专题17《票据原理》
以下为《2026商经法鄢梦萱系统精讲》中专题17《票据原理》（第137页至第146页）的全部逐字原文内容：
第五讲 票据法
出票 背书 背书 保证人F
│ │ │ │
↓ ↓ ↓ ↓
出票人A ───→ 收款人B ───→ 被背书人C ───→ 被背书人D ───→ 持票人E
(第一背书人) │
│ │ 提示承兑/付款
└─────────────────── 承兑/付款 ──────────────────────┘
↓
承兑人/付款人G
| 环节 | 要点 |
| 出票 | 1. 出票，即创设票据权利。出票瑕疵会导致票据无效。 2. 掌握出票的特殊记载事项（附条件支付、禁止转让）。 |
| 背书 | 1. 背书是票据权利转让的方式。 2. 掌握特殊类型的背书（附条件背书、禁转背书等）。 3. 票据质押背书、票据贴现规则。 |
| 票据权利与救济 | 1. 持票人是票据权利人。 2. 票据权利：付款请求权+追索权。 3. 票据丧失的补救。 |
专题17 票据原理
一、票据概述
知识点 122 票据的概念、种类、功能、特征
1. 票据的概念 票据，是指由出票人签发的，约定由自己或者委托他人见票或于指定的日期，无条件支付一定金额的有价证券。（可将票据规则理解为“交通规则”，其目的在于保证票据流通的便利和安全）
2. 票据的种类 我国《票据法》共涉及三类票据：汇票、本票、支票。 (1) 汇票：出票人签发的，委托付款人在见票时或者在指定日期无条件支付确定的金额给收款人或者持票人的票据； (2) 本票：出票人签发的，承诺自己在见票时无条件支付确定的金额给收款人或者持票人的票据； (3) 支票：出票人签发的，委托办理支票存款业务的银行或者其他金融机构在见票时无条件支付确定的金额给收款人或者持票人的票据。
3. 票据的功能 (1) 汇兑功能。这一功能是为了解决现代社会经济生活中，异地转移金钱的需要，以减少现金的往返运送，从而避免风险、节约费用。（转移需要） (2) 支付功能。票据最简单、最基本的作用就是作为支付手段，代替现金的使用。（替代需要） (3) 信用功能。现代商品交易中，信用交易是大量存在的。卖方通常不能在交付货物的同时，获得价金的支付。如果这时买方向卖方签发票据，就可以将挂账信用转化为票据信用，把一般债权转化为票据债权，使得权利外观明确、清偿时间确定、转让手续简便，以获得更大的资金效益。票据的信用功能已成为票据最主要的功能，在商品经济发展中发挥着巨大的作用。（但是，支票不具备信用功能） (4) 结算功能。又叫债务抵销功能。例如，互负债务的双方当事人各签发一张票据给对方，待两张票据都届到期日即可抵销债务，差额部分仅由一方以现金支付。 (5) 融通功能。即可以利用票据筹集、融通或者调度资金。这一功能主要是通过票据贴现完成的，即通过对未到期票据的买卖，使持有未到期票据的持票人通过出售票据获得现金。
4. 票据的特征 (1) 票据具有无因性。票据权利人在行使票据权利时，无须证明给付原因（民事合同）；票据权利人享有票据权利只以持有有效票据为必要。（票据被称为“无因证券”） [例1] A和B签订了买卖合同，A是买受人，B是出卖人。A向B签发了一张10万元汇票，为该笔货物付款。B和C签订了购销合同，B是买受人，C是出卖人。现B将A签发的该10万元汇票背书转让给C用以付款。若A和B之间的买卖合同无效，则A不得以该理由抗辩C，即A不得以A、B之间的原因关系存在瑕疵为由拒绝向C支付票据金额。 [例2] 熊某因出差借款，财务部门给其开具了一张1万元的现金支票。熊某持支票到银行取款，银行实习生马某问：“你为什么要取1万元？”马某询问熊某使用票据的原因违反了票据无因性原理。 (2) 票据具有要式性。票面记载、票据行为，要严格按照《票据法》及相关法规的规定，否则会影响票据的效力，甚至会导致票据的无效。（要式证券） (3) 票据具有文义性。票据上所载权利义务的内容必须以票据上的文字记载为准。（文义证券） (4) 票据具有设权性。票据权利的产生前提是要做成“票据”。在票据做成之前，票据权利是不存在的。即出票人做成票据，合法出票→交给持票人→持票人享有票据权利。（设权证券） (5) 票据具有流通性。（流通证券）
知识点 123 票据关系、非票据关系（基础关系）
票 据 关 系
┌──────────────────────────────────────────────────────────┐
│ 出票关系 背书关系 背书关系 │
│ 出票 背书 背书 │
┌──────┐ ┌──────┐ 赠与关系 ┌──────┐ 借贷关系 ┌──────┐
│出票人│───────→│收款人│─────────→│被背书│─────────→│被背书│
│ A │ │B(第一│ │ 人C │ │ 人D │(持票人)
└──┬───┘ │背书人│ └──┬───┘ └──┬───┘
│ └──────┘ │ │
│ 资金关系 原 因 关 系 │ │
↓ │ │
┌──────┐ │ │
│付款人│ │ │
│/承兑人│←────────────────────────────────────┴───────────────────┘
│ Y │ 请求承兑或付款
└──────┘
票据关系
1. 票据关系（上图实线） (1) 票据关系，是指“基于票据的出票、背书、保证、承兑行为而产生的权利义务关系”。 (2) 票据关系的基本当事人，是指票据一经成立即已存在的当事人，包括出票人、收款人、付款人。 (3) 票据关系的非基本当事人，是指票据成立后，通过各种票据行为而加入票据关系中的当事人，如背书人、票据保证人等。并不是任何票据关系中都存在非基本当事人。 [例] A公司出具一张汇票给B公司，B公司将该汇票背书给C公司，C公司因为购销合同需要付款，将该张汇票背书给D公司。那么，A公司因为“出票”行为，B、C公司因为“背书”行为，均成为票据债务人，要对D公司承担票据责任；D公司因为持有票据，成为票据权利人。
2. 非票据关系（上图虚线） 非票据关系包括原因关系、预约关系、资金关系。
| 概念 | 与“票据关系”的关系 | 举例 |
| 原因关系：是指票据当事人之间授受票据的理由。 | 原因关系和票据关系相分离。即使原因关系无效，票据一经转让，该张票据的效力也不受影响。 [强调] 注意后文“票据抗辩”和“无因性”的关系。 | A公司和B公司签订了一份买卖合同，A公司要依据合同付货款给B公司。现A公司采取的付款手段是“汇票付款”，那么，“买卖合同”即成为A公司出票的原因。 |
| 预约关系：是指票据当事人在授受票据之前，就票据的种类、金额、到期日、付款地等事项达成协议而产生的法律关系。 | (1) 预约关系是沟通票据原因和票据行为的桥梁。 (2) 预约关系和票据关系相分离。票据预约达成的协议仅为民事合同，当事人不履行票据预约合同所产生的权利义务仅构成民法上的债务不履行，不影响正常出票的该张票据的效力。 | 上例中，A公司既可以采用“汇票付款”的方式，也可以选择“本票、支票”作为付款手段；A公司和B公司还可以事先就票据到期日、票据付款金额等事项协商，协商达成的协议即票据预约关系。 |
| 资金关系：是指汇票出票人和付款人、支票出票人与付款银行或者其他资金义务人所发生的法律关系，即出票人之所以委托付款人进行付款的原因。 | 资金关系和票据关系相分离。即使资金关系无效，票据一经转让，该张票据的效力也不受影响。出票人不得以已向付款人提供资金为由对抗持票人拒绝履行追索义务，付款人也不得因到资金而当然地成为票据债务人。 | 上例中，若A公司决定采用“银行汇票付款”的方式，则A公司需要和某银行（如工行白云支行）签订一份协议，协商A公司不按期归还资金的，需要向该银行承担的责任等问题。此时，A公司和该银行之间基于该张汇票产生的关系即为“资金关系”。 |
二、票据权利
知识点 124 票据权利的概念、取得、消灭★★
1. 概念 (1) 票据权利，是指持票人向票据债务人请求支付票据金额的权利。其包括付款请求权、追索权。 (2) 追索权，是指持票人向其前手请求支付票据金额的权利。（前提：付款请求权未能实现） (3) 票据权利人，是指持票人，即票据的持有人，享有票据权利。 (4) 票据债务人，是指除持票人以外的其他在票据上签名的人。票据债务人依自己在票据上的签名，按照票据上记载的文义，承担相应的义务。 (5) 前手，是指在票据签章人或者持票人之前签章的其他票据债务人。其具体包括背书人、出票人以及汇票的其他债务人。 (6) 后手，是指在票据签章人之后签章的其他票据债务人。 (7) 签章，是指在票据上签名、盖章或者签名加盖章。法人和其他使用票据的单位在票据上的签章，为该法人或者该单位的盖章加其法定代表人或者其授权的代理人的签章。
2. 票据权利的取得 满足下列条件的，持票人合法享有票据权利：
| 条件类别 | 规则内容 |
| [条件1] 给付对价 | (1) 取得票据，应当给付票据双方当事人认可的相对应的对价。 [例] 货物购销合同的买受人A公司出具了一张10万元的票据给出卖人张某。张某所需要交付的货物，即为“对价”。 (2) 对价原则的例外： ① 因税收、继承、赠与可以依法无偿取得票据的，不受给付对价的限制； ② 所享有的票据权利不得优于其（直接）前手的权利。 [例] 持票人张某将A公司出具的上述票据送给女友王某。此时，王某可取得该票据，无需支付对价。 |
| [条件2] 手段合法 | 持票人以欺诈、偷盗或者胁迫等手段取得票据的，或者明知有前列情形，出于恶意取得票据的，不得享有票据权利。 |
1. 票据权利的消灭 (1) 票据权利在下列期限内因不行使而消灭：
| 时限 | 对象 | 内容 |
| 2年 | 对出票人和承兑人的权利 | ① 远期汇票的持票人对出票人和承兑人的权利，自票据到期日起2年，不行使而消灭； ② 见票即付的汇票、本票，自出票日起2年，不行使而消灭。 |
| 6个月 | 对出票人的权利 | 支票的持票人对出票人的权利，自出票日起6个月，不行使而消灭。 |
| 对前手的追索权 | 持票人对前手的追索权，自被拒绝承兑或者被拒绝付款之日起6个月，不行使而消灭。（此处的“前手”不含出票人） | |
| 3个月 | 对前手的再追索权 | 持票人对前手的再追索权，自清偿日或者被提起诉讼之日起3个月，不行使而消灭。（此处的“前手”不含出票人） |
(2) 持票人因超过票据权利时效或者因票据记载事项欠缺而丧失票据权利的，仍享有民事权利，可以请求出票人或者承兑人返还其与未支付的票据金额相当的利益。（此为“利益返还请求权”，是一项民事权利） [例] A出票给B，B背书转让给C，B从C处购买一批原材料，甲银行是付款银行。由于持票人C怠于行使票据权利，该张票据到期超过2年。此时，C的票据权利消灭，不得再向甲银行请求付款。C可向出票人A（或承兑人）主张“利益返还”。
知识点 125 票据权利的瑕疵★★★
《票据法》第14条第1款 票据上的记载事项应当真实，不得伪造、变造。伪造、变造票据上的签章和其他记载事项的，应当承担法律责任。 票据权利的瑕疵类型具体包括：
1. 签章瑕疵 签章瑕疵的类型及处理如下：
| 类型 | 含义 | 处理 |
| 伪造签章 | 假借他人的名义在票据上为一定的票据行为。 | (1) 票据上有伪造的签章的，不影响票据上其他真实签章的效力； (2) 其他签章人仍需依其签章按照票据所载文义承担票据责任； (3) 伪造签章人、被伪造签章人：均不承担票据责任。 [例] 张三模仿李四的笔迹，在票据上签名“李四”。二人均不承担票据责任，因为张三并未“显名”，依据“文义性”，张三不承担票据责任；但张三可能承担民事责任、行政责任和刑事责任。 |
| 无权、越权代理签章 | 行为人没有代理权而以代理人名义在票据上签章或超越其代理权限而在票据上签章的行为。 | (1) 没有代理权而以代理人名义在票据上签章的，应当由签章人承担票据责任；（适用民事代理“显名代理”原则） (2) 代理人超越代理权限的，应当就其超越权限的部分承担票据责任。 [例] 张三是代理人，以自己的名义（张三）在票据上签章，并在票据上明确表明“为被代理人A公司从事票据行为”。若张三是无权或者越权代理，则由张三承担票据责任。 |
| 签章主体不具备民事行为能力 | 无民事行为能力人或者限制民事行为能力人签章。 | (1) 其签章无效； (2) 但是不影响其他签章的效力。 |
1. 票据变造 票据变造，是指无票据记载事项变更权限的人，对票据上记载事项加以变更，从而使票据法律关系的内容发生改变。
【萱站点睛】依据签章时的票据文义承担责任。
01 02 03
在变造之前签章的人， 在变造之后签章的人， 不能辨别是在票据被变造之前
对原记载事项负责。 对变造之后的记载事项负责。 或者之后签章的，视同在变造之前签章。
[例] 甲签发了一张10万元的汇票给乙，乙背书转让给丙。丙在背书转让给丁时，将汇票金额由10万元变更为20万元。之后，丁又将汇票背书转让给戊。现戊向前手追索。其中，乙的背书签章不能辨别签章时间。
甲 ────────→ 乙 ────────→ 丙 ────────→ 丁 ────────→ 戊
10万元 10万元 20万元 20万元
☑ 甲对戊：承担10万元的票据责任。
☑ 乙对戊：承担10万元的票据责任。
☑ 丙、丁对戊：承担20万元的票据责任。
1. 票据更改 (1) 票据金额、日期、收款人名称不得更改，更改的票据无效； (2) 对票据上的其他记载事项，原记载人可以更改，更改时应当由原记载人签章证明。
【易混】 (1) 票据更改，是指出票人修改票据金额，这会导致票据无效； (2) 票据变造，是指票据在流通时背书人修改票据金额，此时票据仍有效。
1. 票据涂销 票据涂销，是指将票据上的签名或者其他记载事项涂抹消除的行为。
处理规则： (1) 权利人故意所为的票据涂销行为，实质是票据内容的更改。涂销的事项若为票据金额、日期、收款人名称，后果为票据无效。 (2) 权利人非故意所为的票据涂销，涂销行为无效，票据依其未涂销时的记载事项发生法律效力。 (3) 非权利人所为的票据涂销行为，发生票据伪造、变造的法律后果。
三、票据抗辩
票据抗辩，是指票据债务人根据票据法的规定对票据债权人（持票人）拒绝履行义务的行为，即票据债务人拒绝向持票人支付票据金额。
票据抗辩可分为“对物的抗辩”和“对人的抗辩”两类。
知识点 126 对物的抗辩★★★
1. 概念 对物的抗辩，是指因票据本身所存在的事由而发生的、对任何持票人都可以主张的抗辩。
2. 对物抗辩事由 出现下列情形的，票据债务人可以对任何持票人提出抗辩：
知识点 127 对人的抗辩、票据抗辩的限制★★★
1. 概念 对人的抗辩，是指因票据义务人和特定的票据权利人之间存在一定关系而发生的抗辩。此时，票据合法，抗辩的理由来源于当事人之间的因素。
2. 对人抗辩事由 票据债务人可以对不履行约定义务的与自己有直接债权债务关系的持票人，进行抗辩。
3. 票据抗辩的限制（抗辩切断和抗辩延续） (1) 票据债务人不得以自己与出票人或者与持票人的前手之间的抗辩事由，对抗持票人。但是，持票人明知存在抗辩事由而取得票据的除外。 (2) 因税收、继承、赠与可以依法无偿取得票据的，不受给付对价的限制。但是，所享有的票据权利不得优于其（直接）前手的权利。
[图例]
A公司可抗B公司
┌──────────────────────────────┐
│ │
↓ ↓
A公司 ──────────→ B公司 ──────────→ C公司
(出票人，买方) (交付10万元汇票) (收款人，违约方) (持票人)
│ │ │
└──────────────────────────────┴──────────────────────────────┘
原则：A公司不可抗C公司
例外：C公司知情或C公司无偿，A公司可抗C公司
A公司和B公司签订购销合同，A公司出具了一张10万元的汇票给B公司。后B公司违约，且付款人甲银行破产。现持票人B公司向A公司追索。
| 情形 | 分析与规则 |
| 情形1 | B公司向A公司追索→A公司可抗B公司。（合同违约方B公司=持票人B公司） 此即：票据债务人（A公司）可以对不履行约定义务的与自己有直接债权债务关系的持票人（B公司），进行抗辩。 |
| 情形2 | B公司和C公司签订另一购销合同，B公司将该汇票背书给C公司，C公司向A公司追索→因A公司-C公司之间无直接债权债务关系，故A公司不可抗C公司。 此即抗辩切断：票据债务人（A公司）不得以自己与出票人或者与持票人的前手（B公司）之间的抗辩事由，对抗持票人（C公司）。 |
| 情形3 | 若C公司明知A公司-B公司之间存在抗辩事由，仍从B公司处取得该汇票，C公司向A公司追索→因A公司可抗B公司，且C公司知情，故A公司可抗C公司。 此即《票据法》第13条第1款后半句：“……但是，持票人明知存在抗辩事由而取得票据的除外。” |
| 情形4 | 若B公司将该汇票送给C公司，C公司向A公司追索→因A公司可抗B公司，且C公司无偿，故A公司可抗C公司。 此即：因税收、继承、赠与可以依法无偿取得票据的，不受给付对价的限制。但是，所享有的票据权利不得优于其（直接）前手的权利。 |
四、票据的丧失与补救
票据丧失的，失票人的补救措施包括挂失止付、公示催告、提起诉讼。失票人，是指按照规定可以背书转让的票据，因被盗、遗失或者灭失，在丧失票据占有以前的最后合法持有人。
知识点 128 票据丧失的补救措施★
1. 挂失止付 (1) 失票人可以及时通知票据的付款人挂失止付。已经被承兑的票据丧失的，承兑人也可以提起挂失止付。 (2) 收到挂失止付通知的付款人，应当暂停支付。付款人违反该规定继续付款的，应当向权利人承担赔偿责任。 (3) 挂失止付不是公示催告程序和诉讼程序的必经程序。
2. 公示催告（详见“民事诉讼法”公示催告程序） (1) 失票人可以向票据支付地的基层法院申请公示催告。 (2) 公示催告期间，转让票据权利的行为无效。 (3) 法院收到利害关系人的申报后，应当裁定终结公示催告程序，并通知申请人和支付人；申请人或者申报人可以向法院起诉。 (4) 没有人申报的，法院应当根据申请人的申请，作出判决，宣告票据无效。自判决公告之日起，申请人有权向支付人请求支付。
3. 恶意申请公示催告的救济 公示催告程序本为对合法持票人进行失票救济所设，但实践中常有伪报票据丧失事实申请公示催告、阻止合法持票人行使票据权利的情形。（见随堂小测）
对此，救济方式包括：
除权判决作出后
┌───────────┴───────────┐
↓ ↓
付款人尚未付款 付款人已经付款
│ │
↓ ↓
┌───────────────────────────────┐ ┌───────────────────────────────┐
│(1) 最后合法持票人可以在法定期 │ │因恶意申请公示催告并持除权判决 │
│限内请求撤销除权判决，待票据恢 │ │获得票款的行为损害了最后合法持 │
│复效力后再行使票据权利；（参见 │ │票人的权利，最后合法持票人有权 │
│《民事诉讼法》第234条的规定） │ │请求申请人承担侵权损害赔偿责任 │
│(2) 最后合法持票人也可以基于基 │ │。 │
│础法律关系向其直接前手退票并请 │ └───────────────────────────────┘
│求其直接前手另行给付基础法律关 │
│系项下的对价。 │
└───────────────────────────────┘
【随堂小测】 亿凡公司与五悦公司签订了一份买卖合同，由亿凡公司向五悦公司供货；五悦公司经连续背书，交付给亿凡公司一张已由银行承兑的汇票。亿凡公司持该汇票请求银行付款时，得知该汇票已被五悦公司申请公示催告，但法院尚未作出除权判决。关于本案，下列哪一选项是正确的？(2017/3/32)〔1〕
A. 银行对该汇票不再承担付款责任
B. 五悦公司因公示催告可行使票据权利
C. 亿凡公司仍享有该汇票的票据权利
D. 法院应作出判决宣告票据无效
1. 提起诉讼。（略）
17 常考角度总结 SUMMARIZE
1. 票据权利各项瑕疵的定性和处理规则。
2. 对票据抗辩理由有效性的判断。
3. 民事行为对票据抗辩的影响。（抗辩切断和抗辩延续）
4. 票据丧失的公示催告规则。
致努力中的你
就算寂寞， 只要有对你说重要的东西在， 就能坚持走下去。
〔1〕 C（对应知识点128随堂小测答案）
专题18《票据行为（汇票）》
以下为《2026商经法鄢梦萱系统精讲》中专题18《票据行为（汇票）》（第147页至第155页）的全部逐字原文内容：
专题18 票据行为（汇票）
票据行为，是指以行为人在票据上进行必备事项的记载、完成签名并予以交付为要件，以发生或者转移票据上权利、负担票据上债务为目的的要式法律行为。 汇票的票据行为最为完整，包括出票、背书、保证、承兑等。
【萱站点睛】【提示】 本专题介绍“汇票”的票据行为，本票和支票相关内容在下一专题讲解。
一、汇票的出票
知识点 129 出票的概念、出票记载事项★★★
1. 出票的概念 出票，是指出票人签发票据并将其交付给收款人的票据行为。 出票又被称为“主票据行为”。因其是创设票据和签发票据的第一步，根据票据“设权性”的特征可知，出票违法将导致票据不能做成，没有创设票据权利。
2. 出票记载事项 汇票必须记载下列事项；汇票上未记载下列事项之一的，汇票无效：
| 事项类别 | 内容 |
| 绝对记载事项 （出票日三人无钱） | - 字样：表明“汇票”的字样。 - 日期：出票日期。 - 基本当事人：出票人签章、付款人名称、收款人名称。 - 支付无条件：无条件支付的委托。（见下例） - 金额：出票时，必须记载确定的金额。票据金额以中文大写和数码同时记载，二者必须一致，二者不一致的，票据无效。 |
汇票未记载下列事项的，可以推定：
| 事项类别 | 内容 |
| 可推定记载事项 | - 日期：汇票上未记载付款日期的，为见票即付。 - 地点： (1) 汇票上未记载付款地的，付款人的营业场所、住所或者经常居住地为付款地； (2) 汇票上未记载出票地的，出票人的营业场所、住所或者经常居住地为出票地。 |
[例] A公司出票时注明“B公司交付货物经验收合格才付款”，此即“有条件的支付”，会导致该票据无效。出票时要设定独立的、不依附于民事合同的“票据权利”，源于票据的“无因性”。票据权利不能依附于民事权利。
1. 出票人记载“不得转让”字样 (1) 出票人在汇票上记载“不得转让”字样的，汇票不得转让。票据持有人背书转让的，背书行为无效。 (2) 背书转让后的受让人不得享有票据权利，票据的出票人、承兑人对受让人不承担票据责任。（理论上，此种转让只是一般指名债权的转让） (3) 出票人在票据上记载“不得转让”字样，其后手以此票据进行贴现、质押的，通过贴现、质押取得票据的持票人主张票据权利的，法院不予支持。
[图例]
有效背书 无效背书
出票人 A ──────────→ 收款人 B ──────────→ 被背书人 C
“禁转”字样 有票据权利 无票据权利
【总结】出票人记载“禁转”字样的，仅收款人（直接后手）享有票据权利。
二、汇票的背书转让★★★
知识点 130 背书的概念和一般规则
1. 概念 (1) 背书，是指在票据背面或者粘单上记载有关事项并签章的票据行为。“背书”是票据权利转让的方式。通过背书记载，持票人可以将汇票权利转让给他人或者将一定的汇票权利授予他人行使。 (2) 背书人：在票据转让中，转让汇票的，称为“背书人”。 (3) 被背书人：在票据转让中，受让汇票的，称为“被背书人”。
2. 背书规则 (1) 汇票以背书转让或者以背书将一定的汇票权利授予他人行使时，必须记载被背书人名称。背书人以背书转让汇票后，即承担保证其后手所持汇票承兑和付款的责任。 (2) 以背书转让的汇票，后手应当对其直接前手背书的真实性负责。 (3) 将汇票金额的一部分转让的背书或者将汇票金额分别转让给2人以上的背书无效。 (4) 以背书转让的汇票，背书应当连续。持票人以背书的连续，证明其汇票权利。（见下图例） 背书连续，是指在票据转让中，转让汇票的背书人与受让汇票的被背书人在汇票上的签章依次前后衔接。 (5) 背书转让无须经票据债务人同意。背书转让的转让人不退出票据关系。
[例] A出具票据给B，B将A出具的该票据背书给C。B只要完成在票据上背书，无需经过A的同意即可完成B-C之间的票据转让。同时，A和B并不退出票据关系，二者成为C的前手。
[图例] 背书连续性
┌───────────────────────────────────────────────────────────┬────────┐
│ 被背书人 被背书人 被背书人 │ │
│ 李四 王五 │ │
│ ↗ ↗ │ 粘 │
│ 张三 背书人签章 李四 背书人签章 王五 背书人签章│ 单 │
│ 年 月 日 年 月 日 年 月 日 │ 处 │
├───────────────────────────────────────────────────────────┤ │
│持票人向银行 身份证件名称： │ │
│提示付款签章： 号 码： │ │
│ 发 证 机 关： │ │
└───────────────────────────────────────────────────────────┴────────┘
注：①背书连续，是指签章依次前后衔接；②第一栏：上记载-李四；③第二栏：下记载-李四。
知识点 131 特殊类型的背书★★★
1. 附条件背书 附条件背书，是指背书人在票据背书时附有民事合同的条件。 处理为： (1) 背书不得附有条件；所附条件不具有汇票上的效力。 (2) 但该票据有效。
[例] A出具票据给B，B背书转让给C时，记载“验货合格”（此为民事条件）。则：该票据有效，票据债务人应承担票据责任；仅该“条件”不具有票据法上的效力。
1. 禁转背书 禁转背书，是指背书人在汇票上记载“不得转让”字样。 处理为：（见下图例1） (1) 其后手再背书转让的，原背书人对后手的被背书人不承担保证责任； (2) 不影响出票人、承兑人以及原背书人之前手的票据责任。
2. 委托收款背书 委托收款背书，是指背书记载“委托收款”字样。 处理为： (1) 被背书人有权代背书人行使被委托的汇票权利。 (2) 被背书人不得再以背书转让汇票权利。其后手再委托收款的，原背书人对后手的被背书人不承担票据责任。 (3) 不影响出票人、承兑人以及原背书人之前手的票据责任。
3. 期后背书 期后背书，是指汇票被拒绝承兑、被拒绝付款或者超过付款提示期限的，背书人仍然将该票据背书转让给后手。 处理为： (1) 该情形下，不得背书转让。 (2) 背书转让的，背书人应当承担汇票责任。被背书人可以以背书人为被告行使追索权，提起诉讼。
[例] A出具票据给B，B背书转让给C，C在到期日被付款人拒绝付款。后C基于买卖关系将该票据背书转让给D。则C-D之间的法律关系为“期后背书”，仅C对D承担票据责任。
1. 回头背书 回头背书，是指票据被背书转让给出票人或者其前手。 处理为：（见下图例2） (1) 持票人为出票人的，对其前手无追索权； (2) 持票人为背书人的，对其后手无追索权。
[图例 1-禁转背书]
有效背书 有效背书
出票人 A ──────────→ 收款人 B ──────────→ 第二背书人 C ──────────→ 持票人 D
(第一背书人)
“禁转”字样 有票据权利 有票据权利
[图例 2-回头背书]
A B C D E
•───────•───────•───────•───────•
│ ①
↓
A（无追索权）
│ ②
↓
C（可向A、B追）
注：①E和A签订民事合同，E用以付款的汇票由A出票。此时，A的身份：出票人+持票人。则A无追索权。 ②E和C签订民事合同，E用以付款的汇票由A-B-C-D-E。现E将其背书给C。此时，C的身份：背书人+持票人。则C可以向A和B追索，但不可向D和E追索。
【总结】
知识点 132 汇票质押的方式与后果★★
1. 票据质押的设立：字样+签章 以汇票设定质押时，出质人在汇票上只记载了“质押”字样未在票据上签章的，或者出质人未在汇票、粘单上记载“质押”字样而另行签订质押合同、质押条款的，不构成票据质押。
2. 记载“禁转”字样票据的质押 (1) 出票人在票据上记载“不得转让”字样，其后手以此票据进行质押的，通过质押取得票据的持票人不享有票据权利； (2) 背书人在票据上记载“不得转让”“委托收款”“质押”字样，其后手再背书转让、委托收款或者质押的，原背书人对后手的被背书人不承担票据责任，但不影响出票人、承兑人以及原背书人之前手的票据责任； (3) 因票据质权人以质押票据再行背书质押或者背书转让引起纠纷而提起诉讼的，法院应当认定背书行为无效。
3. 公示催告的票据质押 公示催告期间，以公示催告的票据质押的： (1) 因质押而接受该票据的持票人无权主张票据权利； (2) 公示催告期间届满以后法院作出除权判决以前取得该票据的除外。 票据质押因属于《民法典》规定的权利质押类型，是常见出题点。
知识点 133 票据贴现★
1. 概念 票据贴现，是指商业汇票的持票人在汇票到期日前，为了取得资金而贴付一定利息将票据权利转让给金融机构的票据行为。
2. 合谋伪造贴现 (1) 贴现行的负责人或者有权从事该业务的工作人员与贴现申请人（持票人）合谋，伪造贴现申请人与其前手之间具有真实商品交易关系的合同、增值税专用发票等材料申请贴现的，贴现行不享有票据权利； (2) 对贴现行因支付资金而产生的损失，按照基础关系处理。
3. 民间贴现 (1) 票据贴现属于国家特许经营业务，只有金融机构可以从事该业务； (2) 合法持票人向不具有法定贴现资质的当事人进行“贴现”的，该行为应当认定无效，贴现款和票据应当相互返还； (3) 当事人不能返还票据的，原合法持票人可以拒绝返还贴现款。 根据票据行为无因性原理，在合法持票人向不具有贴现资质的主体进行“贴现”，该“贴现”人给付贴现款后直接将票据交付其后手，其后手支付对价并记载自己为被背书人后，又基于真实的交易关系和债权债务关系将票据进行背书转让的情形下，应当认定最后持票人为合法持票人。
4. 转贴现 (1) 转贴现，是指通过票据贴现持有票据的商业银行（A银行）为了融通资金，在票据到期日之前将票据权利转让给其他商业银行（B银行），由转贴现行（B银行）在收取一定的利息后，将转贴现款支付给持票人的票据转让行为； (2) 转贴现行（B银行）提示付款被拒付后，依据转贴现协议的约定，请求未在票据上背书的转贴现申请人按照合同法律关系返还转贴现款并赔偿损失的，案由应当确定为合同纠纷。
三、汇票的保证
知识点 134 汇票保证的概念、成立、保证记载事项
1. 保证的概念 (1) 票据保证，是指票据债务人以外的第三人，担保特定的票据债务人能够履行票据债务的票据行为。 (2) 票据保证人由汇票债务人以外的他人担当；对合法取得汇票的持票人所享有的汇票权利，承担保证责任。
[例] A出具汇票给B，B背书给C，C要求甲承担票据保证，则：A和B是汇票债务人；甲不是汇票债务人，而是“票据保证人”。
1. 保证的成立 (1) 保证人在汇票或者粘单上表明“保证”的字样，或者记载保证文句； (2) 保证人未在票据或者粘单上记载“保证”字样而另行签订保证合同或者保证条款的，不属于票据保证。
2. 保证记载事项 (1) 票据保证应当记载的事项
表明“保证”的字样 (01)
│
保证人名称和住所 (02)───┼───(05) 保证人签章
│
被保证人的名称 (03)───┴───(04) 保证日期
┌──────────────┴──────────────┐ ┌──────────────┴──────────────┐
│未记载的，已承兑的汇票，承兑 │ │未记载的，出票日期为保证日期 │
│人为被保证人；未承兑的汇票， │ └─────────────────────────────┘
│出票人为被保证人 │
└─────────────────────────────┘
(2) 附条件保证
(01) (02) (03)
票据保证 保证附有条件，是违反 该张票据有效，
不得附条件 票据法的行为，该条件 票据保证行为有效
视为无记载
[例] 票据保证人甲记载“验货合格则承担保证责任”。“验货合格”视为无记载，即使货物不合格，甲也要承担票据保证责任。
知识点 135 汇票保证的法律效力★★
1. 票据保证人的责任是独立责任 (1) 保证人对合法取得汇票的持票人所享有的汇票权利，承担保证责任； (2) 被保证人的债务因汇票记载事项欠缺而无效的除外。
2. 票据保证人的责任是连带责任 (1) 保证人不得享有一般保证中保证人的先诉抗辩权，均为连带责任； (2) 保证人为2人以上时，保证人之间承担连带责任； (3) 保证人清偿汇票债务后，可以行使持票人对被保证人及其前手的追索权，即该保证人和前手承担连带责任。
【强调】票据保证和《民法典》规定的保证人规则不同，关于票据保证的记载事项及其法律效力的认定是常见出题点。
【随堂小测】 甲公司为支付货款，将一张已经银行承兑的汇票交付给乙，但是没写背书人乙的名字。后乙用该张汇票支付丙的货款。丙觉得汇票没有乙的签章，不放心，于是乙请来了丁为汇票进行担保，但是未记载被保证人的名称。后丙要求承兑人付款时，承兑人拒绝付款。下列说法正确的是：(2020-回忆版-单)〔1〕 A. 丙应先向甲行使票据追索权，后向丁行使 B. 乙对丙无需承担任何法律责任 C. 未记载被保证人名称，保证无效 D. 汇票的被保证人是承兑人
四、汇票的承兑与付款
知识点 136 承兑★
1. 概念 承兑，是指汇票付款人承诺在汇票到期日支付汇票金额的票据行为。
2. 提示承兑 (1) 提示承兑，是指持票人向付款人出示汇票，并要求付款人承诺付款的行为； (2) 见票即付的汇票无需提示承兑； (3) 定日付款或者出票后定期付款的汇票，持票人应当在汇票到期日前向付款人提示承兑； (4) 见票后定期付款的汇票，持票人应当自出票日起1个月内向付款人提示承兑； (5) 汇票未按照规定期限提示承兑的，持票人丧失对其前手的追索权。
3. 付款人的承兑程序 (1) 付款人对向其提示承兑的汇票，应当自收到提示承兑的汇票之日起3日内承兑或者拒绝承兑。 (2) 付款人承兑汇票的，应当在汇票正面记载“承兑”字样和承兑日期并签章。 (3) 付款人承兑汇票，不得附有条件；承兑附有条件的，视为拒绝承兑。 (4) 付款人承兑汇票后，应当承担到期付款的责任。
[例1] 承兑时记载“验货合格后承兑”的，所附条件为附加民事合同的条件，后果是拒绝承兑。 [例2] 汇票持票人C在汇票到期后请求承兑人乙银行付款的，即使乙银行明知该汇票的出票人A已被法院宣告破产，但因其已经承兑，仍应当承担到期付款责任。乙银行付款后可以向出票人A的破产管理人申报破产债权。
知识点 137 付款
1. 提示付款期限 (1) 见票即付的汇票，自出票日起1个月内向付款人提示付款； (2) 定日付款、出票后定期付款或者见票后定期付款的汇票，自到期日起10日内向承兑人提示付款。 持票人未按照前述规定期限提示付款的，在作出说明后，承兑人或者付款人仍应当继续对持票人承担付款责任。
2. 付款程序 (1) 持票人依照上述规定提示付款的，付款人必须在当日足额付款； (2) 付款人及其代理付款人付款时，应当审查汇票背书的连续，并审查提示付款人的合法身份证明或者有效证件； (3) 付款人委托的付款银行的责任，限于按照汇票上记载事项从付款人账户支付汇票金额； (4) 付款人依法足额付款后，全体汇票债务人的责任解除。
3. 付款损失的承担 (1) 付款人及其代理付款人以恶意或者有重大过失付款的，应当自行承担责任； (2) 付款人在到期日前付款的，由付款人自行承担所产生的责任。
【总结】票据“附条件”记载
违反“附条件”的情形及后果
│
┌───────────────────┬───────────────┴───────────────┬───────────────────┐
↓ ↓ ↓ ↓
出票不得附支付条件 背书不得附条件 保证不得附条件 承兑不得附条件
│ │ │ │
出票附支付条件：票 背书附条件：该条件 保证附条件：该条件 承兑附条件：视为拒
据无效。 不具有汇票上的效力； 视为无记载；票据有 绝承兑；票据有效。
票据有效；背书连续 效；保证有效。
性有效。
五、汇票的追索权
1. 概念 追索权，是指在付款请求权未能实现时，持票人向其前手请求支付票据金额的权利。
2. 追索权行使的原因
3. 追索的对象、行使追索权的条件
| 维度 | 内容 |
| 对象 | 持票人只能向其前手追索。 |
| 选择性 | 持票人可以不按照汇票债务人的先后顺序，对其中任何一人、数人或者全体行使追索权。 |
| 变更性 | 持票人对汇票债务人中的一人或者数人已经进行追索的，对其他汇票债务人仍可以行使追索权。 |
| 代位性 | 被追索人清偿债务后，与持票人享有同一权利。 |
| 追索的前提 | (1) 持票人行使追索权时，应当提供被拒绝承兑或者被拒绝付款的有关证明。 (2) 持票人不能提供上述合法证明的，丧失对其前手的追索权。但是，承兑人或者付款人仍应当承担未出具拒绝证明或者退票理由书产生的民事责任。 |
[图例]
追索权·第二次权利
┌──────────────────────────────┐
│ │
↓ ↓
┌───┐ ┌───┐ ┌───┐ ┌───────┐
│ A │ ───────→ │ B │ ────────→ │ C │ ─────────→ │ 甲银行 │
└───┘ └───┘ └───┘ └───────┘
出票人 背书人 被背书人/持票人 承兑人/付款人
│ │ ▲
│ └──────────────────┘
│ 付款请求权·第一次权利
└────────────────────────────────────────────────────────┘
注：①A基于买卖关系向B签发汇票，该汇票的付款人是甲银行。B基于借贷关系将该汇票背书转让给C。 ②汇票到期，C应当向甲银行主张付款请求权，而不能直接找前手B和A。
致努力中的你
有希望之处定有磨练。
〔1〕 D（对应知识点135随堂小测答案）
专题17《票据原理》
专题17 票据原理
考点 56 票据概述（特征、票据关系、非票据关系）
第1题 甲公司为支付从乙公司采购商品的款项，向乙公司开具一张金额为100万元的银行承兑汇票，并向丙银行办理了承兑。2018年6月，乙公司又将该票据背书给丁公司。2018年7月，丁公司办公楼失火，该张票据被烧毁灭失，仅剩其留档复印件。甲公司、乙公司均在该复印件上签章，以证明彼此间的交易情况。对此，下列说法正确的是：(2018-回忆版-单)
A 丙银行无须承担票据责任
B 丁公司向丙银行出具票据复印件提示付款时，丙银行应当无条件付款
C 丁公司可凭票据复印件向乙公司主张票据权利
D 丁公司可凭票据复印件向甲公司主张票据权利
考点 57 票据权利
第2题 赵某向李某出具了一张付款人为甲银行的汇票，李某将该汇票背书给了丙公司，丙公司不慎丢失。王某捡到该汇票后伪造了丙公司的签章并背书给了陈某。现陈某向甲银行承兑时，被银行发现签章不符被拒。对此，下列哪些说法是正确的？(2024-回忆版-多)
A 陈某可以向赵某追偿
B 陈某可以向丙公司追偿
C 陈某可以向王某追偿
D 陈某可以享有票据权利
第3题 甲公司把已承兑的汇票背书给乙公司，乙公司的员工不慎丢失该张汇票，后被丙公司捡到。丙公司伪造乙公司的签章，将票据转让给不知情的丁公司。丁公司找银行承兑时被发现票据上有伪造的签章，遂被拒绝承兑。据此，下列说法正确的有：(2025-回忆版-多)
A 丁公司只能向丙公司行使票据追索权
B 乙公司不承担票据责任
C 丙公司不承担票据责任，但要承担民事赔偿责任
D 银行拒绝承兑的理由合法
考点 58 票据抗辩
第4题 甲公司为履行与乙公司的箱包买卖合同，签发一张以乙公司为收款人、某银行为付款人的汇票，银行也予以了承兑。后乙公司将该汇票背书赠与丙。此时，甲公司发现乙公司的箱包为假冒伪劣产品。关于本案，下列哪一选项是正确的？(2016/3/32改编-单)
A 该票据无效
B 甲公司不能拒绝乙公司的票据权利请求
C 甲公司不能拒绝丙的票据权利请求
D 银行应承担票据责任
第5题 万公司购买梓公司的一批钢材，签发一张承兑汇票给梓公司以支付货款，梓公司将该汇票背书转让给仟公司，并请甲公司提供担保，但没有约定担保金额和被保证人名称，仟公司又将该汇票背书转让给宏公司。后梓公司向万公司交付的钢材质量不达标。现宏公司向付款银行提示承兑时被拒绝。以下哪一说法是正确的？(2019-回忆版-单)
A 宏公司只能向仟公司请求给付票据款项
B 因钢材质量不达标，万公司有权拒绝向宏公司承担付款责任
C 因未约定被保证人名称，甲公司不承担保证责任
D 如果梓公司向宏公司给付了票据款项，可向甲公司行使追索权
考点 59 票据的丧失与补救
第6题 亿凡公司与五悦公司签订了一份买卖合同，由亿凡公司向五悦公司供货；五悦公司经连续背书，交付给亿凡公司一张已由银行承兑的汇票。亿凡公司持该汇票请求银行付款时，得知该汇票已被五悦公司申请公示催告，但法院尚未作出除权判决。关于本案，下列哪一选项是正确的？(2017/3/32-单)
A 银行对该汇票不再承担付款责任
B 五悦公司因公示催告可行使票据权利
C 亿凡公司仍享有该汇票的票据权利
D 法院应作出判决宣告票据无效
第7题 甲公司为支付货款向乙公司开具一张汇票，付款人为临海银行。乙公司向临海银行确认此票据有效，到期付款。乙公司随后将票据背书转让给张某。后张某遗失该汇票被刘某捡到，刘某伪造张某的签章，把汇票背书转让给丙公司以履行其与丙公司的货款给付义务。丙公司按照约定向刘某交货，刘某收到货后将之转卖后携款潜逃。丙公司请求临海银行付款时，被告知经张某申请，法院已经对此票据作出了除权判决。下列说法正确的有：(2019-回忆版-多)
A 临海银行不应对丙公司承担票据付款责任
B 甲公司应对丙公司承担票据付款责任
C 乙公司不应对丙公司承担票据付款责任
D 刘某应对丙公司承担支付货款的责任
专题18《票据行为（汇票）》
专题18 票据行为（汇票）
考点 60 出票、背书
第8题 甲公司向乙公司交付了一张面额为100万元的商业承兑汇票，付款日期为2022年12月31日，付款银行为戊银行。乙公司因为急需用钱，在到期日之前将该汇票贴现给丙贸易公司（非金融机构），丙公司付给乙公司贴现资金85万元。后丙公司因采购货物将该汇票背书转让给丁公司，丁公司随后将票据背书转让给赵某。汇票到期后，赵某向戊银行请求支付票据金额。对此，下列哪些说法是正确的？(2023-回忆版-多)
A 乙公司和丙公司之间的票据贴现行为无效
B 乙公司可以拒绝返还丙公司贴现资金
C 丙公司和丁公司之间的票据转让行为无效
D 戊银行有权以票据贴现无效为由拒绝向赵某支付票据金额
考点 61 票据保证
第9题 甲公司为支付货款向乙公司签发了一张金额为80万元的汇票。丙公司作为保证人，并在汇票上签章。下列说法正确的是：(2018-回忆版-单)
A 若甲公司未在汇票上记载被保证人的名称，则丙公司无需承担保证责任
B 丙公司未在汇票上记载保证日期的，保证无效
C 丙公司可以进行附条件保证
D 丙公司与甲公司对持票人乙公司承担连带责任
【English Version】
Commercial and Economic Law
Topic 17: Principles of Negotiable Instruments
The following is the full verbatim text of Topic 17, "Principles of Negotiable Instruments", from the 2026 Commercial and Economic Law Systematic Lecture Series by Yan Mengxuan (pp. 137–146):
Lecture 5: Negotiable Instruments Law
Issuance Endorsement Endorsement Guarantor F
│ │ │ │
↓ ↓ ↓ ↓
Drawer A ───→ Payee B ───→ Endorsee C ───→ Endorsee D ───→ Holder E
(First endorser) │
│ │ Presentment for acceptance/payment
└─────────────────── Acceptance/Payment ──────────────────────┘
↓
Acceptor/Payer G
| Stage | Key Points |
| Issuance | 1. Issuance means the creation of rights under a negotiable instrument. A defect in issuance renders the instrument invalid. 2. Master the special entries on issuance (conditional payment, prohibition of transfer). |
| Endorsement | 1. Endorsement is the means of transferring rights under a negotiable instrument. 2. Master special types of endorsement (conditional endorsement, restrictive endorsement prohibiting transfer, etc.). 3. Endorsement by way of pledge of a negotiable instrument, and the rules on discounting of negotiable instruments. |
| Rights under a Negotiable Instrument and Remedies | 1. The holder is the holder of rights under the negotiable instrument. 2. Rights under a negotiable instrument: the right to demand payment + the right of recourse. 3. Remedies where a negotiable instrument is lost. |
Topic 17: Principles of Negotiable Instruments
I. General Introduction to Negotiable Instruments
Knowledge Point 122 The Concept, Types, Functions, and Characteristics of Negotiable Instruments
1. The concept of a negotiable instrument A negotiable instrument is a valuable security issued by a drawer, by which the drawer undertakes to pay, or instructs another person to pay, a definite sum of money unconditionally, upon presentment or on a specified date. (The rules on negotiable instruments may be understood as "traffic rules", whose purpose is to ensure the convenience and safety of the circulation of negotiable instruments.)
2. Types of negotiable instruments The Negotiable Instruments Law of the People's Republic of China covers three types of negotiable instruments: bills of exchange, promissory notes, and cheques. (1) A bill of exchange is a negotiable instrument issued by a drawer, instructing the drawee to pay a definite sum of money unconditionally to the payee or the holder, upon presentment or on a specified date; (2) a promissory note is a negotiable instrument issued by a drawer, by which the drawer undertakes to pay a definite sum of money unconditionally to the payee or the holder upon presentment; (3) a cheque is a negotiable instrument issued by a drawer, instructing a bank or other financial institution that handles cheque deposit business to pay a definite sum of money unconditionally to the payee or the holder upon presentment.
3. Functions of negotiable instruments (1) Exchange function. This function serves the need, in the economic life of modern society, to transfer money between different places, so as to reduce the back-and-forth transport of cash, thereby avoiding risks and saving costs. (The need for transfer) (2) Payment function. The simplest and most basic function of a negotiable instrument is to serve as a means of payment, in place of cash. (The need for substitution) (3) Credit function. In modern commodity transactions, credit transactions exist in large numbers. A seller usually cannot obtain payment of the price at the same time as delivering the goods. If the buyer then issues a negotiable instrument to the seller, the book credit can be converted into negotiable-instrument credit, and an ordinary claim into a claim under a negotiable instrument, so that the appearance of the right is clear, the time of satisfaction is certain, and the formalities of transfer are simple, thereby obtaining greater capital benefit. The credit function of negotiable instruments has become their most important function and plays an enormous role in the development of the commodity economy. (However, a cheque does not have a credit function.) (4) Settlement function. Also called the debt set-off function. For example, where parties who owe debts to each other each issue a negotiable instrument to the other, when both instruments fall due the debts can be set off, with only the balance being paid in cash by one party. (5) Financing function. That is, a negotiable instrument can be used to raise, finance, or allocate funds. This function is mainly accomplished through the discounting of negotiable instruments, that is, through the sale of a negotiable instrument not yet due, so that the holder of such an instrument obtains cash by selling it.
4. Characteristics of negotiable instruments (1) A negotiable instrument is abstract (has abstraction). When the holder of rights under a negotiable instrument exercises those rights, he need not prove the cause of payment (the civil contract); it is sufficient for the holder to hold a valid negotiable instrument in order to enjoy rights under it. (A negotiable instrument is called an "abstract security".) [Example 1] A and B enter into a contract of sale, A being the buyer and B the seller. A issues to B a bill of exchange for RMB 100,000 in payment for the goods. B and C enter into a contract for the purchase and sale of goods, B being the buyer and C the seller. B now endorses and transfers to C the bill of exchange for RMB 100,000 issued by A, in payment. If the contract of sale between A and B is invalid, A may not raise that ground as a defence against C, that is, A may not refuse to pay C the amount of the instrument on the ground that there is a defect in the underlying relationship between A and B. [Example 2] Xiong, on a business trip, borrowed money, and the finance department issued him a cash cheque for RMB 10,000. Xiong took the cheque to the bank to withdraw the money, and Ma, a bank intern, asked: "Why do you want to withdraw RMB 10,000?" Ma's asking Xiong the reason for his use of the instrument violates the principle of abstraction of negotiable instruments. (2) A negotiable instrument is formal (has formal requirements). The entries on the face of the instrument and the acts in respect of the instrument must strictly comply with the Negotiable Instruments Law and the relevant regulations, failing which the validity of the instrument will be affected, and the instrument may even be rendered invalid. (A formal security) (3) A negotiable instrument is literal (has literalness). The content of the rights and obligations stated on a negotiable instrument must be determined by the words recorded on the instrument. (A literal security) (4) A negotiable instrument is constitutive (has a constitutive nature). The precondition for the creation of rights under a negotiable instrument is the making of an "instrument". Before the instrument is made, no rights under it exist. That is, the drawer makes the instrument, lawfully issues it → delivers it to the holder → the holder enjoys rights under the negotiable instrument. (A constitutive security) (5) A negotiable instrument is negotiable. (A negotiable security)
Knowledge Point 123 Negotiable-Instrument Relationships and Non-Negotiable-Instrument Relationships (Underlying Relationships)
Negotiable-Instrument Relationships
┌──────────────────────────────────────────────────────────┐
│ Issuance Relationship Endorsement Relationship Endorsement Relationship │
│ Issuance Endorsement Endorsement │
┌──────┐ ┌──────┐ Gift Relationship ┌──────┐ Loan Relationship ┌──────┐
│Drawer│───────→│Payee │─────────→│Endorsee│─────────→│Endorsee│
│ A │ │B (First│ │ C │ │ D │(Holder)
└──┬───┘ │Endorser│ └──┬───┘ └──┬───┘
│ └──────┘ │ │
│ Funds Relationship Underlying Relationship │ │
↓ │ │
┌──────┐ │ │
│Drawee│ │ │
│/Acceptor│←────────────────────────────────────┴───────────────────┘
│ Y │ Request for acceptance or payment
└──────┘
Negotiable-Instrument Relationships
1. Negotiable-instrument relationships (the solid lines in the diagram above) (1) A negotiable-instrument relationship is a "relationship of rights and obligations arising from the acts of issuance, endorsement, guarantee, and acceptance of a negotiable instrument". (2) The basic parties to a negotiable-instrument relationship are the parties who already exist as soon as the instrument is created, including the drawer, the payee, and the drawee. (3) The non-basic parties to a negotiable-instrument relationship are parties who join the relationship through various acts in respect of the instrument after the instrument is created, such as endorsers and guarantors of negotiable instruments. Not every negotiable-instrument relationship contains non-basic parties. [Example] Company A issues a bill of exchange to Company B, Company B endorses it to Company C, and Company C, needing to pay for a purchase and sale contract, endorses it to Company D. Then Company A, by its act of "issuance", and Companies B and C, by their acts of "endorsement", all become debtors under the instrument and must bear liability under the instrument to Company D; Company D, by holding the instrument, becomes the holder of rights under the instrument.
2. Non-negotiable-instrument relationships (the dashed lines in the diagram above) Non-negotiable-instrument relationships include the underlying relationship, the preliminary agreement relationship, and the funds relationship.
| Concept | Relationship to the "Negotiable-Instrument Relationship" | Example |
| Underlying relationship: the reason for which the parties to a negotiable instrument deliver and receive the instrument. | The underlying relationship is separate from the negotiable-instrument relationship. Even if the underlying relationship is invalid, once the instrument has been transferred, the validity of the instrument is not affected. [Emphasis] Note the relationship between the later discussion of "defences against a negotiable instrument" and "abstraction". | Company A and Company B enter into a contract of sale, under which Company A is to pay Company B the price of the goods. Company A now adopts "payment by bill of exchange" as the means of payment; the "contract of sale" then becomes the cause of Company A's issuance. |
| Preliminary agreement relationship: the legal relationship arising where, before delivering and receiving a negotiable instrument, the parties to the instrument reach agreement on matters such as the type, amount, maturity date, and place of payment of the instrument. | (1) The preliminary agreement relationship is the bridge connecting the underlying cause of the instrument and the acts in respect of the instrument. (2) The preliminary agreement relationship is separate from the negotiable-instrument relationship. An agreement reached in a preliminary agreement for a negotiable instrument is only a civil contract; where a party fails to perform the rights and obligations arising under the preliminary agreement contract, that only constitutes non-performance of a debt under civil law and does not affect the validity of the instrument as duly issued. | In the example above, Company A may adopt "payment by bill of exchange", or may instead choose a "promissory note or cheque" as the means of payment; Company A and Company B may also agree in advance on matters such as the maturity date and the amount payable under the instrument, and the agreement so reached is the preliminary agreement relationship for the negotiable instrument. |
| Funds relationship: the legal relationship between the drawer of a bill of exchange and the drawee, or between the drawer of a cheque and the paying bank or other person under a funds obligation, that is, the reason why the drawer instructs the drawee to make payment. | The funds relationship is separate from the negotiable-instrument relationship. Even if the funds relationship is invalid, once the instrument has been transferred, the validity of the instrument is not affected. The drawer may not refuse to perform his obligation of recourse against the holder on the ground that he has provided funds to the drawee, and the drawee does not become a debtor under the instrument merely because funds have reached him. | In the example above, if Company A decides to adopt "payment by banker's bill of exchange", Company A needs to enter into an agreement with a bank (for example, the Baiyun Branch of the Industrial and Commercial Bank of China), agreeing on matters such as the liability Company A is to bear to the bank if it fails to repay the funds on time. The relationship between Company A and that bank arising from that bill of exchange is then the "funds relationship". |
II. Rights under a Negotiable Instrument
Knowledge Point 124 The Concept, Acquisition, and Extinction of Rights under a Negotiable Instrument ★★
1. Concept (1) Rights under a negotiable instrument are the rights of the holder to request the debtor under the instrument to pay the amount of the instrument. They include the right to demand payment and the right of recourse. (2) The right of recourse is the right of the holder to request his prior parties to pay the amount of the instrument. (Premise: the right to demand payment has not been realised.) (3) The holder of rights under a negotiable instrument is the holder, that is, the person holding the instrument, who enjoys rights under it. (4) A debtor under a negotiable instrument is any person other than the holder who has signed the instrument. A debtor under a negotiable instrument shall, in accordance with his own signature on the instrument and the literal terms recorded on the instrument, bear the corresponding obligations. (5) A prior party is any other debtor under the instrument who signed before the signatory of the instrument or the holder. It specifically includes endorsers, the drawer, and other debtors under a bill of exchange. (6) A subsequent party is any other debtor under the instrument who signed after the signatory of the instrument. (7) Signing and sealing means signing, affixing a seal, or signing and affixing a seal on a negotiable instrument. The signing and sealing of a legal person or other unit using a negotiable instrument on the instrument shall be the seal of that legal person or unit together with the signature of its legal representative or its authorised agent.
2. Acquisition of rights under a negotiable instrument Where the following conditions are satisfied, the holder lawfully enjoys rights under the negotiable instrument:
| Category of Condition | Content of the Rule |
| [Condition 1] Giving consideration | (1) In acquiring a negotiable instrument, consideration corresponding to it as recognised by both parties to the instrument shall be given. [Example] The buyer, Company A, under a contract for the purchase and sale of goods, issues a negotiable instrument for RMB 100,000 to the seller, Zhang. The goods Zhang is to deliver are the "consideration". (2) Exceptions to the consideration principle: ① Where a negotiable instrument may lawfully be acquired without consideration by reason of taxation, succession, or gift, the requirement to give consideration does not apply; ② the rights under the instrument so enjoyed shall not be superior to the rights of the holder's (direct) prior party. [Example] The holder, Zhang, gives the instrument issued by Company A to his girlfriend, Wang. Wang may then acquire the instrument without paying consideration. |
| [Condition 2] Lawful means | A holder who acquires a negotiable instrument by fraud, theft, coercion, or other such means, or who acquires it in bad faith knowing of the foregoing circumstances, shall not enjoy rights under the instrument. |
1. Extinction of rights under a negotiable instrument (1) Rights under a negotiable instrument are extinguished if not exercised within the following periods:
| Time Limit | Against Whom | Content |
| 2 years | Against the drawer and the acceptor | ① The rights of the holder of a time bill of exchange against the drawer and the acceptor are extinguished if not exercised within 2 years from the maturity date of the instrument; ② for a bill of exchange payable on demand and a promissory note, rights are extinguished if not exercised within 2 years from the date of issuance. |
| 6 months | Against the drawer | The rights of the holder of a cheque against the drawer are extinguished if not exercised within 6 months from the date of issuance. |
| The right of recourse against prior parties | The holder's right of recourse against prior parties is extinguished if not exercised within 6 months from the date of refusal of acceptance or refusal of payment. (Here, "prior parties" does not include the drawer.) | |
| 3 months | The right of further recourse against prior parties | The holder's right of further recourse against prior parties is extinguished if not exercised within 3 months from the date of satisfaction or the date on which proceedings were instituted. (Here, "prior parties" does not include the drawer.) |
(2) Where the holder loses his rights under a negotiable instrument because the limitation period for those rights has expired or because of a defect in the entries on the instrument, he still enjoys civil rights and may request the drawer or the acceptor to return the benefit equivalent to the unpaid amount of the instrument. (This is the "right to claim restitution of benefits", a civil right.) [Example] A issues an instrument to B, B endorses and transfers it to C, and B purchases a batch of raw materials from C; Bank A is the paying bank. Because the holder, C, was negligent in exercising his rights under the instrument, more than 2 years have passed since the instrument matured. C's rights under the instrument are now extinguished, and he may no longer request payment from Bank A. C may assert "restitution of benefits" against the drawer, A (or the acceptor).
Knowledge Point 125 Defects in Rights under a Negotiable Instrument ★★★
Article 14, paragraph 1 of the Negotiable Instruments Law: The entries on a negotiable instrument shall be true and shall not be forged or altered. A person who forges or alters signatures and seals or other entries on a negotiable instrument shall bear legal liability. The types of defects in rights under a negotiable instrument specifically include:
1. Defects in signing and sealing The types of defects in signing and sealing and their treatment are as follows:
| Type | Meaning | Treatment |
| Forged signature or seal | Using another person's name without authority to perform a certain act in respect of a negotiable instrument. | (1) Where a negotiable instrument bears a forged signature or seal, that does not affect the validity of the other genuine signatures and seals on the instrument; (2) the other signatories shall still bear liability under the instrument in accordance with their signatures and the literal terms recorded on the instrument; (3) neither the forger of the signature or seal nor the person whose signature or seal was forged bears liability under the instrument. [Example] Zhang San imitates Li Si's handwriting and signs "Li Si" on the instrument. Neither of them bears liability under the instrument, because Zhang San did not sign in his own name (was not "named"), and, by virtue of "literalness", Zhang San bears no liability under the instrument; but Zhang San may bear civil, administrative, and criminal liability. |
| Unauthorised or ultra vires agency signature or seal | An act in which a person without authority of agency signs and seals on a negotiable instrument in the name of the principal, or signs and seals on a negotiable instrument beyond the scope of his authority of agency. | (1) Where a person without authority of agency signs and seals on a negotiable instrument in the name of the principal, the signatory shall bear liability under the instrument; (applying the civil-law principle of "disclosed agency") (2) Where an agent exceeds his authority of agency, he shall bear liability under the instrument in respect of the part by which he exceeded his authority. [Example] Zhang San is an agent, who signs and seals on the instrument in his own name (Zhang San) and expressly states on the instrument that he is "performing an act in respect of the instrument for the principal, Company A". If Zhang San acts without authority or beyond his authority of agency, Zhang San shall bear liability under the instrument. |
| Signatory lacking capacity for civil conduct | Signing and sealing by a person without capacity for civil conduct or with limited capacity for civil conduct. | (1) His signature or seal is invalid; (2) but that does not affect the validity of the other signatures and seals. |
1. Alteration of a negotiable instrument Alteration of a negotiable instrument means a change made by a person without authority to change the entries on the instrument, so that the content of the legal relationship under the instrument is changed.
[Yan's Key Point] Liability shall be borne in accordance with the literal terms of the instrument at the time of signing and sealing.
01 02 03
A person who signed before the alteration is liable for the original entries. A person who signed after the alteration is liable for the altered entries. A person who cannot be identified as having signed before or after the alteration of the instrument is deemed to have signed before the alteration.
[Example] A issues a bill of exchange for RMB 100,000 to B, B endorses and transfers it to C. When C endorses and transfers it to D, C changes the amount of the bill from RMB 100,000 to RMB 200,000. D then endorses and transfers the bill to E. E now seeks recourse against his prior parties. Among them, the time at which B's endorsement signature was made cannot be identified.
A ────────→ B ────────→ C ────────→ D ────────→ E
RMB 100,000 RMB 100,000 RMB 200,000 RMB 200,000
☑ A is liable to E for RMB 100,000 under the instrument.
☑ B is liable to E for RMB 100,000 under the instrument.
☑ C and D are liable to E for RMB 200,000 under the instrument.
1. Correction of a negotiable instrument (1) The amount, date, and name of the payee of a negotiable instrument shall not be corrected; a negotiable instrument so corrected is invalid; (2) as to other entries on a negotiable instrument, the original person who made the entry may correct them, and when making a correction he shall sign and seal to certify it.
[Easily Confused] (1) Correction of a negotiable instrument means that the drawer amends the amount of the instrument, which renders the instrument invalid; (2) alteration of a negotiable instrument means that an endorser amends the amount of the instrument while it is in circulation, in which case the instrument remains valid.
1. Erasure of a negotiable instrument Erasure of a negotiable instrument means the act of obliterating a signature or other entry on the instrument.
Rules on treatment: (1) An erasure of a negotiable instrument intentionally made by the holder is in substance a change of the content of the instrument. If the matter erased is the amount, date, or name of the payee of the instrument, the consequence is that the instrument is invalid. (2) An erasure of a negotiable instrument not intentionally made by the holder is invalid as an erasure, and the instrument takes effect in accordance with the entries as they stood before erasure. (3) An erasure of a negotiable instrument made by a person other than the holder gives rise to the legal consequences of forgery or alteration of the instrument.
III. Defences against a Negotiable Instrument
A defence against a negotiable instrument is the act of a debtor under the instrument, in accordance with the Negotiable Instruments Law, in refusing to perform his obligation to the creditor under the instrument (the holder), that is, the debtor under the instrument refuses to pay the holder the amount of the instrument.
Defences against a negotiable instrument may be divided into two categories: "real defences" and "personal defences".
Knowledge Point 126 Real Defences ★★★
1. Concept A real defence is a defence arising from a matter inherent in the instrument itself, which may be raised against any holder.
2. Grounds for real defences Where any of the following circumstances arises, the debtor under the instrument may raise a defence against any holder:
Knowledge Point 127 Personal Defences, and Limitations on Defences against a Negotiable Instrument ★★★
1. Concept A personal defence is a defence arising from a certain relationship between the obligor under the instrument and a particular holder of rights under it. In such a case, the instrument is lawful, and the ground of defence arises from factors relating to the parties.
2. Grounds for personal defences A debtor under a negotiable instrument may raise a defence against a holder who has a direct creditor-debtor relationship with him and who has failed to perform his agreed obligations.
3. Limitations on defences against a negotiable instrument (severance and continuation of defences) (1) A debtor under a negotiable instrument may not raise against the holder a ground of defence arising between himself and the drawer or between himself and a prior party of the holder. However, this does not apply where the holder acquired the instrument knowing that such a ground of defence existed. (2) Where a negotiable instrument may lawfully be acquired without consideration by reason of taxation, succession, or gift, the requirement to give consideration does not apply. However, the rights under the instrument so enjoyed shall not be superior to the rights of the holder's (direct) prior party.
[Diagram]
Company A may raise a defence against Company B
┌──────────────────────────────┐
│ │
↓ ↓
Company A ──────────→ Company B ──────────→ Company C
(Drawer, buyer) (Delivery of a bill of exchange for RMB 100,000) (Payee, party in breach) (Holder)
│ │ │
└──────────────────────────────┴──────────────────────────────┘
Principle: Company A may not raise a defence against Company C
Exception: Where Company C acquired with knowledge, or Company C acquired without consideration, Company A may raise a defence against Company C
Company A and Company B enter into a contract for the purchase and sale of goods, and Company A issues a bill of exchange for RMB 100,000 to Company B. Later Company B is in breach, and the payer, Bank A, becomes bankrupt. The holder, Company B, now seeks recourse against Company A.
| Circumstances | Analysis and Rules |
| Circumstance 1 | Company B seeks recourse against Company A → Company A may raise a defence against Company B. (The breaching party under the contract, Company B = the holder, Company B.) That is: a debtor under a negotiable instrument (Company A) may raise a defence against a holder (Company B) who has a direct creditor-debtor relationship with him and who has failed to perform his agreed obligations. |
| Circumstance 2 | Company B and Company C enter into another contract for the purchase and sale of goods, Company B endorses the bill to Company C, and Company C seeks recourse against Company A → Because there is no direct creditor-debtor relationship between Company A and Company C, Company A may not raise a defence against Company C. That is the severance of defences: a debtor under a negotiable instrument (Company A) may not raise against the holder (Company C) a ground of defence arising between himself and the drawer or a prior party of the holder (Company B). |
| Circumstance 3 | If Company C, knowing that a ground of defence exists between Company A and Company B, still acquires the bill from Company B, and Company C seeks recourse against Company A → Because Company A may raise a defence against Company B, and Company C acquired with knowledge, Company A may raise a defence against Company C. That is the second half of Article 13, paragraph 1 of the Negotiable Instruments Law: "…However, this does not apply where the holder acquired the instrument knowing that such a ground of defence existed." |
| Circumstance 4 | If Company B gives the bill to Company C, and Company C seeks recourse against Company A → Because Company A may raise a defence against Company B, and Company C acquired without consideration, Company A may raise a defence against Company C. That is: where a negotiable instrument may lawfully be acquired without consideration by reason of taxation, succession, or gift, the requirement to give consideration does not apply. However, the rights under the instrument so enjoyed shall not be superior to the rights of the holder's (direct) prior party. |
IV. Loss of a Negotiable Instrument and Remedies
Where a negotiable instrument is lost, the remedies available to the person who lost the instrument include stop payment (report of loss), public notice for assertion of rights, and bringing an action. The person who lost the instrument is the last lawful holder before losing possession of a negotiable instrument that may be transferred by endorsement, where the instrument was stolen, lost, or destroyed.
Knowledge Point 128 Remedies for Loss of a Negotiable Instrument ★
1. Stop payment (report of loss) (1) The person who lost the instrument may promptly notify the payer of the instrument to stop payment. Where an accepted instrument is lost, the acceptor may also apply for stop payment. (2) A payer who has received a notice of stop payment shall suspend payment. A payer who continues to pay in violation of that provision shall bear liability to compensate the holder of the right. (3) Stop payment is not a mandatory preliminary procedure for the procedure of public notice for assertion of rights or for litigation proceedings.
2. Public notice for assertion of rights (see the procedure for public notice for assertion of rights in "Civil Procedure Law") (1) The person who lost the instrument may apply to the basic-level people's court at the place of payment of the instrument for public notice for assertion of rights. (2) During the period of public notice for assertion of rights, any act transferring rights under the instrument is invalid. (3) Where the court receives a declaration from an interested person, it shall rule to terminate the procedure of public notice for assertion of rights and notify the applicant and the payer; the applicant or the declarant may bring an action before the court. (4) Where no one makes a declaration, the court shall, upon the application of the applicant, make a judgment declaring the instrument invalid. From the date of announcement of the judgment, the applicant has the right to request payment from the payer.
3. Remedies for malicious application for public notice for assertion of rights The procedure of public notice for assertion of rights was established to provide relief for loss of an instrument to a lawful holder, but in practice there are often cases of falsely reporting the loss of an instrument to apply for public notice for assertion of rights and thereby preventing a lawful holder from exercising his rights under the instrument. (See the in-class quiz.)
In this regard, the remedies include:
After the judgment of nullification is made
┌───────────┴───────────┐
↓ ↓
Payer has not yet paid Payer has already paid
│ │
↓ ↓
┌───────────────────────────────┐ ┌───────────────────────────────┐
│(1) The last lawful holder may, │ │Where the act of maliciously applying │
│within the statutory time limit, │ │for public notice for assertion of │
│request revocation of the judgment│ │rights and obtaining payment by means │
│of nullification, and exercise │ │of the judgment of nullification has │
│rights under the instrument after │ │harmed the rights of the last lawful │
│the instrument regains effect; │ │holder, the last lawful holder has the │
│(see Article 234 of the Civil │ │right to request the applicant to bear │
│Procedure Law) │ │liability for compensation for the │
│(2) The last lawful holder may also│ │tort. │
│return the instrument to his direct│ └───────────────────────────────┘
│prior party on the basis of the │ │
│underlying legal relationship and │ │
│request that direct prior party to │ │
│give other consideration under the │ │
│underlying legal relationship. │ │
└───────────────────────────────┘
[In-Class Quiz] Yifan Company and Wuyue Company entered into a contract of sale, under which Yifan Company supplied goods to Wuyue Company; Wuyue Company, by successive endorsements, delivered to Yifan Company a bill of exchange already accepted by a bank. When Yifan Company held the bill and requested the bank to pay, it learned that Wuyue Company had applied for public notice for assertion of rights in respect of the bill, but the court had not yet made a judgment of nullification. Regarding this case, which of the following options is correct? (2017/3/32)〔1〕
A. The bank no longer bears liability for payment of the bill
B. Wuyue Company may exercise rights under the instrument by means of the public notice for assertion of rights
C. Yifan Company still enjoys rights under the bill
D. The court shall make a judgment declaring the instrument invalid
1. Bringing an action. (Omitted.)
Topic 17 — Summary of Frequently Tested Angles (SUMMARIZE)
1. The characterisation of each defect in rights under a negotiable instrument and the rules on its treatment.
2. Judging the validity of grounds of defence against a negotiable instrument.
3. The effect of civil acts on defences against a negotiable instrument. (Severance and continuation of defences)
4. The rules on public notice for assertion of rights where a negotiable instrument is lost.
To you who are striving
Even if you feel lonely, as long as there is something important to you to speak of, you can keep going.
〔1〕 C (Answer to the in-class quiz for Knowledge Point 128)
Topic 18: Negotiable Instrument Acts (Bills of Exchange)
The following is the full verbatim text of Topic 18, "Negotiable Instrument Acts (Bills of Exchange)", from the 2026 Commercial and Economic Law Systematic Lecture Series by Yan Mengxuan (pp. 147–155):
Topic 18: Negotiable Instrument Acts (Bills of Exchange)
A negotiable instrument act is a formal juristic act by which the actor records the requisite entries on a negotiable instrument, completes his signature, and delivers it, for the purpose of creating or transferring rights under the instrument or assuming debts under it. The negotiable instrument acts in respect of a bill of exchange are the most complete, including issuance, endorsement, guarantee, acceptance, and the like.
[Yan's Key Point] [Tip] This topic introduces the negotiable instrument acts in respect of a "bill of exchange"; the corresponding content on promissory notes and cheques is explained in the next topic.
I. Issuance of a Bill of Exchange
Knowledge Point 129 The Concept of Issuance, and Entries on Issuance ★★★
1. The concept of issuance Issuance is the act in respect of a negotiable instrument by which the drawer issues the instrument and delivers it to the payee. Issuance is also called the "principal act in respect of a negotiable instrument". Because it is the first step in creating and issuing a negotiable instrument, it follows from the "constitutive nature" of negotiable instruments that unlawful issuance will prevent the instrument from being made and no rights under it will be created.
2. Entries on issuance A bill of exchange must record the following matters; where a bill of exchange fails to record any one of the following matters, the bill is invalid:
| Category of Matter | Content |
| Absolutely required entries (mnemonic: date of issuance, three persons, no money) | - Wording: the wording indicating a "bill of exchange". - Date: the date of issuance. - Basic parties: the drawer's signature and seal, the name of the drawee, and the name of the payee. - Unconditional payment: an unconditional instruction to pay. (See the example below.) - Amount: at the time of issuance, a definite amount must be recorded. The amount of a negotiable instrument shall be recorded simultaneously in Chinese capital characters and in figures, and the two must agree; where the two do not agree, the instrument is invalid. |
Where a bill of exchange fails to record the following matters, they may be presumed:
| Category of Matter | Content |
| Entries that may be presumed | - Date: where a bill of exchange does not record a date of payment, it is payable on demand. - Place: (1) where a bill of exchange does not record a place of payment, the place of business, domicile, or habitual residence of the drawee is the place of payment; (2) where a bill of exchange does not record a place of issuance, the place of business, domicile, or habitual residence of the drawer is the place of issuance. |
[Example] Where Company A, upon issuance, states "payment shall be made only after Company B has delivered goods and they have passed inspection and acceptance", this is a "conditional payment" and renders the instrument invalid. Upon issuance, an independent right under the instrument must be created, not dependent on a civil contract, which follows from the "abstraction" of negotiable instruments. Rights under a negotiable instrument cannot be dependent on civil rights.
1. The drawer's entry of the words "not transferable" (1) Where the drawer records on a bill of exchange the words "not transferable", the bill shall not be transferred. Where the holder of the instrument transfers it by endorsement, the act of endorsement is invalid. (2) A transferee after an endorsement transfer shall not enjoy rights under the instrument, and the drawer and the acceptor of the instrument bear no liability under the instrument to the transferee. (In theory, such a transfer is merely a transfer of an ordinary nominate claim.) (3) Where the drawer records on the instrument the words "not transferable", and a subsequent party uses the instrument for discounting or pledging, a holder who acquires the instrument through discounting or pledging and asserts rights under the instrument shall not be supported by the court.
[Diagram]
Valid endorsement Invalid endorsement
Drawer A ──────────→ Payee B ──────────→ Endorsee C
Words "not transferable" Has rights under the instrument Has no rights under the instrument
[Summary] Where the drawer records the words "not transferable", only the payee (the direct subsequent party) enjoys rights under the instrument.
II. Endorsement and Transfer of a Bill of Exchange ★★★
Knowledge Point 130 The Concept of Endorsement and General Rules
1. Concept (1) Endorsement is the act in respect of a negotiable instrument by which the relevant matters are recorded and signed and sealed on the back of the instrument or on an allonge. "Endorsement" is the means of transferring rights under a negotiable instrument. By means of the endorsement record, the holder may transfer the rights under the bill of exchange to another person or grant to another person the exercise of certain rights under the bill of exchange. (2) Endorser: in the transfer of an instrument, the person who transfers the bill of exchange is called the "endorser". (3) Endorsee: in the transfer of an instrument, the person who receives the bill of exchange is called the "endorsee".
2. Rules on endorsement (1) Where a bill of exchange is transferred by endorsement, or certain rights under a bill of exchange are granted to another person for exercise by endorsement, the name of the endorsee must be recorded. After an endorser transfers a bill of exchange by endorsement, he assumes liability to guarantee the acceptance and payment of the bill held by his subsequent parties. (2) In the case of a bill of exchange transferred by endorsement, each subsequent party shall be responsible for the authenticity of the endorsement of his direct prior party. (3) An endorsement transferring part of the amount of a bill of exchange, or transferring the amount of a bill of exchange separately to two or more persons, is invalid. (4) In the case of a bill of exchange transferred by endorsement, the endorsement shall be continuous. The holder proves his rights under the bill by the continuity of the endorsement. (See the diagram below.) Continuity of endorsement means that, in the transfer of an instrument, the signatures and seals of the endorser who transfers the bill and the endorsee who receives it are successively linked on the bill. (5) Endorsement and transfer need not be approved by the debtor under the instrument. The transferor in an endorsement transfer does not withdraw from the negotiable-instrument relationship.
[Example] A issues an instrument to B, and B endorses it to C. B need only complete the endorsement on the instrument, without the consent of A, to complete the transfer of the instrument between B and C. At the same time, A and B do not withdraw from the negotiable-instrument relationship; both become prior parties of C.
[Diagram] Continuity of endorsement
┌───────────────────────────────────────────────────────────┬────────┐
│ Endorsee Endorsee Endorsee │ │
│ Li Si Wang Wu │ │
│ ↗ ↗ │ Allonge │
│ Zhang San Endorser's signature and seal Li Si Endorser's signature and seal Wang Wu Endorser's signature and seal│ Section │
│ Year Month Day Year Month Day Year Month Day │ │
├───────────────────────────────────────────────────────────┤ │
│Holder's signature and seal on presentment │ │
│for payment: Identity document name: │ │
│ Number: │ │
│ Issuing authority: │ │
└───────────────────────────────────────────────────────────┴────────┘
Note: ① Continuity of endorsement means that the signatures and seals are successively linked; ② First column: recorded above — Li Si; ③ Second column: recorded below — Li Si.
Knowledge Point 131 Special Types of Endorsement ★★★
1. Conditional endorsement A conditional endorsement is an endorsement in which the endorser attaches a condition under a civil contract when endorsing the instrument. Treatment: (1) An endorsement shall not be subject to a condition; a condition so attached has no effect on the bill of exchange. (2) But the instrument is valid.
[Example] A issues an instrument to B, and when B endorses and transfers it to C, B records "goods to pass inspection" (this is a civil condition). Then: the instrument is valid, and the debtors under the instrument shall bear liability under it; only that "condition" has no effect under negotiable instruments law.
1. Restrictive endorsement prohibiting transfer A restrictive endorsement prohibiting transfer is an endorsement in which the endorser records on the bill of exchange the words "not transferable". Treatment: (see Diagram 1 below) (1) Where a subsequent party further endorses and transfers it, the original endorser bears no guarantee liability to the endorsee of the subsequent party; (2) it does not affect the liability under the instrument of the drawer, the acceptor, or the prior parties of the original endorser.
2. Endorsement for collection An endorsement for collection is an endorsement recording the words "for collection". Treatment: (1) The endorsee has the right to exercise, on behalf of the endorser, the rights under the bill of exchange so entrusted. (2) The endorsee shall not further transfer the rights under the bill of exchange by endorsement. Where a subsequent party further entrusts collection, the original endorser bears no liability under the instrument to the endorsee of the subsequent party. (3) It does not affect the liability under the instrument of the drawer, the acceptor, or the prior parties of the original endorser.
3. Endorsement after maturity (late endorsement) An endorsement after maturity is an endorsement in which, after the bill has been refused acceptance, refused payment, or the time limit for presentment for payment has expired, the endorser still endorses and transfers the instrument to a subsequent party. Treatment: (1) In such a case, the instrument shall not be transferred by endorsement. (2) Where it is transferred by endorsement, the endorser shall bear liability under the bill. The endorsee may exercise the right of recourse against the endorser as defendant by bringing an action.
[Example] A issues an instrument to B, B endorses and transfers it to C, and C is refused payment by the payer on the maturity date. C then endorses and transfers the instrument to D on the basis of a sale relationship. The legal relationship between C and D is an "endorsement after maturity", and only C bears liability under the instrument to D.
1. Endorsement back (return endorsement) An endorsement back is an endorsement in which the instrument is endorsed and transferred to the drawer or to a prior party of the endorser. Treatment: (see Diagram 2 below) (1) Where the holder is the drawer, he has no right of recourse against his prior parties; (2) where the holder is an endorser, he has no right of recourse against his subsequent parties.
[Diagram 1 — Restrictive endorsement prohibiting transfer]
Valid endorsement Valid endorsement
Drawer A ──────────→ Payee B ──────────→ Second endorser C ──────────→ Holder D
(First endorser)
Words "not transferable" Has rights under the instrument Has rights under the instrument
[Diagram 2 — Endorsement back]
A B C D E
•───────•───────•───────•───────•
│ ①
↓
A (no right of recourse)
│ ②
↓
C (may seek recourse against A and B)
Note: ① E and A enter into a civil contract, and the bill E uses for payment was issued by A. At this point, A's status is: drawer + holder. Then A has no right of recourse. ② E and C enter into a civil contract, and the bill E uses for payment was issued by A–B–C–D–E. E now endorses it to C. At this point, C's status is: endorser + holder. Then C may seek recourse against A and B, but may not seek recourse against D and E.
[Summary]
Knowledge Point 132 The Means and Consequences of Pledging a Bill of Exchange ★★
1. Creation of a pledge of a negotiable instrument: wording + signature and seal Where a bill of exchange is pledged, if the pledgor records only the words "pledge" on the bill without signing and sealing it, or if the pledgor does not record the words "pledge" on the bill or allonge but separately enters into a pledge contract or pledge clause, no pledge of the negotiable instrument is constituted.
2. Pledge of an instrument bearing the words "not transferable" (1) Where the drawer records on the instrument the words "not transferable", and a subsequent party pledges the instrument, a holder who acquires the instrument through the pledge does not enjoy rights under the instrument; (2) where the endorser records on the instrument the words "not transferable", "for collection", or "pledge", and a subsequent party further endorses and transfers, entrusts collection, or pledges it, the original endorser bears no liability under the instrument to the endorsee of the subsequent party, but that does not affect the liability under the instrument of the drawer, the acceptor, or the prior parties of the original endorser; (3) where a dispute arises and an action is brought because the pledgee of a negotiable instrument further pledges by endorsement or transfers by endorsement the pledged instrument, the court shall hold the act of endorsement invalid.
3. Pledge of an instrument subject to public notice for assertion of rights Where an instrument subject to public notice for assertion of rights is pledged during the period of public notice: (1) a holder who accepts the instrument by reason of the pledge has no right to assert rights under the instrument; (2) except where the instrument is acquired after the expiry of the period of public notice for assertion of rights and before the court makes a judgment of nullification. A pledge of a negotiable instrument is a type of pledge of rights prescribed by the Civil Code of the People's Republic of China, and is a frequently tested point.
Knowledge Point 133 Discounting of a Negotiable Instrument ★
1. Concept Discounting of a negotiable instrument is the act in respect of a negotiable instrument by which the holder of a commercial bill of exchange, before the bill matures, transfers the rights under the bill to a financial institution for the purpose of obtaining funds, paying a certain amount of interest by way of discount.
2. Collusive forgery for discounting (1) Where the person in charge of the discounting bank, or a staff member authorised to conduct that business, colludes with the discounting applicant (the holder) to forge contracts, special VAT invoices, and other materials showing a genuine commodity transaction relationship between the discounting applicant and his prior party, in applying for discounting, the discounting bank does not enjoy rights under the instrument; (2) any loss arising to the discounting bank from its payment of funds shall be dealt with in accordance with the underlying relationship.
3. Private discounting (1) Discounting of negotiable instruments is a state-licensed business, which only financial institutions may conduct; (2) where a lawful holder carries out "discounting" with a party that does not have the statutory qualification for discounting, that act shall be held invalid, and the discounting proceeds and the instrument shall be returned to each other; (3) where a party cannot return the instrument, the original lawful holder may refuse to return the discounting proceeds. According to the principle of abstraction of negotiable instrument acts, where a lawful holder carries out "discounting" with a party that does not have the qualification for discounting, and after the "discounting" party has paid the discounting proceeds it directly delivers the instrument to its subsequent party, and that subsequent party, having paid consideration and recorded himself as endorsee, then endorses and transfers the instrument on the basis of a genuine transaction relationship and creditor-debtor relationship, the last holder shall be held to be a lawful holder.
4. Rediscounting (1) Rediscounting is the act of transferring a negotiable instrument by which a commercial bank holding the instrument through discounting (Bank A), in order to obtain funds, transfers the rights under the instrument to another commercial bank (Bank B) before the maturity date of the instrument, and the rediscounting bank (Bank B), after charging a certain amount of interest, pays the rediscounting proceeds to the holder; (2) where the rediscounting bank (Bank B) is refused payment upon presentment for payment and, in accordance with the rediscounting agreement, requests the rediscounting applicant who did not endorse the instrument to return the rediscounting proceeds and compensate for losses under the contractual legal relationship, the cause of action shall be determined as a contract dispute.
III. Guarantee of a Bill of Exchange
Knowledge Point 134 The Concept, Formation, and Entries of a Guarantee of a Bill of Exchange
1. The concept of guarantee (1) A guarantee of a negotiable instrument is an act in respect of a negotiable instrument by which a third party other than a debtor under the instrument guarantees that a particular debtor under the instrument will be able to perform his debts under the instrument. (2) The guarantor of a negotiable instrument shall be a person other than a debtor under the bill of exchange; he shall bear guarantee liability for the rights under the bill enjoyed by a holder who has lawfully acquired the bill.
[Example] A issues a bill of exchange to B, B endorses it to C, and C requires A (Jia) to assume a guarantee of the instrument. Then: A and B are debtors under the bill; A (Jia) is not a debtor under the bill, but a "guarantor of the negotiable instrument".
1. Formation of a guarantee (1) The guarantor states the words "guarantee" on the bill of exchange or on the allonge, or records wording of guarantee; (2) where the guarantor does not record the words "guarantee" on the instrument or allonge but separately enters into a guarantee contract or guarantee clause, that is not a guarantee of a negotiable instrument.
2. Entries of a guarantee (1) The matters to be recorded in a guarantee of a negotiable instrument
The wording indicating "guarantee" (01)
│
Name and domicile of the guarantor (02)───┼───(05) Signature and seal of the guarantor
│
Name of the person guaranteed (03)───┴───(04) Date of guarantee
┌──────────────┴──────────────┐ ┌──────────────┴──────────────┐
│If not recorded: for an accepted │ │If not recorded: the date of │
│bill, the acceptor is the person │ └─────────────────────────────┘
│guaranteed; for an unaccepted │
│bill, the drawer is the person │
│guaranteed │
└─────────────────────────────┘
(2) Conditional guarantee
(01) (02) (03)
A guarantee of a negotiable instrument shall not be subject to a condition. A guarantee subject to a condition is an act in violation of the Negotiable Instruments Law, and the condition is deemed not recorded. The instrument is valid, and the act of guarantee of the instrument is valid.
[Example] The guarantor of a negotiable instrument, A (Jia), records "shall bear guarantee liability if the goods pass inspection". "Passing inspection" is deemed not recorded; even if the goods fail inspection, A (Jia) must still bear liability under the guarantee of the instrument.
Knowledge Point 135 The Legal Effect of a Guarantee of a Bill of Exchange ★★
1. The liability of the guarantor of a negotiable instrument is independent liability (1) The guarantor bears guarantee liability for the rights under the bill enjoyed by a holder who has lawfully acquired the bill; (2) except where the debt of the person guaranteed is invalid because of a defect in the entries on the bill.
2. The liability of the guarantor of a negotiable instrument is joint and several liability (1) The guarantor does not enjoy the defence of prior action (benefit of discussion) available to a guarantor under a general guarantee, and all such guarantees are joint and several liability; (2) where there are two or more guarantors, the guarantors bear joint and several liability among themselves; (3) after the guarantor has satisfied the debts under the bill, he may exercise the holder's right of recourse against the person guaranteed and his prior parties, that is, the guarantor and the prior parties bear joint and several liability.
[Emphasis] A guarantee of a negotiable instrument differs from the rules on guarantors prescribed by the Civil Code of the People's Republic of China; the determination of the entries of a guarantee of a negotiable instrument and its legal effect is a frequently tested point.
[In-Class Quiz] Company A, in payment for goods, delivers to B (Yi) a bill of exchange already accepted by a bank, but does not write the name of the endorsee, B (Yi). B (Yi) then uses the bill to pay C (Bing) for goods. C (Bing), feeling uneasy because the bill bears no signature and seal of B (Yi), asks B (Yi) to bring in D (Ding) to guarantee the bill, but the name of the person guaranteed is not recorded. C (Bing) then requests the acceptor to pay, and the acceptor refuses payment. Which of the following statements is correct? (2020 — recalled version — single choice)〔1〕 A. C (Bing) shall first exercise the right of recourse under the instrument against A (Jia), and then against D (Ding) B. B (Yi) bears no legal liability whatsoever to C (Bing) C. Where the name of the person guaranteed is not recorded, the guarantee is invalid D. The person guaranteed under the bill is the acceptor
IV. Acceptance and Payment of a Bill of Exchange
Knowledge Point 136 Acceptance ★
1. Concept Acceptance is the act in respect of a negotiable instrument by which the drawee of a bill of exchange undertakes to pay the amount of the bill on its maturity date.
2. Presentment for acceptance (1) Presentment for acceptance is the act by which the holder presents the bill to the drawee and requests the drawee to undertake payment; (2) a bill payable on demand need not be presented for acceptance; (3) for a bill payable on a fixed date or payable at a fixed period after issuance, the holder shall present it to the drawee for acceptance before the maturity date of the bill; (4) for a bill payable at a fixed period after sight, the holder shall present it to the drawee for acceptance within 1 month from the date of issuance; (5) where a bill is not presented for acceptance within the prescribed time limit, the holder loses his right of recourse against his prior parties.
3. The drawee's acceptance procedure (1) The drawee shall, within 3 days from the date of receipt of a bill presented to him for acceptance, accept it or refuse acceptance. (2) Where the drawee accepts a bill of exchange, he shall record on the face of the bill the words "acceptance" and the date of acceptance and sign and seal it. (3) The drawee shall not attach a condition to his acceptance of a bill of exchange; where acceptance is subject to a condition, it is deemed a refusal of acceptance. (4) After the drawee has accepted a bill of exchange, he shall bear liability for payment at maturity.
[Example 1] Where, upon acceptance, it is recorded "acceptance after the goods pass inspection", the condition attached is a condition under an additional civil contract, and the consequence is refusal of acceptance. [Example 2] Where the holder of a bill, C, requests the acceptor, Bank B, to pay after the bill matures, even if Bank B knows that the drawer of the bill, A, has been declared bankrupt by the court, Bank B shall still bear liability for payment at maturity because it has already accepted the bill. After Bank B has paid, it may declare a bankruptcy claim against the bankruptcy administrator of the drawer, A.
Knowledge Point 137 Payment
1. Time limit for presentment for payment (1) For a bill payable on demand, presentment for payment shall be made to the drawee within 1 month from the date of issuance; (2) for a bill payable on a fixed date, payable at a fixed period after issuance, or payable at a fixed period after sight, presentment for payment shall be made to the acceptor within 10 days from the maturity date. Where the holder fails to present for payment within the time limits prescribed above, the acceptor or drawee shall still continue to bear liability for payment to the holder after the holder has given an explanation.
2. Payment procedure (1) Where the holder presents for payment in accordance with the provisions above, the drawee must pay the full amount on the same day; (2) when the drawee and his agent for payment make payment, they shall examine the continuity of the endorsements on the bill and examine the lawful identity certificate or valid documents of the person presenting for payment; (3) the liability of the bank entrusted by the drawee to make payment is limited to paying the amount of the bill from the drawee's account in accordance with the matters recorded on the bill; (4) after the drawee has lawfully paid the full amount, the liability of all debtors under the bill is discharged.
3. Bearing of losses from payment (1) Where the drawee and his agent for payment pay in bad faith or with gross negligence, they shall bear the liability themselves; (2) where the drawee pays before the maturity date, the drawee shall himself bear the liability arising therefrom.
[Summary] "Conditional" entries on a negotiable instrument
Consequences of entries in violation of the "conditional" rule
│
┌───────────────────┬───────────────┴───────────────┬───────────────────┐
↓ ↓ ↓ ↓
Issuance shall not be subject to a condition of payment. Endorsement shall not be subject to a condition. Guarantee shall not be subject to a condition. Acceptance shall not be subject to a condition.
│ │ │ │
Where issuance is subject to a condition of payment: the instrument is invalid. Where endorsement is subject to a condition: the condition has no effect on the bill; the instrument is valid; the continuity of the endorsement is valid. Where guarantee is subject to a condition: the condition is deemed not recorded; the instrument is valid; the guarantee is valid. Where acceptance is subject to a condition: it is deemed a refusal of acceptance; the instrument is valid.
V. The Right of Recourse under a Bill of Exchange
1. Concept The right of recourse is the right of the holder, where the right to demand payment has not been realised, to request his prior parties to pay the amount of the instrument.
2. Causes for exercising the right of recourse
3. The object of recourse, and conditions for exercising the right of recourse
| Dimension | Content |
| Object | The holder may seek recourse only against his prior parties. |
| Selectivity | The holder may exercise the right of recourse against any one, several, or all of the debtors under the bill, without following the order in which the debtors under the bill are arranged. |
| Variability | Where the holder has already sought recourse against one or several of the debtors under the bill, he may still exercise the right of recourse against the other debtors under the bill. |
| Subrogation | After the person against whom recourse is sought has satisfied the debt, he enjoys the same rights as the holder. |
| Prerequisites for recourse | (1) When the holder exercises the right of recourse, he shall provide relevant proof of refusal of acceptance or refusal of payment. (2) Where the holder cannot provide such lawful proof, he loses his right of recourse against his prior parties. However, the acceptor or drawee shall still bear civil liability arising from failure to issue a certificate of refusal or a statement of reasons for dishonour. |
[Diagram]
The right of recourse · the second right
┌──────────────────────────────┐
│ │
↓ ↓
┌───┐ ┌───┐ ┌───┐ ┌───────┐
│ A │ ───────→ │ B │ ────────→ │ C │ ─────────→ │ Bank A │
└───┘ └───┘ └───┘ └───────┘
Drawer Endorser Endorsee/Holder Acceptor/Payer
│ │ ▲
│ └──────────────────┘
│ The right to demand payment · the first right
└────────────────────────────────────────────────────────┘
Note: ① A, on the basis of a sale relationship, issues a bill to B, and the payer of the bill is Bank A. B, on the basis of a loan relationship, endorses and transfers the bill to C. ② When the bill matures, C shall assert the right to demand payment against Bank A, and shall not go directly to his prior parties, B and A.
To you who are striving
Where there is hope, there is surely tempering.
〔1〕 D (Answer to the in-class quiz for Knowledge Point 135)