In previous articles
,
Xiaorong, who is a platform for discounting and quotation of bank acceptance bills, has answered a lot of questions about bills. Today, I will continue this topic and share with you what is the quality endorsement of bills. There are What effect does it have. Interested friends can read on patiently!
1. What is the endorsement of bills?
Pledge endorsement, also known as pledge endorsement and pledge right endorsement, refers to the endorsement by the endorser to set a pledge for the endorsee with the right of the bill. The endorser is essentially the pledgee, and the endorsee is the pledgee. Setting pledge endorsement is a combination of pledge system and endorsement system. The pledge can take effect only by making an endorsement and delivering it, without the need for a separate pledge contract, and the detailed records have strong probative power, so the pledge endorsement is a convenient pledge system. However, pledge endorsement is not used much in practice. The reason is that the endorser can borrow money in the form of a complete transfer, which greatly reduces the probability of the application of pledged endorsement.
The pledge endorsement must record the names of the endorser and the endorsee, otherwise the endorsement will be invalid. In addition, the meaning of pledge should also be recorded. It is generally believed that the meaning of pledge only needs to be expressed in appropriate sentences, but my country's "Negotiable Instruments Law" still requires the word "pledge" to be written.
2. What is the effect of pledge endorsement?
(1)
The pledged bill of exchange is endorsed by pledge, and the endorsee obtains the pledge and has the right to receive the amount of the bill. When the pledge period expires, regardless of whether the main debt is due, the pledgee can exercise the rights of the instrument, including requesting payment, requesting to make a refusal certificate, filing a lawsuit, etc. The endorsee has the right to receive the full amount of the bill, but the part exceeding the guaranteed amount shall be returned to the endorser. If the principal creditor's right expires and the note is not yet due, the money cannot be withdrawn. After receiving the amount of the bill, the endorsee should deposit it first, and then pay it off on the expiry date of the principal creditor's right. After the debt is paid, the bill of exchange should also be returned to the endorser, because the ownership of the bill itself remains with the endorser.
According to Article 101 of the Interpretation of the Guarantee Law, the pledged endorsement cannot be pledged again. Of course, since the pledgee does not own the rights, it cannot endorse the assignment either. However, when the main debt is due and the notes are not yet due, the pledgee can transfer the endorsement and exercise the pledge. This endorsement transfer will not bring greater risks to the pledgee, and will add a way for the pledgee to realize his rights. But the pledgee (the endorser of the reassignment) also bears the risk of being recourse.
(2) The effect of cutting off the defense The effect
of cutting off the defense means that the debtor of the instrument shall not oppose the indorsed person with its defense against the indorser. The reason is that the endorsee of the pledged endorsement is exercising the right of the instrument on behalf of the endorser for his own benefit. In this respect, it is the exact opposite of a mandated endorsement that simply exercises the rights of the endorser on behalf of the endorser, and it is the same as a transfer endorsement. The purpose of the pledge is to use the right of the bill as a guarantee for the creditor's right. If the debtor is allowed to defend against the endorsee against the endorser, the security and liquidity of the bill will be affected, the effect of the pledge will be weakened, and even the purpose of the pledge cannot be achieved. .
(3)
As long as the endorsement is continuous, it can be presumed that the bearer is the pledgee, and no other proof is required. A bona fide debtor is exempt from liability after payment.
(4)
The indorser of the pledged endorsement of the rights guarantee shall bear the responsibility of guaranteeing acceptance and payment to the endorsee. The endorsee exercises the right of the bill for his own benefit, and once the payment is refused, he cannot receive priority compensation from the amount of the bill. In this way, the endorsee should be allowed to exercise the right of recourse to the endorser, otherwise the creditor's right will not have the right of the instrument as a guarantee, and the pledged endorsement will not have any guarantee function.
1. What is the endorsement of bills?
Pledge endorsement, also known as pledge endorsement and pledge right endorsement, refers to the endorsement by the endorser to set a pledge for the endorsee with the right of the bill. The endorser is essentially the pledgee, and the endorsee is the pledgee. Setting pledge endorsement is a combination of pledge system and endorsement system. The pledge can take effect only by making an endorsement and delivering it, without the need for a separate pledge contract, and the detailed records have strong probative power, so the pledge endorsement is a convenient pledge system. However, pledge endorsement is not used much in practice. The reason is that the endorser can borrow money in the form of a complete transfer, which greatly reduces the probability of the application of pledged endorsement.
The pledge endorsement must record the names of the endorser and the endorsee, otherwise the endorsement will be invalid. In addition, the meaning of pledge should also be recorded. It is generally believed that the meaning of pledge only needs to be expressed in appropriate sentences, but my country's "Negotiable Instruments Law" still requires the word "pledge" to be written.
2. What is the effect of pledge endorsement?
(1)
The pledged bill of exchange is endorsed by pledge, and the endorsee obtains the pledge and has the right to receive the amount of the bill. When the pledge period expires, regardless of whether the main debt is due, the pledgee can exercise the rights of the instrument, including requesting payment, requesting to make a refusal certificate, filing a lawsuit, etc. The endorsee has the right to receive the full amount of the bill, but the part exceeding the guaranteed amount shall be returned to the endorser. If the principal creditor's right expires and the note is not yet due, the money cannot be withdrawn. After receiving the amount of the bill, the endorsee should deposit it first, and then pay it off on the expiry date of the principal creditor's right. After the debt is paid, the bill of exchange should also be returned to the endorser, because the ownership of the bill itself remains with the endorser.
According to Article 101 of the Interpretation of the Guarantee Law, the pledged endorsement cannot be pledged again. Of course, since the pledgee does not own the rights, it cannot endorse the assignment either. However, when the main debt is due and the notes are not yet due, the pledgee can transfer the endorsement and exercise the pledge. This endorsement transfer will not bring greater risks to the pledgee, and will add a way for the pledgee to realize his rights. But the pledgee (the endorser of the reassignment) also bears the risk of being recourse.
(2) The effect of cutting off the defense The effect
of cutting off the defense means that the debtor of the instrument shall not oppose the indorsed person with its defense against the indorser. The reason is that the endorsee of the pledged endorsement is exercising the right of the instrument on behalf of the endorser for his own benefit. In this respect, it is the exact opposite of a mandated endorsement that simply exercises the rights of the endorser on behalf of the endorser, and it is the same as a transfer endorsement. The purpose of the pledge is to use the right of the bill as a guarantee for the creditor's right. If the debtor is allowed to defend against the endorsee against the endorser, the security and liquidity of the bill will be affected, the effect of the pledge will be weakened, and even the purpose of the pledge cannot be achieved. .
(3)
As long as the endorsement is continuous, it can be presumed that the bearer is the pledgee, and no other proof is required. A bona fide debtor is exempt from liability after payment.
(4)
The indorser of the pledged endorsement of the rights guarantee shall bear the responsibility of guaranteeing acceptance and payment to the endorsee. The endorsee exercises the right of the bill for his own benefit, and once the payment is refused, he cannot receive priority compensation from the amount of the bill. In this way, the endorsee should be allowed to exercise the right of recourse to the endorser, otherwise the creditor's right will not have the right of the instrument as a guarantee, and the pledged endorsement will not have any guarantee function.