subject to the words written on the bill, and are not affected by matters other than the words on the bill.
(4) All securities are tradable. If the creditor's rights of a general debt contract are to be transferred, the debtor's consent must be obtained. And as a negotiable instrument. It can be freely transferred and circulated through endorsement or simple procedures for delivery of notes without endorsement.
(5) All are unsecured securities. That is, the existence of rights in the bill is determined only by the text on the bill itself. The holder of the right to the bill is only necessary to hold the bill. As for the reasons for the right holder to obtain the bill, the reason for the occurrence of the bill right can be ignored. The existence of these reasons, whether they are valid or not, have no effect on the rights of the instrument in principle. As of 2013, because China's bills are not yet in the sense of full bill law. It's just a way of bank settlement, and this non-causality is not absolute.
Has the same ticket function
(1) Exchange function. With this function of bills, the space barriers to cash payments between the two places are resolved.
(2) Credit function. The use of notes can solve the time barrier of cash payment. The bill itself is not a commodity, it is a written proof of payment based on credit.
(3) Payment function. The use of bills can solve the trouble of cash payment procedures. Bills can be used as multiple transfers through endorsement, becoming a circulation and payment tool in the market, reducing the use of cash. Moreover, due to the development of the bill exchange system, bills can be centrally cleared through the bill exchange center, simplifying settlement procedures, accelerating capital turnover, and improving the efficiency of social capital use.
Different from cashier's checks and checks
(1) Promissory note is the agreed (appointed payment) securities; drafts are entrusted (entrusted payment) securities; cheques are entrusted payment securities, but the trustee is limited to banks or other legal financial institutions.
(2) China's bills differ in the area of use. This check is only used for the settlement of commodity transactions and labor services and other payments in the same city; cheques have been used nationwide since 2007; bills of exchange can be used in the same city and in different places.
(3) Different payment terms. This bill is payable for one month, and overdue payment banks will not accept it. Our country's commercial bills (divided into bank acceptance bills and commercial acceptance bills) must be accepted. Therefore, the acceptance can only be honored if the acceptance is due. When the commercial acceptance bill's due date is insufficient to pay the account, the bank that opened the account shall return the commercial acceptance bill to the payee or endorser, and it shall handle it by itself. Bank acceptance bills are due for payment on the due date, but the acceptance due date has passed. The holder has not requested how to handle the payment. There is no stipulation in the "Bank Settlement Measures". Each professional bank has made some supplementary provisions. If the Industrial and Commercial Bank of China stipulates that the holder does not request payment within one month after the acceptance date, the acceptance will become invalid. The check payment period is 5 days (10 days for the transfer check endorsement in the transfer endorsement area. From the day after the issuance, the due date will be extended on regular holidays). [4]
(4) There are three basic parties to a bill of exchange and cheque, namely, the drawer, the payer, and the payee; and this check has only two basic parties: the drawer (the payer and the drawer are the same person) and the payee.
(5) There must be a financial relationship between the issuer and the payer of a check before a check can be issued; there must not be a financial relationship between the issuer and the payer of a bill; the issuer and the payer of this check are the same person There is no so-called funding relationship.
(6) The main debtor of the check and promissory note is the drawer, and the main debtor of the bill of exchange is the drawer before acceptance and the acceptance after acceptance.
(7) Forward bills need to be accepted. Cheques are generally accepted at sight and cashier's orders are not required to be accepted.
(8) The drawer of the bill of exchange guarantees the acceptance of the payment. If there is another acceptor, the acceptance of the payment is guaranteed by the acceptor; the check of the checker guarantees the payment of the check;
(9) Holders of checks and promissory notes have recourse only against the drawer, while holders of drafts have recourse against the drawer, endorser, and acceptor during the validity of the bill.
(10) There is a copy of the bill of exchange, but there is no cashier's check or check.

Draft content

1. The word "Draft" should be stated.
2. Unconditional payment order.
3. A certain amount.
4. Payment period.
5. Place of payment.
6. Drawee , also known as Payer. The person who accepted the payment order. In the import and export business, it is usually the importer or its designated bank.
7. Payee. The person receiving the amount specified in the bill of exchange. In the import and export business, it is usually the exporter or its designated bank.
8. Ticketing date.
9. Ticket issuing place.
10. Signature of drawer.

Bill of Exchange Identification

In recent years, in daily economic activities, criminals have used fraudulent drafts or fake bank acceptance bills to defraud banks, enterprises or personal funds from time to time, with increasing amounts and increasing tricks, making it extremely difficult to guard against. In order to avoid unnecessary economic losses, as financial and accounting personnel of banks, enterprises, and even individual industrial and commercial households, it is necessary to master the main characteristics of current banks, money orders and bank acceptance bills, and learn some methods to identify genuine and fake bills. As long as these methods have the following five points:

Bill of exchange at a glance

The third bank draft and bank acceptance draft are type paper. The second bank draft uses watermark paper printed with the issuing bank's logo. The second bank acceptance bill uniformly uses the watermark paper of the People's Bank of China.

Money order two look at color

The colored fluorescent emblems and marks of bank drafts and bank drafts are bright red and pure under natural light, and show bright under ultraviolet radiation.

Draft three look secret

Bank notes and bank acceptance drafts are colorless and fluorescent, and are invisible to the eyes. The pattern is clear under ultraviolet light.

Money order four look at specifications

The paper size standard for bank drafts and bankers' acceptances is 100 × 175mm.

Five drafts to fill in

The lower case amount of bank drafts and bank acceptance bills must be a number pressed with a pressure machine; a stamp must be signed and issued, and the line number of the stamp must match the line number of the issuing bank; the date of issue must be capitalized; Sign the issuance list of personnel; bank drafts have secret figures above the "excess amount" column; bank acceptance bills must also have the financial unit's special seal and legal person's name seal of the paying unit.
If the draft is found to be suspicious, it should be promptly sent to the local bank for identification. When the identification is indeed a fake draft, it should be promptly reported to the local People's Bank and the public security department to ensure the safety of national and personal property. | [2]

Money order


Cashier's order
1. Similarities:
1) The payee of the promissory note is the same as the payee of the bill of exchange;
2) The bill maker is similar to the bill acceptor;
3) The first endorser of the promissory note is similar to the payer of the accepted bill, and he is the same person as the drawer.
2. Differences:
1) The basic parties are different. There are two basic parties in this draft, namely the bill-maker and the payee; the draft has three basic parties, namely, the drawer, the payer, and the payee.
2) The payment method is different, and the drafter of the promissory note issues the bill by himself and pays it; the drafter asks the payer to pay the recipient unconditionally for the payer who has accepted the bill.
3) The meanings of the names are different. The English translation of this draft is "commitment voucher", which contains the settlement of a transaction; the English translation of draft is "currency bill", which contains the settlement of two transactions.
4) Items such as acceptance are different. This bill does not need to prompt for acceptance, acceptance, participation in acceptance, and issue of a set; a bill of exchange must have the above four items.
5) If the international cashier's order is refunded, no rejection certificate is required; if the international draft is refunded, a rejection certificate must be prepared.
6) The main debtor is different; the main debtor of the promissory note is the bill maker; the main debtor of the draft is the drawer before acceptance, and the acceptor after acceptance.
7) This draft does not allow the bill-maker and payee to be the same party; the bill of exchange allows the bill-maker and payee to be the same party.

Draft legal requirements

The relevant provisions of the People's Republic of China Bill Law are as follows:
Chapter II Money Order

Bill of exchange

Article 19 A bill of exchange is issued by the drawer, and the entrusted payer pays unconditionally at the sight of the bill or on a specified date
Pay a fixed amount to the beneficiary or bearer.
Drafts are divided into bank drafts and commercial drafts.
Article 20 Ticket issuance refers to the act of issuing a note by a drawer and delivering it to a payee.
Article 21 The issuer of a bill of exchange must have a real entrusted payment relationship with the payer, and
A reliable source of funds for paying the amount of a bill of exchange.
Drafts without consideration shall not be issued to defraud the bank or other parties to the bill.
Article 22 A bill of exchange must record the following:
(1) the words "bill of exchange";
(2) Entrustment of unconditional payment;
(3) the determined amount;
(4) the name of the payer;
(5) the name of the payee;
(6) the date of ticket issuance;
(7) Signature of the drawer.
If one of the items specified in the preceding paragraph is not recorded on the draft, the draft is invalid.
Article 23 Where the date of payment, place of payment, place of issue, etc. are recorded on the bill of exchange, it shall be clear and unambiguous.
If the date of payment is not recorded on the bill of exchange, it is payable on sight.
If the place of payment is not recorded on the bill, the place of business, residence or habitual residence of the payer shall be the place of payment.
If the place where the bill is issued is not recorded on the bill, the place of business, residence or habitual residence of the issuer shall be the place where the bill is issued.
Article 24 A bill of exchange other than those specified in this Law may be recorded on the bill of exchange,
Items have no effect on bills of exchange.
Article 25 The payment date may be recorded in one of the following forms:
(1) Pay upon sight;
(2) scheduled payment;
(3) regular payment after the ticket is issued;
(4) Regular payment after seeing the ticket.
The payment date specified in the preceding paragraph is the due date of the bill of exchange.
Article 26 The issuer shall bear the responsibility of guaranteeing acceptance and payment of the bill after it has been issued. Drawer
When the draft cannot be accepted or paid, the holder shall be repaid to the holder in accordance with Articles 70 and 71 of this Law.
Amount and cost.

Endorsement

Article 27 The holder can transfer the right of the bill of exchange to others or grant certain rights of the bill of exchange to others
exercise.
Where the drawer states "not transferable" on a bill of exchange, the bill of exchange is not transferable.
When the holder exercises the rights stipulated in the first paragraph, he shall endorse and deliver the bill of exchange.
Endorsement refers to the act of recording and signing relevant matters on the back of a note or on a sticky note.
Article 28 The bill voucher cannot meet the needs of the endorser.
On the bill voucher.
The first recorder on the sticky note shall sign and seal it at the joint of the bill of exchange and the sticky note.
Article 29 The endorsement shall be signed by the endorser and the date of endorsement shall be recorded.
If the endorsement does not record the date, it shall be deemed to have been endorsed before the due date of the draft.
Article 30 When a bill of exchange is transferred by endorsement or a certain bill of rights is granted to another person for exercise, it must be
Record the name of the endorsed person.
Article 31 The endorsement of a bill of exchange transferred by endorsement shall be continuous. The holder endorsed the continuation to prove his
Right of bill of exchange; if the bill of exchange is obtained by other legal means without endorsement, evidence shall be provided according to law to prove its right of bill of exchange
Profit.
The continuous endorsement referred to in the preceding paragraph refers to the endorser of the transfer bill and the endorsement of the transferee bill in the transfer of notes.
People's signatures on the bill of exchange are connected in sequence.
Article 32. A draft that is transferred by endorsement shall be responsible for the authenticity of the direct endorsement.
Backhand refers to other debtors of the bill signed after the signer of the bill.
Article 33 An endorsement must not be accompanied by conditions. When endorsement is accompanied by conditions, the conditions attached are not on the draft
Effect.
An endorsement to transfer a part of the amount of the bill of exchange or an endorsement to transfer the amount of the bill of exchange to two or more persons is invalid
.
Article 34 If the endorser records the word "not transferable" on the draft, and then endorses the transfer in hand, the original
The endorser does not bear the responsibility of guarantee to the endorsed person.
Article 35 If the endorsement records the words "Entrusted Receipt", the endorsed person shall have the right to exercise the entrustment on behalf of the endorser
Draft Right. However, the endorsed person may no longer transfer the right of draft by endorsement.
Drafts can be pledged; when pledged, the words "pledge" should be recorded in an endorsement. The endorsed person realizes it according to law
In the case of pledge, the right to draft can be exercised.
Article 36 No draft can be endorsed if it is refused acceptance, payment is refused, or the payment reminder period is exceeded.
Transfer; if the endorsement is transferred, the endorser shall bear the responsibility for the draft.
Article 37 After an endorser transfers a bill of exchange by endorsement, he undertakes to guarantee the acceptance and payment of the bills held by subsequent parties.
Responsibility. When the endorser fails to accept or pay the bill, he shall pay the holder 70th,
The amount and fees specified in Article 71.

Draft acceptance

Article 38 Acceptance refers to the act of the bill payer committing to pay the amount of the bill on the due date of the bill.
Article 39 The holder of a bill of exchange that pays on a scheduled date or on a regular basis after it is issued shall hold the bill before the due date of the bill
Prompt acceptance to payer.
Prompt acceptance refers to the act of the holder presenting the bill of exchange to the payer and asking the payer to promise to pay.
Article 40 The holder of a bill of exchange who pays money regularly after seeing it shall present it to the payer within one month from the date of issue.
Show acceptance.
If the bill of exchange is not presented for acceptance within the prescribed time limit, the holder shall lose the right of recourse against his predecessor.
Drafts payable at sight do not require acceptance.
Article 41 A payer shall, from the date of receipt of a bill of exchange for which acceptance is presented,
Accept or refuse acceptance within 3 days.
When the payer receives a bill of exchange that the bearer prompts acceptance, he shall issue a receipt for the receipt of the bill to the holder. receipt
The bill of exchange should indicate the date of acceptance and be signed.
Article 42 Where a payer accepts a bill of exchange, it shall record the words "Acceptance" and the date of acceptance on the front of the bill of exchange
And sign the bill; the bill of exchange paid regularly after seeing the bill shall record the date of payment at the time of acceptance.
If the acceptance date is not recorded on the draft, the acceptance date shall be the last day of the period specified in the first paragraph of the previous article.
Article 43 A payer may not accept a draft with conditions attached; if the acceptance is conditional, it shall be deemed to be rejected.
Article 44 After accepting a bill of exchange, the payer shall bear the responsibility for payment due.

Draft Guarantee

Article 45 The debt of a bill of exchange may be borne by the guarantor.
The guarantor is assumed by someone other than the debtor of the bill of exchange.
Article 46 The guarantor must record the following items on the bill of exchange or sticky note:
(1) the words "guarantee";
(2) Name and domicile of the guarantor;
(3) the name of the guaranteed person;
(4) Guarantee date;
(5) Signature of the guarantor.
Article 47 If the guarantor does not record item (3) of the preceding article on the draft or sticky note, the accepted draft
, The acceptor is the assured; the unaccepted draft is the assured.
If the guarantor does not record item (4) of the preceding article on the bill of exchange or sticky note, the date of issue is the date of guarantee.
Article 48 A guarantee may not be accompanied by conditions; if conditions are attached, it shall not affect the guarantee responsibility for the bill of exchange.
Article 49 The guarantor bears the guaranty responsibility for the rights of the bill holder who legally obtained the bill
. However, the debt of the guaranteed person is invalid due to the lack of recorded items in the draft.
Article 50 For a guaranteed draft, the guarantor shall bear joint and several liabilities with the holder for the holder. draft
If payment cannot be obtained after the due date, the holder has the right to request payment from the guarantor, and the guarantor shall pay in full.
Article 51 Where there are two or more guarantors, the guarantors shall bear joint and several liabilities.
Article 52 After the guarantor has settled the debt of the draft, the holder can use the holder's recovery of the guarantor and its predecessors.
Claim.

Bill of exchange

Article 53 The holder shall prompt the payment within the following time limit:
(1) A bill of exchange payable upon sight of the bill, which shall be presented to the payer within one month from the date of issue;
(2) Drafts that are paid on a scheduled date, on a regular basis after a ticket is issued, or on a regular basis after a ticket is seen, 10 days from the due date
Prompt the payment to the acceptor.
If the bearer fails to prompt payment within the time limit specified in the preceding paragraph, the acceptor or payer shall
When continuing to bear the payment responsibility to the bearer.
If the payment is presented to the payer through the entrusted beneficiary bank or through the clearing system, it is deemed to be the prompt of the holder
payment.
Article 54 Where the holder presents payment in accordance with the provisions of the preceding article, the payer must pay in full on the day.
Article 55 When a bearer obtains payment, he shall sign the bill of exchange and hand the bill to the payer. hold
If the drawer entrusts the bank to collect money, the entrusted bank will transfer the amount of the draft collected on behalf of the holder to the holder's account, which shall be regarded as the signature
Close.
Article 56 The responsibility of the beneficiary bank entrusted by the holder is limited to the payment of the bill of exchange in accordance with the items recorded on the bill of exchange.
The amount is transferred to the bearer account.
The liability of the paying bank entrusted by the payer is limited to paying the bill from the payer's account in accordance with the items recorded on the bill
Amount.
Article 57 When making a payment, the payer and his agent payer shall review the continuity of the draft endorsement and review
Prompt the payer's legal identity or valid credentials.
The payer and his agent's payer shall bear their own responsibility if they have paid maliciously or with gross negligence.
Article 58 The payer of a bill of exchange payable on a fixed date, on a regular basis after issuing a ticket, or on a regular basis after payment
If the payment is made before the due date, the payer shall bear the responsibility incurred.
Article 59 If the amount of the draft is foreign currency, it shall be paid in Renminbi at the market exchange rate on the date of payment.
If the parties to a bill of exchange have otherwise agreed on the type of currency to be paid by the bill, such agreement shall prevail.
Article 60 After the payer has paid in full in accordance with the law, the liabilities of all debtors of the bill of exchange are discharged.

Bill of recourse

Article 61 If a bill of exchange is refused to be paid at the expiry date, the holder may
Other debtors exercise recourse.
Before the expiration date of the draft, the holder can also exercise the right of recourse in any of the following circumstances:
(1) The bill of exchange has been rejected;
(2) The acceptor or payer dies or escapes;
(3) The acceptor or the payer is declared bankrupt according to law or ordered to terminate business activities due to violation of law.
Article 62 When exercising the right of recourse, the holder shall provide relevant information on the refusal of acceptance or payment.
prove.
If the bearer prompts acceptance or the payment is rejected, the acceptor or payer must issue a certificate of rejection,
Or issue a reason for refund. Failure to issue a certificate of refusal or refund, shall bear the resulting civil
responsibility.
Article 63 The holder cannot obtain a refusal due to the death, escape or other reasons of the acceptor or payer.
If the certificate is absolutely necessary, other relevant certificates may be obtained according to law.
Article 64 If the acceptor or payer is declared bankrupt according to law by the people's court, the relevant department of the people's court shall
Legal instruments have the effect of refusing certification.
If the acceptor or payer is ordered to terminate business activities due to violation of the law, the relevant administrative department shall decide the punishment
It has the effect of rejecting the certificate.
Article 65 The holder cannot produce proof of refusal, reason for refund or fail to provide his
He legally proves that he has lost his right of recourse. However, the acceptor or payer should still accept
Take responsibility.
Article 66 The bearer shall, from the date of receipt of relevant proof of refusal of acceptance or payment3
Within days, the predecessor will be notified in writing of the reason for the refusal; his predecessor shall notify the predecessor in writing within 3 days of receiving the notice
It's time to start again. The holder may also give written notice to each debtor of the bill of exchange at the same time.
If the deadline is not notified, the holder can still exercise the right of recourse. Due to extension notice to his predecessor or
If the issuer causes a loss, the party who failed to notify the bill within the prescribed period shall bear the compensation for the loss
Liability, but the amount of compensation is limited to the amount of the draft.
If the notice is mailed to the legal address or the agreed address within the prescribed time limit, the notice shall be deemed to have been given.
Article 67 A written notice made in accordance with the first paragraph of the preceding article shall clearly state the main recorded matters of the bill of exchange,
Indicate that the bill has been refunded.
Article 68 The issuer, endorser, acceptor and guarantor of a bill of exchange shall bear joint and several liabilities to the holder.
The holder may exercise any one, several, or all of the debtors in a non-sequential order.
Right of recourse.
If the holder has recoursed against one or more of the debtors of the bill of exchange, the debtor of the other bills of exchange may still
To exercise recourse. After being repaid, the person subject to recourse enjoys the same rights as the holder.
Article 69 Where the bearer is the drawer, he has no recourse against his former hands. If the holder is the endorser,
There is no right of recourse.
Article 70 In exercising the right of recourse, the holder may request the person being recourse to pay the following amounts and fees:
(1) the amount of the bill of exchange refused to be paid;
(2) The amount of the draft is from the expiry date or the prompt payment date to the settlement date, in accordance with the provisions of the People's Bank of China.
Interest rate calculation
(3) The cost of obtaining relevant refusal certificates and issuing notices.
When the person subject to recourse pays off his debts, the holder shall submit the bill of exchange and relevant proof of rejection, and issue the interest received
And receipts for expenses.
Article 71 After the person being recourse is settled in accordance with the provisions of the preceding article, he may exercise recourse against other debtors.
Right to request other debtors of the bill of exchange to pay the following amounts and fees:
(1) the total amount that has been settled;
(2) The amount in the preceding paragraph shall be calculated from the date of repayment to the date of recourse for repayment, according to the interest rate stipulated by the People's Bank of China.
Calculated interest
(3) Fees for issuing notices.
When the person subject to recourse who has exercised the right of recourse has been paid off, he shall submit the bill of exchange and relevant proof of rejection, and issue the
Receive a receipt for interest and expenses.
Article 72 After the person under recourse pays off his debts in accordance with the provisions of the preceding two articles, his liability is discharged. [5]

IN OTHER LANGUAGES

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