chapter 2.1 dra创新ft.ppt

;;;;Terminologies ;1. The three important negotiable instruments: Bill of exchange, Promissory Note and Check (or Cheque) 2. The function of a negotiable instrument 3. The characteristics of each instrument 4. The essentials of each instrument;Documents are playing more and more important roles in international settlement because payments are made against documents rather than the actual goods.;Understanding negotiable instruments from words meaning – ① Negotiable ? Transferable from one person to another by delivery or by delivery and endorsement – ② Instrument ? Written legal document Simple Definition – Written legal document which can be transferred from one person to another by delivery or by delivery and endorsement（背书）;An unconditional promise or order signed by the maker to transfer a specified sum of money on demand or at a fixed future time to the person named on the instrument or to the bearer. Examples of negotiable instruments are promissory notes, drafts and cheques. Negotiation can be effected only by delivery交付or endorsement背书 and delivery. it is not necessary to give notice of transfer to the liable party on the instrument as title passes on delivery to transferee. Negotiation gives the transferee(受让人) a right of action in his own name against the original promisor or acceptor 权利的让渡 The transferee in good faith and for value can acquire a better title than that held by all his prior parties. ;1) 出票人drawer 2) 付款人payer/drawee 3) 收款人payee 4) 承兑人acceptor 5) 背书人endorser 被背书人 endorsee 6) 持票人holder 7）付对价持票人holder for value 8）正当持票人/善意持票人 holder in due course, bona fide holder 9) 参加承兑人acceptor for honor 10) 保证人guarantor;① Acting as transferable tools（流通工具） –Direct cash payment in international transaction is inconvenient ② Acting as payment tools（支付工具） –Substitute for money, basic function –Widely accepted to take the place of money in circulation –Can be endorsed(背书) ③ Acting as credit tools（信用工具） –Core function because cr