The so-called extinction of bill rights refers to the extinction of the right to demand payment or the right of recourse on the bill due to the appearance of legal reasons. The negotiable instrument law focuses on the circulation of negotiable instruments and the protection of the obligee of negotiable instruments, and the obligations of the corresponding obligors of negotiable instruments are heavier than that of ordinary debtors in civil law. In order to balance the interests between the two and facilitate the quick conclusion of the transaction, the law stipulates the main reasons for the elimination of the right to the bill, including:
1. Payment
and payment, which refers to the payment of the money contained in the bill to the bearer to eliminate the legal relationship of the bill. the behavior of. The purpose of the bearer to obtain the bill from the drawer or the endorser is to obtain payment of the amount of the bill when the bill expires. Therefore, payment is the most common way to eliminate the right of the bill. It is the realization of the right of the bill and the function of the bill. completed sign. Theoretically, there are broad and narrow senses of payment. Payment in the broad sense refers to the payment made by all instrument debtors; payment in the narrow sense refers to the payment behavior made by the payer and its agent. It is worth noting that, in bills, only the acceptor's payment within the payment presentation period can completely eliminate all bill relationships. For the payment made by the drawer of the bill, the endorser and its guarantor, the relationship between the bill has not been completely eliminated, but they have only eliminated all or part of the recourse.
The payment in the strict sense is the payment in the narrow sense. The payment in this sense is the payment behavior made by the payer or the agent, which can absolutely eliminate the right of the bill. The bills laws of various countries stipulate payment. The payer pays the bill holder the amount of the bill, and the bearer records the word "received" on the bill and signs it. Finally, the payer holds the bill, and the right to the bill is extinguished. China's "Negotiable Instruments Law" has made a special section on payment. Article 60 of the "Negotiable Instruments Law" stipulates: "After the payer pays in full according to law, all the debtors of the bill of exchange are relieved of their responsibilities." The general process of payment is:
(1) Payment hint. Refers to the act of the bearer presenting the bill to the payer and requesting payment of the amount of the bill. Present payment should be made during the statutory payment presentation period. China's "Negotiable Instruments Law" stipulates that acceptance bills The presentation periods are: for drafts payable at sight, within 1 month from the date of issue; for fixed-day payment, regular payment after drafting, and regular payment after sighting, within 10 days from the due date. The period for presenting payment of a promissory note is within 2 months from the date of issuance. The period for presenting a check for payment is within 10 days from the date of issuance. If the bearer does not present for payment during the presentation period, he loses his right of recourse to his predecessor.
(2) Payment. When the bearer presents payment during the presentation period, the payer or its agent shall make payment on the spot without delay. When the payer makes payment, it is obliged to examine whether the bearer is the legal right holder. For example, check whether the contents recorded in the bill are complete, whether the matters comply with the legal regulations, whether the signature and seal meet the regulations, whether the upper and lower case of the bill is consistent, whether the endorsement is continuous, etc., and whether the bearer is the real right holder, whether it is based on the real and valid Substantive issues such as endorsement and transfer of bill rights do not need to be reviewed. If the payer fails to conduct a formal examination, or the formal examination does not find any formal problems and the payment is made in error, the payer shall be liable to pay the real right holder again. If there is no problem after the formal examination, but the holder is not the real right holder of the bill, if the payer is in good faith and has no gross negligence, the payment is valid and does not bear the responsibility for re-payment.
(3) Recover the bill. After the payer has paid in full on the day, the bearer should sign on the bill, and then the payer will take back the bill. It is the right of the payer and the obligation of the bearer after receiving the payment. After the payer makes payment, its payment obligation has been eliminated, and if the bill is not recovered, the payer may suffer another payment. Only when the bill is withdrawn will the right to the bill be extinguished.
2. Time limit
The limitation period of bills refers to the period of limitation for the extinction of bill rights. Theoretically, civil law has three types: acquisition limitation, elimination limitation, and litigation limitation, and negotiable instrument limitation is elimination limitation. Article 17 of my country's "Negotiable Instruments Law" stipulates: "The right to a negotiable instrument shall be extinguished if it is not exercised within the following periods: (1) The rights of the bearer to the drawer and acceptor of the instrument shall be two years from the maturity date of the instrument. See For drafts and promissory notes payable on demand, two years from the date of issuance; (2) The rights of the bearer to the drawer of the check are six months from the date of issuance; (3) The rights of the bearer to the previous hand The right of recourse shall be six months from the date of rejection of acceptance or payment; (4) the right of recourse of the bearer against the previous party shall be three months from the date of repayment or the date of instituting a lawsuit.”
1. Payment
and payment, which refers to the payment of the money contained in the bill to the bearer to eliminate the legal relationship of the bill. the behavior of. The purpose of the bearer to obtain the bill from the drawer or the endorser is to obtain payment of the amount of the bill when the bill expires. Therefore, payment is the most common way to eliminate the right of the bill. It is the realization of the right of the bill and the function of the bill. completed sign. Theoretically, there are broad and narrow senses of payment. Payment in the broad sense refers to the payment made by all instrument debtors; payment in the narrow sense refers to the payment behavior made by the payer and its agent. It is worth noting that, in bills, only the acceptor's payment within the payment presentation period can completely eliminate all bill relationships. For the payment made by the drawer of the bill, the endorser and its guarantor, the relationship between the bill has not been completely eliminated, but they have only eliminated all or part of the recourse.
The payment in the strict sense is the payment in the narrow sense. The payment in this sense is the payment behavior made by the payer or the agent, which can absolutely eliminate the right of the bill. The bills laws of various countries stipulate payment. The payer pays the bill holder the amount of the bill, and the bearer records the word "received" on the bill and signs it. Finally, the payer holds the bill, and the right to the bill is extinguished. China's "Negotiable Instruments Law" has made a special section on payment. Article 60 of the "Negotiable Instruments Law" stipulates: "After the payer pays in full according to law, all the debtors of the bill of exchange are relieved of their responsibilities." The general process of payment is:
(1) Payment hint. Refers to the act of the bearer presenting the bill to the payer and requesting payment of the amount of the bill. Present payment should be made during the statutory payment presentation period. China's "Negotiable Instruments Law" stipulates that acceptance bills The presentation periods are: for drafts payable at sight, within 1 month from the date of issue; for fixed-day payment, regular payment after drafting, and regular payment after sighting, within 10 days from the due date. The period for presenting payment of a promissory note is within 2 months from the date of issuance. The period for presenting a check for payment is within 10 days from the date of issuance. If the bearer does not present for payment during the presentation period, he loses his right of recourse to his predecessor.
(2) Payment. When the bearer presents payment during the presentation period, the payer or its agent shall make payment on the spot without delay. When the payer makes payment, it is obliged to examine whether the bearer is the legal right holder. For example, check whether the contents recorded in the bill are complete, whether the matters comply with the legal regulations, whether the signature and seal meet the regulations, whether the upper and lower case of the bill is consistent, whether the endorsement is continuous, etc., and whether the bearer is the real right holder, whether it is based on the real and valid Substantive issues such as endorsement and transfer of bill rights do not need to be reviewed. If the payer fails to conduct a formal examination, or the formal examination does not find any formal problems and the payment is made in error, the payer shall be liable to pay the real right holder again. If there is no problem after the formal examination, but the holder is not the real right holder of the bill, if the payer is in good faith and has no gross negligence, the payment is valid and does not bear the responsibility for re-payment.
(3) Recover the bill. After the payer has paid in full on the day, the bearer should sign on the bill, and then the payer will take back the bill. It is the right of the payer and the obligation of the bearer after receiving the payment. After the payer makes payment, its payment obligation has been eliminated, and if the bill is not recovered, the payer may suffer another payment. Only when the bill is withdrawn will the right to the bill be extinguished.
2. Time limit
The limitation period of bills refers to the period of limitation for the extinction of bill rights. Theoretically, civil law has three types: acquisition limitation, elimination limitation, and litigation limitation, and negotiable instrument limitation is elimination limitation. Article 17 of my country's "Negotiable Instruments Law" stipulates: "The right to a negotiable instrument shall be extinguished if it is not exercised within the following periods: (1) The rights of the bearer to the drawer and acceptor of the instrument shall be two years from the maturity date of the instrument. See For drafts and promissory notes payable on demand, two years from the date of issuance; (2) The rights of the bearer to the drawer of the check are six months from the date of issuance; (3) The rights of the bearer to the previous hand The right of recourse shall be six months from the date of rejection of acceptance or payment; (4) the right of recourse of the bearer against the previous party shall be three months from the date of repayment or the date of instituting a lawsuit.”