Bill - The act of bill

(1) the drawer

(2) Endorsement endorsement refers to the act that the payee signs or makes certain remarks on the back of the bill to express the transfer of the bill. The assignor is called the endorser and the assignee is called the endorsee. The transferee can add endorsement, and then transfer out, so, a bill can be transferred many times. The types of endorsements are:

1) Blank endorsement: endorser only signs, not notes.

2) Endorsement by order: the endorser signs and notes that the bill is transferred to the designated person.

3) Restricted endorsement: the endorser signs and notes the restrictive conditions of the ticket.

Presentation of negotiable instruments at the request of signing or accepting for payment or forward payment, the holder shall present the negotiable instruments to the payer.

(4) The drawee must first request the drawee to sign the bill. After the drawee sees the bill, the drawee must sign the bill with the signature, date and some remarks such as "payment 30 days from the date of sight", except for immediate payment.

(5) Acceptance For long-term negotiable instruments, before payment, the holder must require the payer to accept, that is, the payer marks "acceptance" in front of the negotiable instruments, and then adds his signature, date and some notes.

(6) Participate in acceptance When the bill presented to the payer is refused to accept, with the consent of the holder, the acceptor shall be deemed to participate in acceptance and mark "participate in acceptance" on the bill with his signature and date. Unlike the acceptor, the acceptor does not become the principal debtor of the bill. He only assumes the obligation to pay when the payer refuses to pay.

(7) Guarantee the guarantee of bill is the guarantee that the guarantor will pay the bill to the specific debtor of the bill.

Payment Payment at sight is payable on presentation, long-term payment is due.

(9) Non-acceptance and non-payment when the holder presents the bill, the acceptor refuses to accept; Or the payee refuses to pay when due, a certificate of refusal shall be made. Repudiation certificate is a legal document issued by the legal notary of the place of payment or other institutions with authority to issue certificates certifying the payer's refusal to accept or dishonor by the holder within the legal time limit. After obtaining the dishonor certificate, the holder may exercise the right of recourse against the prior endorser without making any further presentment for payment.

(10) Recourse According to the Geneva law on negotiable instruments, negotiable instruments lose the right of recourse because of the expiration of limitation. For example, the acceptor's right of bill of exchange is valid for 3 years from the expiry date, and the holder's right of recourse against the prior party is valid for 1 year from the date when the certificate of refusal is made or the expiry date; The endorser of a bill of exchange who has paid off the bill due to a demand for payment and has recourse to the forward bank shall be valid for 6 months from the date of payment.