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To Sahiba Mary
Pay to order of Michael on July 15, 2004 2. At the end of the fixed period after date Pay to order of Dan 10 days after the date appearing on the bill 3. At the end of the fixed period after sight Pay to order of Frank 1 month after you see the bill 4. On demand or at sight Pay to the order of Anna at sight
Types of Acceptance
1. General Acceptance An absolute acceptance precisely in conformity with the tenor of the bill 2. Qualified Acceptance An acceptance with Conditional or Partial
According to the Thai Civil and Commercial Code, the maker of a P/N is bound in the same manner as an acceptor of a B/E and the acceptor of the bill is primarily liable to the payment of the bill. Also, the maker is the party who by himself promise to pay a sum of money to the payee.
If you were a drawer of this cheque and you want the banker to pay the sum of money only to your creditor ( John Smith) via his bank account and you do not want John Smith to negotiate this cheque, what kind of marks and words should you draw on this cheque? (2 marks)
words "and company" on the face of a Cheque means it is a general crossed cheque and a payment of such cheque can only be made to a banker.
Bills
Bill of exchange Order bill Bearer bill Promissory note Order bill Cheque Order bill Bearer bill
Cheque Maker: a person who makes a P/N Indorser/endorser: a person who negotiates (transfer) the order bill by indorsement Acceptor: drewee who accepts a bill. Aval giver: any person who guarantees to the parties (debtors) of a bill
Classes of debtors
Primary debtor: Acceptor, Maker The holder exercise the right to claim without protest. Secondary debtor: Drawer, Indorser, Aval
giver
The holder exercise the right to recourse with protest.
Topics of Bill
1. Issuing: paper + required items by law
2. Indorsement/ Endorsement
3. Rules of collecting
4. Acceptance
5. Aval 6. Recourse
Indorsement/ Endorsement
Order bill Indore + deliver Special or Blank indorsement Condition on indorsement is deemed to be unwritten. Partial indorsement is void. Bearer bill Deliver (if indorse the bill, he deemed to be the aval giver of drawer)
Rules of collecting
B/E, P/N maturity date
issuing date)
Payable same town Effect to the liabilities of indorser and drawer Payable elsewhere
Acceptance
B/E, P/N Cheque Write & signs at front or signs at front General or Qulified acceptance condition or partial In case of cheque, who presents the cheque for acceptance
The holder of drawer. When the drawee (the bank) becomes acceptor, he is a primary debtor and cannot refuse the payment.
Aval
Write + signs
Sings at front except the drawees signature. Aval giver has to specify a party whom he guarantees. If not, aval giver to the drawer. Aval giver binds imself as a party whom he guarantees.
Recourse
Holders right when the bill becomes
dishonor
B/E: protest is needed Foreign P/N and cheque: protest are needed
Crossed cheque
General crossing with or without the words and company Special crossing A name of bank appears between the two parallel transverse lines.
Bill of Exchange
Drawee Rebecca
Date of Issue December 21st 2007
Place of Issue 34 soi Radprow 71, Bangkok, Thailand
or bearer
Jeffrey
Assumption University, Huamak campus. Agnes ordered Bank of Ayudhya Huamak branch to pay seven hundred and forty thousand Bath to Anatolia, additionally Agnes also got the bank acceptance before delivering such cheque to the payee. On July 17th, 2007 this cheque was transferred by Anatolia to Charlie by special endorsement. After that, with special endorsement together with the phrase Non-negotiable, Charlie transferred the bill to Danny on August 5th, 2007.
the back of the bill without specifying any name and gave it to Edward. In addition, Peter gave aval to the cheque as the guarantor of Danny. On September 12th, 2007 Edward transferred the bill to Finola without writing anything. On September 29th, 2007 Finola inserted her name on the blank space and made a special endorsement for transferring the bill to Gorge.
cheque for collecting but the Bank of Ayudhya refuses to make the payment and stated that there isnt enough money in the drawers account to make the payment. Which person is liable and is not liable to make the payment to Gorge? Explain and provide legal regulations for supporting your idea. How many types of debtor are there in this Cheque? What are they? Classify which type of debtor is each character from the above situation.
be transferred by the payee to any transferee he orders) If the words not negotiable or other similar words are written on the bill = the bill cannot be transferred to another person. Effect = if the payee transfers the bill to other person, the latter would have no right to enforce payment against the drawer.
make the payment to Gorge? Explain and provide legal regulations for supporting your idea. Liable --- Agnes (drawer) P16 Bank Ayudaya (acceptor) --- principal/ primary debtor (p32) Anatolia, Edward, Danny (endorser), Peter Aval giver to Danny (p16) (p22) Not liable --- Charlie (Restrictive Endorsement) page 15
Cheque? What are they? Classify which type of debtor is each character from the above situation. Primary debtor --- Acceptor Secondary debtor --- Drawer/ Endorser